Investing in a rental property can no doubt provide an incredible source of income. However, becoming a landlord or host is no easy feat. It demands a lot of time, energy and dedication. Property management requires skills and it comes with several responsibilities. Worry no more! Fortunately, a qualified property management company like Great Dwellings can help you earn money from your rental home.
Below are some of the many benefits of hiring a full-service property manager:
Get good quality tenants
As a property owner, you’d want a tenant who pays on time, rents on a long-term basis and takes care of your unit. You’d also want someone who won’t be such a pain. If you hire a property manager, they can perform screening procedures and behind the scenes work to ensure you get quality renters. They will do background checks to weed out problematic ones. They will verify credit reports, employment status and previous landlord references. These steps can be daunting, tedious and time-consuming should you do it yourself. It’s better to leave it to the experts so you can have greater chances of finding good tenants.
Know the most competitive rate
If your rental rate is too expensive, you’d be waiting in vain. If it’s too cheap, you’d be losing money every week or month your tenant is occupying your home. Knowing the best rate needs an understanding of the local market, information about recently sold properties, plus access to rental rate systems. A good property management company can do market research and analysis to determine what others are charging. They can also use the latest tools to ensure your rates are competitive.
Advertise your property more effectively
Instead of a profitable asset, an empty rental unit can turn out to be a liability. Now, that’s where marketing comes in. An established property manager understands how to best promote your unit and keep it continuously occupied. They have crafted countless advertisements and completely know what to say and where to put your ad to easily obtain more potential tenants. An amateur or a mediocre copywriting just won’t cut it. So it’s advisable to stay away and let a pro get this done for you.
Keep your property in tip-top shape
Maintaining a house is tough—and by no means cheap. Sometimes one thing after another needs to be cleaned, inspected, fixed and or replaced. As you’re a busy person, it’s impossible to manage all these things on your own. But when you get a property manager, they will handle housekeeping and inspections, common house maintenance and repairs for you. They can regularly schedule home cleaning, check for leaks, do inspections, and handle many other preventive property maintenance issues. They can also suggest further aesthetic improvements. Doing these ensures a safe and comfy living condition for your tenants, and of course, overall care of your home.
Less legal matters to deal with
Any property is bounded by specific legal matters and or subject to code requirements and government rules. You don’t have to deal with these complicated legal issues and make irreversible mistakes. Just hire a property manager to take care of these legalities. Experienced property management companies are well-versed and updated with local, state and federal laws and codes. Hence, they can assist in determining compliance issues that may need further legal counsel. They can also help you receive tax deductions that you may be entitled to. They will as well complete all required forms and documentation. With solid knowledge about tenant-landlord laws, a property manager will see to it that these procedures are completed to save you from any possible problems.
Easily manage tenants
Handling absurd complaints, unnecessary drama and other logical and illogical tenant issues are certainly not something you look forward to. This is especially true if you live far or are busy with a full-time career and family. Luckily, a property manager can readily address these problems, even emergencies 24/7. Don’t worry about being disturbed in the middle of the night or while holidaying with your family. Because your diligent property manager will handle these on your behalf, ultimately, sparing you all the trouble.
Fuss-free rent collection
No need to concern yourself with picking up rental payments, pestering tenants for late payments and pulling your hair about accounting issues. A full-service property management company can use a software that guarantees you get on-time payment. They will also ensure each transaction is properly accounted for. Further, they will impose the agreed upon rent collection policy and deal with any tricky situations. You can, therefore, avoid awkward scenarios like handling delinquent payments, charging late fees and serving legal notices.
Reduced stress from managing properties
This is perhaps the most important benefit of hiring a property management company. Because, seriously, no one wants extra stress. When you work with a property manager, you can rest easy knowing that everything is covered for you. You’ll most likely have zero to minimal rental complications to think about. You can even travel and be location independent. Simply rely on your property manager to look after your property and tenants on your behalf. You, on the other hand, can just wait for your check while sipping a cocktail in some faraway tropical island. And or do things you love other than stressing about your rental property.
Your rental property is a huge investment. Thus, you should think twice about managing it yourself. By all means, you shouldn’t dare entrust it to an inexperienced property management company. Remember not all property managers are created equal. And not everyone will offer reliable service that suits your requirements. Thankfully, no need to look further. Great Dwellings is a top-notch property manager that can protect and even boost your rental investment in Washington DC. If you’re looking for a consistent rent check minus the responsibilities of being a landlord or host, leave it up to us to do just that.