Being a rental property landlord can be a good way to generate a recurring income, but it comes with various challenges that many people don't expect.
Property management is no small task, especially if you own multiple properties. It's not uncommon for people to become overwhelmed with all the responsibilities involved. Hiring a property manager is a popular option as they can take on various tasks to make things easier for you.
Let's take a look at some of the key benefits that a rental property manager can offer.
1. Marketing Your Property
You can't make any money from a property if you don't have tenants. Depending on the state of the market, attracting renters can sometimes be very difficult. Effectively marketing your property is essential here.
Marketing a rental property isn't as easy as a lot of people think. A property manager knows how to make a home stand out and appeal to those looking for somewhere to live. This will help you bring in more potential applicants so you can start making a profit.
2. Finding Better Tenants
Ideally, you want long-term tenants who will take care of your property and not cause any issues. Finding such tenants can prove tricky, but property managers know how to go about this.
They'll thoroughly screen any potential renters. This involves looking at things like employment and monthly income. They'll also look into any history of failure to pay rent, property damage, and other issues to make sure you can find tenants who aren't likely to present such issues.
3. Helping With Maintenance
Even if you have the best tenants who take very good care of your rental property, wear and tear will eventually take a toll. Property maintenance is essential, and it will come at a cost.
Property managers have plenty of experience in this area. As such, they maintain networks of contractors, so they always know the best person for the job when there are any issues. Due to the connections they form, they can often also get better prices which will save you some money.
4. Legal Support
As a property owner, you have various legal responsibilities. With that in mind, you probably don't have an expert understanding of landlord-tenant and fair housing laws. Property managers, on the other hand, have more extensive knowledge.
Lawsuits can consume a lot of time, money, and energy. Having a professional property manager on your side to guide you can be incredibly helpful.
Your property manager can also help with certain matters that you might not be entirely comfortable with. This can include things like handling rent/security deposits, signing and terminating leases, and evictions.
Hiring a Professional Property Management Company
You can gain a lot from rental properties, but working with a professional property management company is the best way to maximize your profits and ensure things run smoothly. A property manager can help look after your property, secure tenants, and provide you with advice and guidance when needed.
Stinger Home Management offers a range of real estate management services such as tenant screening, property marketing, maintenance, financials, and more. If you want assistance with your property, get a free rental analysis from us today.
