Owning a rental property has its perks. There’s a space to call your own, a legacy that you can pass on to the next generation, and a reassurance that you have something to fall back on in case of an emergency. However, owning a rental property also comes with its own issues. Here is where hiring a rental property manager comes in. Simply put, a property manager takes care of all the things associated with the property including collecting rent, maintenance, communication and more. Consider the following points before you hire a rental property manager.
Do you have time to find a tenant and show your space?
What sort of help do you need with tenants is question 1- the process of finding a tenant is a time consuming task. You need to create an advertisement of the property in a way that is attractive to potential renters. Then you have to market your property, conduct tours of the space for tenants and the list goes on. If you don’t have the time or cannot deal with the amount of work this task entails, then a rental property manager is the right person for you.
Can you run background checks and field tenant applications?
A property manager will show the property which can be incredibly time-consuming and lead to a lot of time allocated during the weekend. Showing a property is not as simple as it sounds. Before it shown repairs and touch-ups may have to be addressed, the rental property may need to be staged and more. All of this is done by an outsourced property manager. A property manager will screen tenants, and do an extensive search into the background of each prospective tenant. It’s essential for a landlord to know the credit score and references of someone they trust renting their space to. The process doesn’t end here.
Will you be able to collect rent and deal with maintenance issues?
Once the renter moves in, there are rent checks that need to be collected and deposited, and other tenant communication issues. Additionally, there may be issues with the space that arise after the tenant moves in. The bathroom may have sprung a leak, the floor may need new title, the garbage disposal is on the fritz- it could be anything. The property manager takes care of all these issues and will communicate directly with the contractors working on your rental property. The property manager will also maintain the property in between new tenants making it ready for the next person who moves in. If an eviction scenario arises then the property manager will also assist with that process as well.
Are you familiar with the legal requirements and paperwork of renting property?
The next question to think about is how familiar are you with the legal aspects of renting a property. Fair housing, lease terms and eviction notice periods are all part of the process of owning and renting out property. It’s imperative that you stay on the right side of the law. Wouldn’t it be helpful to have a person who knows what they’re talking about on your side? It is the manager’s job to know these things, saving you from much trouble.
Think next about whether you want some peace of mind and time to yourself by asking yourself these questions and hiring a property manager.