Renting out your property is not as easy as it may sound. If you aren’t able to find good tenants, market your home, and receive an adequate amount of rent each month, the rental process may be more trouble than it’s worth. It’s important to know exactly when should you hire a Property Management company.
Fortunately, although renting out your home may be complicated, there are resources you can use to simplify the process and make a profit. If you have decided to rent out your property, one of the most important steps you can take is to hire a property management company.
While it might seem counterproductive to hire a property management company if you want to make a profit, the amount of time, energy, and money you can save by working with one of these companies will far outweigh any hiring costs
Benefits of hiring a property management company
While hiring a property management company will cost money, the benefits they have to offer are well worth the price. If you are wondering whether or not you should hire a property management company, here are a few factors you should consider:
Rental market expertise
Think about how much money you would lose over time if you charged $100 less for rent than what your property is worth? How many prospective renters would you turn away if you charged $100 more for rent than your property is worth?
If you don’t know the right prices to charge, renting out your property might be less successful than you hoped. One of the main benefits of working with a property management company is that you will be working with experienced property managers who will make your venture profitable.
Property managers have the expertise necessary to know the ins and outs of the local rental market and rental rates so that they can charge the right amount of money for rent.
Between conducting routine maintenance and inspections, handling tenant requests, collecting rent, finding high-quality tenants, and marketing your property, managing your rental property can be a full-time job.
If you don’t want to spend countless hours taking care of your rental property, you should consider hiring a property management company instead.
Renting out your property will not be profitable if your tenants never pay rent, cause extensive pet damage, or fail to alert you about maintenance issues.
If you hire a property management company, you don’t have to worry about finding high-quality tenants that will take care of your property and pay rent on time. Property management companies have screening systems in place to make sure they find great tenants who have great credit and can pass a background check.
Connections with repair companies
If the heater in your property stops working or the dishwasher needs repair, do you know who to call? Although you can try to look up good vendors online, it can be hard to find reliable, qualified contractors who can provide solid repairs and maintenance without breaking the bank.
Property management companies, on the other hand, have established relationships with several quality maintenance companies and contractors. They know the best people to call for any repair job your rental property needs, and they will oversee any repairs and projects until the job is completed satisfactorily.
It will be difficult for you to find tenants interested in renting out your property if you do not market your property well. In today’s competitive rental market, taking photos of your property on your phone will not cut it. However, you also don’t want to spend a fortune on marketing only to receive lackluster results and little interest from renters.
Property management companies can help you market your property successfully. Companies like RentSimple hire professionals to photograph your property and create video tours for prospective renters. Hiring a property management company allows you to save time and money when marketing your property while also gaining better results.
Even the most promising tenants are going to have maintenance requests, property concerns, or emergencies from time to time. It can be exhausting to have to stay in touch with your tenants and address any issues that may arise.
When you hire a property management company, you won’t have to worry about managing tenants. These companies handle all tenant interaction from collecting rent to handling maintenance and repair requests to resolving conflicts.
Renting out your property is not as simple as finding a tenant and handing over the keys to the front door. From tax implications to rental agreements to lease terms, there are many legal factors that you will need to consider when you decide to rent out your home.
Property managers are well-versed in state and local renting laws, and they will make sure that are legally and ethically in the clear when you rent out your home.
Ultimately, when you are weighing whether or not to hire a property management company, you should ask yourself the following questions:
- Am I prepared to spend several hours each week visiting my rental property and handling tenant concerns?
- Am I familiar with renting laws in my area
- Do I know the going rental rates for properties in my area?
- Do I live close enough to the property to do regular inspections?
- Have I built relationships with different contractors in the area?
- Do I know how to successfully market my property based on the current rental market?
- Do I know the best ways to collect rent and ensure tenants pay on time?
- Am I aware of the best tools and resources available for screening tenants?
- Am I good at resolving conflicts?
- Will I be able to make ends meet if my tenants pay rent late?
- Do I know the qualities of a desirable tenant?
If you answered yes to all of these questions, then you may be able to tackle this venture on your own. However, if you found yourself answering no to one or more of these questions, it is a major indicator that you should hire a property management company.
When it comes to renting out your property in Northern Virginia, RentSimple is the best property management company you can choose.
At RentSimple, we firmly believe that the rental process should be simple. To make this process more efficient for landlords, we handle all of the challenges that come with renting out a property.
- Marketing your home? Check.
- Finding the perfect tenants? Check.
- Charging the right amount for rent? Check.
- Handling maintenance requests? Check.
We take care of all of these time-consuming tasks, and so much more!
Plus what makes RentSimple stand out among competitors is that we offer unparalleled guarantees that minimize your risk and take the hassle out of renting your home. We have pet damage, rent collection, eviction, and satisfaction guarantees so that you rent out your property without any worry or headache.