When you own a property or two and want to rent out the space, it can be quite difficult to know what to do. Serving as a landlord is not only complicated, but the job is littered with legal and technical obstacles that you simply cannot navigate on your own. Read through the pointers below to learn what a leasing-only service can do for you, especially when you do not have time to actively rent your property.
Professional Marketing Attracts Better Tenants, Faster
At the end of the day, you don’t even have time to market your home or property for rent. You might throw an ad on social media, but there are professional listing sites that realtors and agents use every day. When you work with experts who manage the property for you, they can more effectively market the property.
You will find qualified tenants quickly, and the property manager can quickly qualify anyone who applies without pouring over documents for days at a time. Plus, the property can be re-rented much more quickly because your manager will re-list the property as soon as notice is given.
Thorough Tenant Screening Reduces Risk
As mentioned above, screening prospects is important because they must have good credit and make enough money to rent the space for an entire year. While you can understand the broad strokes of a screening, a property management professional understands what they are looking for, uses an online system to quickly do background and financial checks, and offers recommendations in short order.
In most cases, you can even ask the property manager to rent the space for you without getting involved in the qualification process. You have peace of mind that rent will be paid, and you have documentation that shows you qualified the tenant properly, if needed.
Save Time Without Giving Up Control of the Property
You own the property, but you are not giving up full control. You are hiring a management professional so that you can get back to your life. You will collect money every month when the rent is paid, but you do not need to handle everything for the tenant.
This goes far beyond running applications and checks. In fact, your property manager will handle maintenance, complaints, inspections, and local regulators. At the same time, you get reports on their work without lifting a finger.
Legal Compliance Made Simple
Your property manager will also have an attorney on retainer if you ever experience issues with evictions or local laws. You are told what needs to be done to keep the property on the right side of the law, and you do not need to appear in court if you are evicting a tenant or bringing legal action against a previous tenant.
One-Time Cost for Long-Term Value
When all is said and done, working with a property manager ensures that your rental property is in good condition, legally compliant, and profitable. Consider hiring a property manager today for a small fee so that you can reap the benefits of your investment and get back to your daily routine.