Property rentals can be a great way to create passive income, as long as relations with renters remain smooth and you stay up to date on legislation impacting the industry. Some owners opt to save money in the short term by going it alone, handling all the logistics and paperwork themselves. In the long term, however, hiring a property manager can save money as well as time, effort and headaches. Hometown Property Management Broker and Sales Manager Donna Palecki has seen it all when it comes to landlord-tenant relations. Based on her experience, here are the top three reasons to hire a property manager:
Screening Process. Hometown Property Management vets every potential tenant and screens out any red flags involving bad credit or a criminal record. On their own, landlords may not know the right questions to ask or how to assess if someone is lying to them. Some renters purposely look for “For Rent by Owner” signs because owners have fewer resources and less experience than property managers. Using a professional agency means there is less chance of eviction because of the work on the front end. “We make sure to get someone in the home that’s actually qualified,” says Palecki.
Inspections. A quality property management company knows what to look for and signs that agreements are being violated. Hometown Property Management does a 90-day inspection that sometimes provides a foreshadowing of larger issues. “We can tell if a tenant is going to be a problem or if someone has been sneaking in pets or extra roommates,” Palecki explains. “With those kinds of things, we do a 10-day-comply notice, which is a warning that they’re in violation of their lease and have ten days to fix whatever we found.”
Keeping up to date on Changing Legislation. Any landlord can tell you that in the past year, laws governing landlord/tenant relations have dramatically changed. Even in normal years, keeping track of current laws can be a challenge. A property management company does that for you and keeps you informed about what changes mean. “There’s a real process to property management,” Palecki notes. “If you’re renting out your home and downloading a lease agreement off the internet, it can be a disaster. This is probably your biggest investment, so why not hire someone who does this all the time?”
Learn more by visiting Hometown Property Management website or calling 360.456.7368.