From 2010 to 2016, the number of renters in America grew by 976,000 per year. This statistic demonstrates the extremely difficult reality rental property owners face when searching for new tenants.
The following guide provides seven benefits of using a property management service when renting your property.
1. Reduced Legal Issues
Property management services understand the legal implications that can result from a single bad tenant. For this reason, it is a good idea to hire their services so that you can protect yourself against potential lawsuits or other vulnerabilities.
These services help you understand current laws around rental properties such as eviction, tenant screening and unit inspections.
2. Quality Tenants
Finding an ideal tenant can be a difficult task without knowing what qualities to look for. A great property management company will help you find tenants that are willing to rent long-term, make payments on time and minimize property damage.
3. Low Maintenance Fees
Property managers have access to professional, bonded contractors that typically offer their services within a fair price range. Hiring a contractor through a property manager can help save you time and money in the long run.
As an added bonus, this keeps your tenants happy by offering them reliable maintenance of the rental property.
4. Eased Rent Payment
Having a property management service take care of rent payments helps put a barrier between you and the tenant. This can help ensure that you are not taken advantage of in cases where the tenant may be unable to pay rent on time.
Also, if eviction is necessary, property managers understand the legal requirements of this process and help ensure it is handled as smoothly as possible.
5. Increased Property Value
Property management companies outline the key requirements to maintaining the value of your property. These requirements may include performing regular maintenance checks and keeping detailed documentation.
Without following their advice early-on, it is likely that you may end up paying heavy fees to repair damage done by the tenant.
6. Reduced Vacancy Times
Professional property management companies help to ensure that your property does not remain vacant for long periods of time. Some ways they avoid this include:
- Preparing the space for renters
- Calculating ideal rent rate
- Efficiently advertise the property
7. Decreased Personal Stress
Finally, the use of property management services helps elevate stress, gives you personal freedom and increases the time you have for yourself. By using their services, you don’t have to worry about working around the clock or tending to emergencies.
Their help allows you to focus on concerns of a larger scale, such as asset management and spending time with family or friends.
Hiring a Trusted Property Management Service
The knowledge that experienced property managers bring to your business aids in the entire rental process. From listing the space to drafting the rental contract, property management services are deeply dedicated to you and your business.
Outland Real Estate is a committed property management service that prides itself on their great expertise. To begin learning more about our services, feel free to contact us to learn more.