Did you know that Americans are increasingly choosing to rent homes rather than buy? Due to this reason, there has been a boom in rentals and a significant rise in rent prices. In fact, the US rental market reached $173 billion in early 2016.
More than 28 million Americans have invested in real estate. And, nearly 40% of these investors plan to buy more property in the coming year. The aggressive plans of real estate investors are underlined by the fact that rents will continue to increase.
However, for many property owners, the task of maintaining and operating a rental property can become overwhelming, even if they are experienced investors. Someone staying close to the property may be able to make the regular visits required for maintenance, rent collection, inspection and more. However, those living at a distance from their property will have to invest a lot of time and money to make scheduled visits, while things can get difficult during emergency situations.
This is where the services of a skilled and experienced property management company can come to the rescue, taking over all the responsibilities of caring for the rental property, while giving you a hassle-free experience of being a landlord. Here’s how.
5 Ways Property Managers Help Property Owners
- Preventive Maintenance: To attract tenants, a property owner needs to ensure that the rental property is kept in the best condition. They have two options, either to do it themselves or hire someone to take charge of the property. Property managers usually have a large network of electricians, plumbers, carpenters and contractors, all of whom can help maintain the property, ensuring that all issues are taken care of in time.
- Finding Suitable Tenants: The property management company will take on the responsibility of not only listing your property but also screening prospective tenants. They will also conduct background checks to ensure that you get a responsible tenant. These checks include credit checks, criminal record checks, history of rent payment and more to minimize chances of them defaulting on rent or using your property for illegal activities.
- Rent Collection: For a new landlord, it can be rather difficult to set the right rent price and then ensure that the amount is paid by the tenants on time each month. Property managers use their market knowledge to set the rent, analyzing similar properties in the area. In addition, they will collect the rent on your behalf, while enforcing penalties on late payments.
- Take Care of all Problems: When you live far from your rental property, it can be difficult to ensure that the tenant isn’t trashing your place. In addition, if there are plumbing, electrical or other issues, the landlord will have to travel to the property and then organize repairs. Instead, when you enlist the services of a property management firm, you can rest assured that all problems will be taken care of promptly, before they evolve into something larger.
- Handle Bad Tenants: The worst part of being a landlord is trying to get rid of an undesirable tenant. Despite all checks, you never know when a tenant might turn out to be a real headache. Whether they are in a difficult situation and no longer able to pay rent or you get complaints from neighbors regarding the tenant’s behavior, evicting a tenant can be a tough task. So, why not let the property manager handle all this stress. They will take care of evicting the tenant on your behalf, get the home inspected and renovated and help you find a replacement tenant.
So, whether you are a new landlord or an experienced one, you don’t really need to make renting out your property a DIY project. Hire skilled and experienced professionals to take care of it all, while you just sit back and garner all the benefits of owning the property.