Whether you’re a new landlord with one property to rent out or an experienced investor with an entire portfolio of real estate, you have a number of decisions to make before you put your property on the rental market.
For example, you will have to decide whether you want to allow pets, how much you’ll price the home for, and what kind of lease you want to have in place.
The first decision you’ll need to make, however, is whether you want to hire a professional property management company or if you’re going to be a full-time landlord and manage on your own.
Many investors find it’s more profitable and less stressful to have their rental properties professionally managed.
Placing Qualified Tenants in Your Daphne Rental Property
A good tenant can make your life as a landlord easy. You’ll collect rent on time every month, maintenance issues will be reported as they occur, and your tenant will follow the lease and take excellent care of your home.
It’s possible you’ll place such a delightful tenant as a self-managing landlord. But, there’s also a chance that you’ll have a tenant who doesn’t pay rent on time, damages your home, and moves in unauthorized pets or people. You’ll end up spending a lot of time and a lot of money chasing down late rent, sending notices, and threatening eviction.
A professional property manager has the tools and resources that are required to conduct a thorough screening. Before approving a tenant, credit and criminal backgrounds will be checked. Employment and income will be verified, and prior landlords will be contacted. You can be sure you’re getting a tenant who hasn’t been evicted in the past and doesn’t owe former landlords thousands of dollars.
Maintaining Your Daphne Rental Property
Will you know who to call in the middle of the night if a water tank explodes or a sewer line starts leaking? Your tenants will need access to you 24 hours a day and seven days a week if you’re going to self-manage your rental property. You’ll need to put together a list of vendors you can trust; professionals who are licensed, insured, affordable, and willing to make late night and weekend visits when necessary.
When you work with a management company, you’ll be kept informed about the repairs that are needed at your property, but you won’t have to handle them yourself. Instead, your property managers will already have outstanding vendor and contractor relationships in place. You’ll also have an experienced professional keeping an eye on your investment, ensuring its condition is preserved and its value is always increasing.
Professional managers can preserve the condition of your investment and keep an eye on maintenance costs.
Keeping Up with Legal Requirements
It’s easy to make an expensive legal mistake as a landlord. There are a lot of state, federal, and local laws and regulations to keep up with. Violating a fair housing law, for example, can cost you thousands of dollars. Do you know the difference between a pet and a service or support animal?
Keeping up with the constantly changing legal landscape is important. If you don’t return the security deposit properly, you can expect a lawsuit from your tenant. If you try to evict a tenant by changing the locks or turning off the water, you’re going to be in a lot of legal trouble. Self-managing landlords make a lot of costly errors without intending to. Your property management company can protect you from these mistakes and ensure you and your property are in full compliance.
While it’s certainly possible to manage on your own, there’s no reason to take on a full-time job. We’re here to help with all of your Daphne property management needs. Contact us at IRBY Property Management.