While it might seem like some faceless corporation owns every rental property, the reality is a lot more complicated. While corporate owners are common, individual investors control a little over 70 percent of all rental units.
Of course, owning a rental unit and being a good landlord are entirely separate issues. Not every rental property owner intended to become a landlord. Instead, it became an unintentional sideline for many.
That's why so many rental property owners look for professional property management options. Not convinced that a property management service is right for you? Keep reading for some key reasons why you should consider one.
One of the biggest challenges any rental property owner faces is finding good tenants. It requires an understanding of the local market and the value of the unit in that market. This can prove especially difficult for out-of-town owners.
A good property management company offers marketing services. Putting the right marketing in the right place can save money and get tenants in place faster.
Every rental owner must do at least some tenant screening. For example, no landlord wants a recently released, violent felon renting from them. Yet, there are a lot of ways that tenant screening can go wrong.
For example, there are protected classes that you cannot screen out. For example, you can't screen people out because of things like race, disability, or age.
A good property manager will know what you can and can't screen people for.
While most tenants will pay promptly and in full, not all of them do. When that happens, you must get into the rent collection process. Since landlords are people, they typically dislike hounding tenants for money.
A good property management service will use tried-and-true rent collection processes.
Unless you're dealing with a terrible tenant, you likely live in dread of doing evictions. They are costly, time-consuming, and emotionally charged.
Using a property management company doesn't eliminate evictions, but it can put a buffer between you and the process.
Free Up Your Time
Many rental property owners got into it as a sideline. Then, they discovered that the landlord gig vacuumed up a lot more time than expected.
Bringing in property management professionals is a way that you can offload the most time-consuming landlord tasks. You claw back some precious free time that you can use for family or other obligations.
Property Management and You
While the idea of owning rental property appeals to a lot of people, it comes with some hidden traps. Some of the tasks, such as rent collection or eviction, can prove emotionally charged for you and for your tenants.
Getting tenants into your property typically calls for marketing expertise, which most people don't possess. The tenant screening process has legal ramifications if you get it wrong.
Using property management professionals lets you bypass most or all of these issues.
Advantage Property Management Services operates in Pleasanton and nearby areas. For more information about our services, contact Advantage today.