Many people imagine they can easily manage a rental home in their free time. If they have good tenants in place and the home is generally in great condition, then renting out a property seems easy enough.
However, you can run into problems and issues that may make professional property management more attractive. Not only does it save you time and money, it also allows you to rely on the expertise of professionals who have been in the business longer. This can result in better tenants, lower vacancy rates, and fewer hassles with things like late rent payments and tenant conflicts.
If you’re not sure whether you need property management right now, consider what your time is worth. We’ve identified a few indicators that might tell you it’s time to turn the rental process over to professional Nashville property managers.
You’re Renting out More than One Property
Many of us who are managing investment homes professionally have our own personal experience, too. We know that leasing one home doesn’t always require a lot of time and resources. But, if you’re building a portfolio and you want to focus your time and attention on identifying opportunities, you need a professional manager sooner rather than later. It’s too easy to let things slip or to forget which property has the leaking faucet and which has the broken fence when you’re juggling a handful of properties.
If you’ve been successful leasing out one home on your own, make sure you’re successful growing your investment portfolio. Get those homes under professional management as soon as possible.
You Have Legal Questions
Following the law and staying on the right side of the Landlord/Tenant Act is critical for investors and landlords of all experience levels. If you’re not sure how to tell the difference between tenant damage and normal wear and tear, you need professional help. If you don’t know how to follow the legal steps to eviction, contact a property manager. If your tenants are disputing deductions you made to their security deposit, it’s time to use a professional management company.
Not only is the law complicated, it’s always changing. Professional property managers stay ahead of those changes with continuing education and professional resources. Don’t make an expensive legal mistake because you didn’t want to hire a property manager.
You Struggle with Rent Collection and Lease Enforcement
Plenty of tenants are more likely to take advantage of individual landlords than management companies. They’ll get away with whatever they can.
This is especially true when it comes to paying rent. Perhaps your tenants are paying late or not at all. This will cause a headache for you and impact your own cash flow. Property managers have consistent rent collection policies in place. Tenants know when, how, and where to pay. They also understand what the consequences will be if they don’t pay on time. You’ll have stable and reliable rental income with a property manager collecting on your rental.
Your management company will enforce every aspect of your lease. This is sometimes hard to do as a landlord, because it’s easy to become emotionally involved. Property managers treat your property like a business, and every decision that’s made will be based on what’s best for you and your bottom line.
Professional property management in Nashville saves you time and earns you more money. If you’d like to talk more about the value we can provide, please contact us at Omni Realtors & Property Management.