19 Feb The Top Challenges Of Being A Landlord And How Property Management Can Help
According to Forbes, 1.5 million new rental units go up per year. Numbers like that make it clear: there is a lot of profit in being a landlord. However, becoming a landlord presents its own set of challenges–from tenants who are perpetually late paying rent to late-night emergency maintenance requests.
Rental property management services make it possible for you to enjoy the benefits of owning property without all the little hangups landlords face every day. Here are just a few of the challenges they will tackle for you.
1. Unreliable Tenants
It can be difficult for a landlord–just one person–to carefully vet and select tenants. A rental property manager will have the time and resources to take on this task for you. Expect rental property management services to answer rental inquiries, schedule walkthroughs, and collect and process tenant applications. Plus, they will undertake additional tasks, like securing applications from subletters, performing background checks and credit checks, and following up on any incomplete applications.
2. Vacancies and Large Gaps In Between Tenants
Long vacancies or especially long gaps in between tenants hurt your bottom line. That is where property managers come in. Property management companies are well-versed in marketing and advertising available rentals and properties. Generally, a property manager will snap striking pictures of the model home or a prepared unit and place ads online and in traditional print publications. Rental property management services will put up yard signs, encourage tenant referrals, schedule open houses, advertise on social media, and use the latest real estate and rental apps to attract new tenants and keep vacancies to an absolute minimum.
3. Too Much Paperwork
Rental applications, background checks, credit checks, leases, rental insurance records, tax records… and the list of necessary paperwork goes on and on. Property managers collect rent, manage finances, pay applicable bills, maintain a budget, keep records, and file taxes. Companies make certain filing systems are neat and tidy. Many managers take advantage of digital records to back up files and search through relevant files or documents more quickly.
4. Overwhelming Maintenance Requests
Going it alone as a landlord can be especially overwhelming when it comes to maintenance requests. Landlords are responsible for mowing the lawn, trimming trees, shrubs, and bushes, and keeping up appearances in general. On top of that, emergency maintenance requests–like broken air conditioning (AC) units, burst pipes, or clogged toilets–are bound to happen. A landlord working with a property manager shifts the burden of hiring landscaping companies and plumbers to the management company.
5. Properties Are Too Far To Manage
Whether you inherit a faraway rental property or purchase one from afar, most landlords discover that managing properties that are hours or states away becomes inefficient or overwhelming. Rental property management services take on the key tasks of management for you, no matter where you are located.
Do not let the challenges of being a landlord deter you from taking part in the profitable venture of owning property! Work with a trusted property management company to keep stress low and profits high.