Tennessee has been among the hottest property markets in the US for almost a decade now. These bullish trends are expected to continue through 2019 and in the foreseeable future. While Tennessee continues to be a landlord’s market, being a homeowner and making the most of your property has never been a cakewalk. There are so many aspects to consider, including the creditworthiness and eviction history of prospective tenants, understanding the fair market value of your property and setting the rent accordingly, remaining updated about new developments in your area and knowing what marketing strategy to reduce periods of vacancy while remaining profitable.
Against this backdrop, it’s best to rely on the services of a reputed property management company in the area. This will allow you to reap the maximum benefits of your property and remain relatively stress-free. So, here are a few ways in which a professional property management company can help.
Ensure Property is Well Cared For
As a landlord, the property you own is your most valuable asset. It may need home improvements, maintenance and repairs to generated attractive rental income. However, getting all this done can be a harrowing experience. What you need is a property management company that employs general contractors and has relationships with various service providers like landscaping specialists, pest control companies, insurance agents, accountants and attorneys in your area. This not only ensures you get the best services, but also brings down maintenance costs.
Modernization and restoration projects can help you command better rent. Regular maintenance comes with three very important benefits. Firstly, your tenants remain happy, which encourages them to be cooperative during their stay. Secondly, the value of your asset increases over time. Most importantly, you avoid long-term problems that can arise from neglecting minor maintenance issues.
Shorter Periods of Vacancy
Property management companies try to ensure that your property doesn’t remain empty for extended periods of time. This is done through advertising and marketing activities to attract a large number of potential tenants within a short duration. Since these companies regularly place ads through various channels, they are likely to get cheaper rates. Also, their experience with sales will help seal the deal with prospective tenants.
Improved Screening of Tenants
A professional property management company will have a streamlined and tested process in place to check the history of tenants based on various parameters like paying rent on time, damaging property, not evicting the property in time and distasteful behavior.
Setting the Rent
It’s important to set optimal rent, as setting the rent too high can result in extended periods of vacancy, while a low rate will lead to losses every month. For setting the optimal rent, you need knowledge of the real estate market in your area, data from other rented properties and ability to factor in specifics of your property. An experienced property management company will help you with rental evaluation and preparing your property to command a higher rent.
Avoiding Legal Hassles
An experienced property management company will have knowledge of the landlord-tenant laws in your area. Property managers can ensure that your property adheres to all the laws and will help to resolve any issues created by tenants. You can avoid potentially expensive lawsuits and vulnerabilities with the guidance provided by these knowledgeable experts.
Renting your property can involve a great deal of paperwork. A property manager can assist you with services like negotiating and signing leases, setting up an Escrow account for record keeping and providing monthly statements and invoices.
Some of the other important services provided by property management companies include showing to prospective tenants, performing a final walk-through with tenants, enforcement of lease compliance, renewing leases, paying expenses and performing annual inspections of your property.