Does Hiring a Property Manager attract better tenants?
The time has come, you are leaving and need to rent your property out but where do you start? There are so many questions, do I do it myself and save money on a Property Manager? Do I splurge and hire a Property Manager? How will I find a tenant if I do it myself? What if the Property Manager lets a tenant damage my property? If this is you, there are about a million questions going through your head and you need help. Whether you hire a Property Management Company to Manage your property or do it yourself, you need to evaluate and analyze all of your options.
The first thing every new landlord asks is what is the cost? A lot of Landlords new and seasoned looks at the cost of a property management company's monthly and annual fees, then say well I can save that if I do it myself. You're right you can but is it worth what you may cost yourself?
Property Managers are Licensed Professionals, and they are required to be educated on all local, State and Federal Laws that in today's world are ever changing. This is a cost of them doing business, is this something that you as a landlord will follow up with to ensure you don't make a costly error when it comes to a tenant in your property?
Tenant Screening, you may have already known that there are laws in place that protects a tenants rights when selecting a tenant for your property. You might think its my house, I can do what I want and put whoever I want in it, although we understand your way of thinking, the minute you made your a rental property it became a business that is subjected to the same laws and regulations that a Property Management company must follow.
With that in mind, how will you screen a new potential tenant, will you ask for a credit check or criminal background check? Who is paying for it how will you know if you are getting all of the information that a property management company will get with their screening process, how will you know if the company you selected to screen the tenants is in compliant with the credit reporting act?
The Truth of the matter is that no one can provide you with 100% assurance that something won't happen with the tenant that is placed in your home by yourself or a Property Management but with a Professional Property Manager your risk is less. They have proven written policies that they have used over and over again to place tenants in homes. They are not personal involved; it is a business to them. They know the laws and use them to benefit their owner client. As a self- managing landlord your risks are much higher than if you paid the cost of a Property Manager upfront. We have seen it firsthand, where self-managing landlords have signed up for our services after being burned and have loved the services we provide and sit back and enjoy the cash flow that they didn't see prior.
There are a lot of options of Property Management Companies in every town, I believe that we are all great in what we do and some of us offer more services than others. It is important that you talk to a few of them and see what they offer and what they can do for you. Most of us will answer questions you never knew you had, then make the decision based on what you want and what your needs are.
Ready to Experience the TopFlight Difference? Contact our Professional Property Managers today (931)572-1570