There are more reasons to hire residential property management services when renting out your home than you might expect. Learn more here.
Real estate is one of the best investments you can make. Because of this many people buy a second home to rent out. In fact, there were 7.5 million second homes in the United States as of 2018.
While this is a great way to make money and pay your mortgage, it can be difficult to manage a residential property on your own. Do you need help while you rent property?
Keep reading this article for the top five reasons you should hire residential property management services when you are renting out your single-family home.
1. Saves You Time and Money
One of the biggest benefits of hiring a residential property manager when you are renting your home is that it saves you time and money.
Often, homeowners do not want to hire a property manager because they are worried that it will cost too much and will not be worth the money. However, having a reliable property manager will lead to more reliable tenants, less damage, and overall better property. This can help you make more money in the long run!
Similarly, you will save yourself a lot of time and stress when you hire a property manager. When you have to be your own landlord, you will not be able to spend time on other important aspects of your life.
Managing a property can be a full-time job, from rent collection to repairs and more. However, your property manager will be able to deal with each of these responsibilities and save you countless hours.
2. Finds the Best Renters
Next, it is important to hire a property manager for your residential property so you can find the best renters. While it may be your top priority to fill your vacant property, it is important to find a reliable renter.
Otherwise, you may have to deal with missed rent payments, damage to your property, and even eviction.
Instead, you should hire a property manager that has access to tenant screening tools and offers a pool of potential renters. This means they will be able to find the best potential candidates for your tenants and can filter out those that have a bad history in other rentals.
Finally, a property manager offers help with marketing and advertising your property. This way, you will be able to find high-quality renters for your property faster.
3. Understands Real Estate Law
Real estate law can be quite complex, especially for those that are new to investing in real estate. There are many laws that you need to understand as a landlord to prevent legal issues with your tenants.
Rather than researching all of these laws, you can hire a property manager that already knows the ins and outs of property management. They will be familiar with local and federal laws that they need to follow when selecting tenants.
This way, you can avoid breaking discrimination laws, you can get help with evictions when necessary, and you will be able to stay legally compliant when you are renting out your single-family home.
4. Takes Care of the Day-to-Day
As was mentioned before, managing a property can be a full-time job. If you have other work or responsibilities, you will not have time for the daily tasks that come with being a landlord.
A residential property manager will take care of the day-to-day tasks for your tenants.
They can also act as a buffer between you and your tenants to prevent problems from arising. This way, you will be able to keep a professional relationship with your tenants without becoming personally involved.
For example, your property manager can help you with the process of eviction if you are dealing with a landlord that violates your lease or will not pay their rent. This way, you can stay stress-free while these issues are resolved.
5. Helps With Any Aspect of Property Management
Finally, a property manager can help you with any aspect of property management. While it may seem easy to rent out your home, there are many things that you have to do, which many people do not realize.
One thing that property managers deal with is rent collection. It can be difficult to chase down your tenants if they are unreliable when it comes to paying rent. A property manager can help with automatic or online payments, which will help you track tenant payments.
Another service that property management provides is property maintenance. As a property owner, you know that there are a lot of time-consuming repairs and maintenance jobs that come up.
Not only do these take a lot of time to fix, but they can also increase your expenses. Plus, emergencies may occur outside of your business hours. Rather than being on-call for your tenants at any hour, you can have a professional property manager help you with repairs and maintenance.
Finally, property managers can also help you find tenants. Not only will they help with advertising, but they can organize house showings and be sure that you find high-quality tenants with good references, a good credit history, and more.
Need Help With Residential Property Management?
While renting out your second home can be very financially rewarding, it can also be a headache to deal with unreliable tenants, property maintenance, and more. Instead, you can hire a property manager to deal with these issues.
If you want help managing your residential property management or want to learn more about the benefits of hiring a property manager, Verraterra Real Estate Services can help!
Our team specializes in HOA management and property management in Washington. Contact us today to learn about our residential services and to get started with your property management.