How a Property Manager Can Help You Rent Out Your Home
Depending on your financial goals, sometimes selling your home isn’t the best option. Learn how a property manager can help you rent out your home for profit here.
Are you moving out or looking to buy a second house? What plans do you have for your current home?
Selling your house might not be the best option to accomplish your goals. Your home is a valuable resource. Instead, why don’t you rent out your home? Earn passive income while providing housing. It’s a win-win situation!
However, you can’t just let anyone move in. A lot goes into managing property, like background checks, maintenance, and inspections. Here are six reasons you should get in touch with a property manager to handle the nitty gritty.
What Is a Property Manager?
A property manager oversees and processes everything to do with tenants renting a unit. So, what makes them any different from a landlord? If you aren’t a landlord, you might not know that being one is quite arduous.
Dealing with clients gets draining. Chasing after people for rent money is exhausting emotionally and literally if they run fast enough.
Think of a property manager as a buffer between tenant and landlord. They handle screening, collection, and maintenance, keeping those tasks out of your hair. Here’s how a property manager can help you out if you rent your house.
1. Vetting Your Tenants
Everyone has an experience with a lousy house guest. They overstay their welcome and stain the good linens while wiping up a mess. That is if they even decide to clean at all.
You may have shrugged it off, thinking, “Be a good host,” or “It’s okay they’re family.” Think of those sloppy nightmare houseguests, except this time; they don’t leave.
Your tenants have legal binding to your home. You may hold up your end of the bargain, but what about them?
Intimidating tenants might flip the script, and then you’d be on the losing end. What’s worse is if tenants decide to take revenge on you by wrecking your property. Handling their mess translates to costly home fixes.
The property manager weeds out bad clients. They do the background checks so that you don’t have to.
Do they pay on time? Do they abide by neighborhood rules? Your property manager makes sure that they do.
Any whiff of funny business and their application goes out the window. If you want to ensure you rent out your home to responsible tenants, a property manager is what you need.
2. Getting the Legal Aspect Down Pat
Housing is a fundamental human right. As a housing provider, you need to know the ins and outs of contracts, leases, addendums.
You have to handle collection, penalties, and security deposits. A lot goes behind the scenes. When a lot happens behind the scenes, the water can look muddy to someone without sufficient experience.
Does your property comply with all safety and sanitation regulations? Are there inhumane clauses in the lease you may have overlooked? Without ill-intent, you could find yourself in the middle of a lawsuit.
Have a property manager iron out all the kinks for you. They know what contracts should look like and understand housing law better than the average Joe.
Have your tenants reach a happy compromise and let them handle any hiccups along the way. Save yourself the headache and the trip to the courthouse as a DIY landlord.
3. Maintenance and Repair Bargains
Did your tenant call to tell you about leaky pipes? Maybe a raccoon broke in and wrecked your insulation. Are your tenants worried about what looks like black mold in the wall?
One of the bonuses of selecting a property manager is their network. Along with years of experience under their belt, they likely have repairmen on call.
Get repairs and maintenance for a fraction of the price with a property manager. They know who to call, instead of you scrambling to find affordable quality plumbers or roofers.
4. Shortening Vacancies
One of the reasons to rent your house is so that it doesn’t sit there and collect dust. Sifting applications for cooperative and responsible clients is a full-time job.
Single-family home rentals are in high demand for long-term tenants. With a property manager, you free yourself of the arduous processing of getting tenants into your home. Maximize how much use your house gets by selecting a property manager.
5. Tighten Rent Collection
Nobody wants to be the bad guy. If you’re someone who has experience renting in the past, you may be familiar with the feeling of dread every time rent collection day arrives.
While empathy is an admirable quality, you have to be firm. Renting is your source of income, and your tenants have to understand that. Setting a boundary is challenging but necessary.
By employing a property manager or property management company, you put some padding between you and your tenants. They have the tenacity to chase down tenants and demand payments where others find it too bold. Property managers know to implement tighter rules, so your tenants don’t walk all over you.
6. Tax assistance
Real Estate comes with a lot of checks and balances. Property managers are well-versed in the art of tax write-offs and deductions.
Did you know that the property management fees are deductible as well? Make sure you aren’t getting ripped off and see where else you can save a pretty penny.
Contact a Property Manager and Rent Out Your Home Stress-Free
When you rent out your home, you must deal with the human and the maintenance aspects of renting. A property manager handles all of that for you while you sit back, relax, and make a profit! Legal jargon, maintenance, and people skills are their game.
Are you looking for a property manager to help maximize your real estate investments? That’s where we come in. Contact us today and make a living by letting people live in your home.