Are you getting overwhelmed by the demanding stresses of being a landlord? Perhaps the workload is more than you were anticipating.
Luckily for you and all landlords, there’s a better alternative.
Consider hiring a property management team. Not only do they take over the main rental tasks, but they help ensure your units get rented. In the current Seattle renting market, getting tenants in your units is a priority.
Interested in seeing all the ways property management companies can help? Keep reading for the biggest benefits of outsourcing your landlord duties.
1. Finding the Right Tenants
You don’t want just anyone living in your rental property. This property is one of your biggest assets. The ideal tenant will treat it with respect and pay rent on time.
But, finding those ideal tenants can be challenging.
That’s where a property management company can help. Through professional screening and vetting experience, only the best tenants sign a lease.
One way they do this for you is by crafting an ad that targets your ideal tenant. Expert copywriting and photography act like filters to potential applicants. They include specific keywords for the tenants you want and filter out the others.
Then, the property manager interviews potential tenants and checks their documents. The new tenant screening laws affect what sources you can and cannot check during the screening process. Interviewing is a crucial part of the screening.
As you can tell, it’s a lot of work to find the tenants you want. But, that’s the daily grind for passionate property managers.
What About Setting Rent?
Your rent needs to be competitive and profitable. Price it too high and you won’t get any bites. Too low, and you’ll undersell yourself and attract low-paying tenants.
Property management specialists know how to set the perfect rent for your property. They look at competitors in your area, real estate trends, and rental legislation.
2. Handling Complaints, Rent Collection, and Evictions
The nitty-gritty of being a landlord lays in the complaints, collections, and evictions. Most landlords dread these aspects because they’re stressful.
Property management companies have systems that make these tasks run flawlessly.
That often includes software that tenants can enter their complaints into. It also keeps track of who has paid rent and who hasn’t.
When it comes to evictions, there’s a professional and legal way of handling things. If evicting a tenant makes you uncomfortable, you need a property manager.
3. Maintenance and Repairs
Do you live far away from your rental property? If so, it can be hard to keep up with regular maintenance of the house or building.
If emergency repairs are needed, can you get to the property right away?
A property management company will be on-site and ready to respond to emergencies. They ensure the landscaping and house maintenance gets done.
Plus, most companies have connections to local and reputable handymen and tradespeople. This is important if you want speedy repairs or emergency maintenance done.
4. Laws and Taxes
The landlord and tenant legislation are different from city to city and state to state. Whoever’s running a rental property needs to know everything about that legislation.
Property management companies are experts at rental laws. That’s why their methods of eviction and rent setting are so efficient. They know what’s allowed and how to enforce those laws.
When it comes to doing your rental property’s taxes, accuracy is key. You likely need a professional who specializes in rental properties.
Property managers usually have this expertise and can do your taxes for you. They know which deductions your property is eligible for.
One of the biggest jobs a property manager has is bookkeeping. They collect and organize all receipts, payments, and invoices. When it comes time to do taxes, every document you could possibly need is there.
5. Manage Other Employees
If your property is a house, the property manager might outsource different tasks. Like landscaping, for example. They find a professional landscaper and ensure they get the job done.
If your property is a rental building, you might need employees to help run it. Property managers lead the team of workers helping your property function. They could include concierges, security, cleaners, and maintenance workers.
Creating work schedules and hiring employees is a ton of work. For landlords who have other properties or another job, it’s something that doesn’t get enough focus.
But, for a property manager, it’s just one part of their job.
Benefits of Hiring a Property Management Company
To start, you get more freedom. Spend less time at your physical property and more time enjoying your retirement. Or, raising your family and building your career.
Take your profits from the property and re-invest in another one. Start building your portfolio of rental properties to create more streams of income.
Your property will have shorter vacancy cycles as better-quality tenants move in. These types of tenants keep their leases longer and are more reliable. You might be able to charge more in rent and make more money.
You’ll also have less property damage and a better-kept property. You can expect optimized curb appeal and a safe housing structure.
When it comes to tax season, you won’t have any sweat from stress. Everything you need is organized and ready to file.
You’ll also have less legal troubles and liabilities. You’re the owner and investor of the property. But, you don’t have to worry about any of the stresses that come with being a landlord.
Let a property management company take care of this. They will find the best workers to be on-site and ensure they get the job done.
Want to Know More About How Property Management Companies Can Help You?
The life of a landlord is busy, full, and sometimes stressful. You must maintain the property, keep tenants happy, and fill empty units.
Verra Terra Real Estate Services is here for you.
As one of the top property management companies in Western Washington, we know how to make your rental property thrive. From full property management to tenant placing services, let us take a load off your plate.