Having a rental property isn't always a position in which people volunteer themselves to be in. In many cases, our clients have decided to make a little extra cash, and go into the business of having an "asset property". In other cases, families are uprooted for a number of reasons: military moves, familial changes, or work/school changes; and this will put a family in the position of needing to move. In some cases, a house can be put on the market to sell and it goes quickly depending on the area in which the market lies. In other cases, if the home cannot sell or simply is "under" and it behooves the owner to wait to sell, it will likely need to be rented out.
Then we get to the fun part: How? How are we going to rent this home? What are the necessary steps to get the home advertised? How do we screen or do a background check on tenants? What are we allowed to ask, say , not say?
Those are just some of the basic questions that I'd assume many home owners that want to self-manage, might ask themselves.
There are many things that we do on a professional level that make advertising your home and getting it rented quickly, a big part of our job.
Top 10 Reasons to Hire a Property Manager
1. Your home will be professionally advertised
2. Applicants will be thoroughly screened
3. Someone is there to handle your maintenance calls (emergency or otherwise)
4. Rent collection and best practices to avoid possible legal issues
5. Property Management teams typically have great resources when it comes to contracting out work or employing
6. Knowledge and advice on increasing home value.
7. Maximize your profitability on your investment
8. Maximize your time when it comes to handling tenant issues, rent collection, and any legal issues that may arise.
9. Consultation on your next best investment.
10. Minimize tenant turnover, with the right management company that will take great care of your occupants. (Less Turn over=Less out of pocket expenses on normal wear and tear, that the owner is responsible for).
We consult many home owners each day, one of the main things that most owners neglect to consider is this:
"What if the tenant doesn't pay, and we need to take legal action?"
With a property management company you can rely on someone taking proper legal action in the right amount of time, to decrease financial loss.
Of course we all hope to have perfect tenants, that pay on time, abide by the rules and regulation set in place by the lease that was agreed upon. Unfortunately, that isn't always the case. As a smart investor, we must always calculate the risk we take to make financial gains.
Did you know, that most homes can be rented out enough to cover the mortgage, pay for a rental company and produce a some additional income?
If you are looking to make a big change and start investing, investment properties is a great way to go. We'll discuss how to start this process as well as getting into flipping houses soon.