There are extreme differences between hiring a professional property manager and taking care of a rental property yourself. Unless you have a lot of experience in this field, and you know the industry, professional management is the better option. Today, we’re explaining why.
Tenant Screening for Landlords
Tenant screening is the main reason we recommend that you work with a professional. Screening tenants is a key element in the property management business, and you need to know how to properly and effectively screen a person. One mistake can get you into litigation. There's also a lot of tenant fraud, and bad tenants will look for private landlords who manage on their own and don't know the laws. Those tenants will know the law better than you, and they will win a case that's brought against you. A property manager knows the laws and can document everything to keep you protected.
A lot is going on in the tenant landlord arena right now. We are dealing with identify theft, fraud, and people taking over houses that don't belong to them. People will take your ad and post it on Craigslist as if they own the home. Tenants will move right in, and then you have to evict them. Landlords who are out of town and trying to do this on their own are particularly vulnerable to fraud and scams. A property manager can show your property professionally and help you avoid these problems. If you do get into trouble, your property manager can get you out.
Saving Money with Professional Management
Remember that hiring a property manager is a complete tax write off. Don’t think you’re losing money by hiring a professional. This industry is very well-respected because of the new things and the best practices that are happening. Your property manager will save you money rather than cost you money. Being a victim of fraud is expensive, and you can even lose your property. A good manager won’t let that happen.
Professional Property Maintenance
Maintenance of your rental property is also an important job for property managers. You need someone to inspect the home and identify any safety issues. A rental property needs to be safe and habitable. Smoke detectors have to be in place, rails must be tight, and all the safety issues you may not think of as an owner/occupant must be addressed. When you have a tenant in your property, you need to be more careful than you are in your own home. If someone gets hurt, you’re going to need the correct insurance. A landlord policy will protect you, and a homeowner’s insurance policy will not.