Many people shudder at the idea of renting out their home to complete strangers, but it may not be as bad as you think. While being a landlord can be a hassle, what if you could receive a nice rent check every month without dealing with phone calls in the middle of the night? With a professional property management company, you can. Here are some of the reasons you should rent out your home with the assistance of a property management company rather than leave it empty.
Attract Better Tenants
One of the scariest parts about renting your home is the thought of having bad tenants. From not paying on time to damaging the property, bad tenants are a poor financial investment. Sadly though, when you attempt to find tenants on your own, it’s difficult to properly weed out the good from the bad. That’s where professional property management companies do their best work.
Property management companies take the time to screen tenants in a reliable and efficient manner. While an occasional bad seed will slip through the cracks, they do their best to find tenants that pay on time, rent for longer periods of time, cause fewer problems, and put less wear and tear on the home.
Anyone can get access to a background check, but property management companies have specific ways of analyzing and interviewing prospective tenants. They know which questions to ask and how to extract information. They also provide safety. You will be legally protected from rental scams, discrimination lawsuits, and other dangers to which most landlords are susceptible.
Less Time and Bother
For many, the worst part about being a landlord is the calls in the middle of the night and the time involved to remedy any issue. A pipe breaks, a toilet overflows, the heat goes out, and the list goes on and on. When you use a property management company, they act as an intermediate. They are the first line of contact and you won’t be bothered with small fixes. Instead, the tenant contacts the company and there is someone ready to assist them every step of the way.
When you choose the right property management company, the tenant will hardly even know you exist. You simply get a check in the mail each month and let someone else handle the rest.
Property management companies have extensive knowledge of local laws, codes, and regulations – all things you probably aren’t fully aware of. While you would likely need the assistance of a lawyer if you were to rent your house on your own, you get complete protection when you use a professional property management company. They are up-to-date on the latest laws and understand how to legally approach things like tenant screening, inspections, evictions, safety conditions of the property, lease addendums, security deposits, and rent collection. Avoiding lawsuits will save you thousands of dollars and hours of stress and despair.
Better Retention Rates and Shorter Vacancy Cycles
As a landlord, the name of the game is “keeping happy tenants in your home.” Property managers will help you avoid long vacancies by overseeing cosmetic issues that may need to be done, determining the most accurate and competitive rental rates, and effectively marketing your home so that it is visible and available.
To avoid vacancies all together, it’s important to attract long-term tenants. When you’re constantly changing out tenants, there are a number of expenses you will incur each time. These include repairs, cleaning, inspections, and other preparations. This is time-consuming and potentially expensive. A good property manager will keep tenants happy and ensure they stick around.
Nobody likes to be the bad guy; however, landlords often have to. Whether it’s penalizing a tenant for a late rent check, enforcing violations, or following through with an eviction, professional property management companies will take the fall and ensure everything is carried out according to the law.
Tenants have to be trained to follow lease agreements. If they get away with one exception, they will try to bend the rules and get away with more. Because it’s their job, property managers are able to enforce rules without involving emotions.
When you use a property management company, you don’t have to live in the same city or state as the property you are renting. This allows you to freely move around without being tied down to a particular location. As long as the property management company can get in touch with you, you can be as flexible as you would like.
Property management companies often have access to wide networks of professional, bonded, and insured maintenance companies. Because they often use their services in bulk, they can also get better deals. This saves you time, money, and trouble. In the long run, your home will be in better condition and will retain more of its value.
You will have to look into the details on your own, but the large majority of professional property management services are tax deductible for the landlord. This can save you thousands of dollars each year and affords you additional financial flexibility.
Best of all, using a property management company takes away all the stress of being a landlord. Instead of worrying about fixing issues and evading legal troubles, you simply collect rent checks and continue with your career. Whether you’re renting out your previous home or looking to start an investment portfolio, less stress is better.
Ashford Realty Group
At the Ashford Realty Group, we provide high quality property management services for Colorado Springs and the surrounding areas (Monument, Fountain, Falcon and Peyton). Regardless of whether you are an investor, unexpected landlord, member of the military, or anyone else, we can help you rent your property without added stress. We can improve retention rates, take care of maintenance issues, and protect your property from bad tenants.