Whether you inadvertently turned into a landlord or purposely bought an investment property to become one, you need to be ready to handle all kinds of responsibilities. Not everyone is equipped for the job. Most homeowners are “DIY” landlords, and as such, they handle all the duties expected of a property manager. Although there are landlords like this that are terrific at their job, many of them face difficulty with tasks like eviction enforcement, maintenance tasks, and rent collection.
You can be a landlord without the hassles that come with the job by hiring a property manager. Here five reasons why you should:
- Tenant Screening
As a landlord, the most critical step is to thoroughly screen applicants. It’s hard to believe that an applicant may be on a sex offender registry or was in prison, but a book can’t be judged by its cover. Less than 50% of DIY landlords conduct a credit or criminal check, nor do they contact references prior to renting out a unit. You should consult an attorney about federal, state, and local ordinances and laws.
- Scheduling a Viewing
Time is money. For every day that your property remains unrented, you’ll lose a daily average of $40.00. The time spent after work and on weekends showing the unit to potential tenants can’t be replaced. It can be time-consuming to prepare a home since you need to perform various tasks beforehand. This includes lock changes, carpet replacement, repairs and fixtures, cleaning the unit, and other maintenance tasks.
- Legal and Ethical Issues
Most DIY landlords are unfamiliar with local and state laws, nor are they well versed in lease, eviction, and fair housing terms. One incorrect step made can place you the midst of a legal problem. Certain property management companies will address these duties on your behalf, evictions and viewings are handled the right way from the beginning.
- Collecting Rent
It isn’t necessary to chase down a tenant each month for their rent. Doing so can be tiresome, particularly if you reside far from the property. An experienced property owner will know how to accept online and automatic payments. They will also be able to monitor history of payments and other transactions involving the property owner and the tenant.
- Property Upkeep
Upkeeping the property might be the most costly and time-consuming aspect for a homeowner. Rental turnovers raise costs and take up a lot of time. For each tenant that comes and goes, there are costs involved to pay for new leases, applicant screenings, home viewings, promotion, lock replacement, repairs, cleaning, and more. Maintenance is essential to every unit so that quality tenants are kept in place.
Employing an experienced property manager is an optimal approach to bypassing interruptions to your life. Rather than spend time repairing a broken toilet, you can spend time with your family. You can take a vacation instead of replacing a problematic tenant. Being a landlord doesn’t have to come at the expense of your personal life, and your investment doesn’t have to be a chore.