Being a landlord involves more than collecting a monthly rent cheque. It can often feel like a second job, one where the hours are never truly over.
Landlords need to be concerned about their property 24/7, as it’s a responsibility that never goes away. However, hiring a professional property manager can make life easier in several ways while improving care for property and tenants.
Please read on to learn more about what they can do for you.
1. Better Tenants, Sooner
When a landlord has secured a great tenant, they can rest easier at night. Mature, quiet, respectful tenants take better care of the property in which they live, pay their bills on time, and don’t present problems for landlords.
On the other hand, problematic tenants can cause nightmares, and resolving such a situation can be difficult. When you hire a property management company, they’ll use a multi-step vetting process to secure the best tenant possible for you.
Here’s what that should look like:
- a) Employment letter: a letter from the prospective tenant’s employer confirms they work where they say they do and have adequate income to comfortably pay rent.
- b) Credit check: knowing how they treat financial obligations can shine a light on how they’ll treat monthly rent. Late or skipped payments are a serious red flag.
- c) Reference check: financial data can’t tell you everything about a person’s character. Professionals will speak to friends and family, but also past landlords to get a rounded picture.
- d) Tenant application: the professional property manager will sort through applications themselves and present landlords with the best options from which to choose.
Let the professionals use their experience to identify the best tenant.
2. Maintenance 24/7
Property owners need to be aware of problems requiring maintenance when they occur, so they remain looped in, but they don’t want to have to drop what they’re doing to attend to them. It’s tough knowing that at any given moment, you can get pulled away from business or leisure to deal with a problem with the property.
Professional property managers have vetted contractors at their disposal who promptly service your property. The leading property managers will even give you a choice at different price points, so you’ll always feel comfortable with the level of service and the cost of repairs.
Sleep easy at night, knowing that if a pipe bursts in the basement, it’ll be handled professionally and effortlessly.
3. Tenant Relation Services
A happy tenant who respects the property and resigns their lease year after year makes life better for landlords. The best property managers offer a turnkey solution that handles all services tenants expect without requiring any effort on the landlord’s behalf.
From rent collection, filling out and attending to maintenance requests and more, keep tenants happy by streamlining support.
Real estate markets are hot all over the world as people look for a safe and comfortable place to live during a pandemic. People with enough funds to invest in housing can take advantage of this situation by making monthly income, then hire a professional property manager who can deliver all the above services to make life easy.