In this digital age it is easy for owners to advertise and rent out their own homes. Anyone can put a listing on Craigslist, or Zillow and find a prospective tenant. Being a landlord can’t be that hard. There can be a lot of misconceptions about working in the real estate industry, which is why getting the right advice and guidance from professionals such as Thomas Mensendiek could get you onto the right path and avoid making any mistakes (although you will learn from them if you do end up doing this), even if you want to become a tenant. There are a lot of questions that you may want answering, so it is best to do a bit of research and speak to people who know what they are talking about. There’s no harm in asking for help, especially if it is going to be positive. List the house, put a tenant in it and relax while the rents come rolling in. So, why use a property manager? What value is in it? Is it worth the cost? Below are 5 reasons a (good) property manager will make life easier and make the rental experience smoother.
1. Tenant Screening – Tenant screening is everything. No one wants to put a bad tenant in a home, but it happens all the time. Property managers are trained to ask the tough questions, to dig deeper, and to get all possible information on the prospective tenant. This not only includes tenant background check and criminal checks, but also income verification and references. At Bear Paw Property Management we want to talk to someone who has been in the applicants home, someone who has seen how a potential renter cares for their things. At Bear Paw we rent no property sight unseen. Not only because we want to ensure the tenant sees the home, but also because we want to personally interview the tenant to make sure they are a good fit. We are trained to ask the tough questions, and years of experience allows us to see things clearly.
2. The Lease – Lease laws change every single year. Property managers ensure that the lease is current and has been approved by an attorney. Leases are designed to protect owners and tenants alike. Bear Paw takes this a step further and includes a section for owners to spell out how they want the house maintained, the ins and outs of the homes, the quirks that the tenant needs to know about. Did you know that property managers are licensed real estate brokers and that they are required by law to use a legally approved lease?
3. Communication – Property managers are hired to have tough conversations. They are hired so that they can take the middle of the night emergency phone calls versus the owner. Let’s face it, the job isn’t all roses and they spend plenty of time getting yelled at. Property managers work for the owner and come move out time, they are the ones to have the tough conversations with the tenant and ensure the damages are paid for. They can also make sure simple things are taken care of by the tenants. Things like making sure they know what condition you expect the property to be in before they leave will ensure they look at end of tenancy clean prices and get the property cleaned before leaving will, in turn, save you a lot of time and effort. They act as the representative of the owner and work to make the rental transaction as seamless as possible.
4. It’s a Business – Property managers are professionals and this is their business. We have processes in place and the staff to handle it. Our goal is to minimize vacancy rates and to find the sweet spot when it comes to rental rates. Our goal is zero down time before tenants and no vacancy. Owner managers can sometimes get caught up in the emotion of the transaction. We also have designated maintenance vendors. These are people we either keep on staff, or utilize regularly as maintenance needs arise. Additionally, we provide monthly accounting statements for convenience and record keeping for taxes.
5. Inventory and Advertising – While it may be fairly easy to find a tenant now while the market is booming, when the market changes it is not so easy. Property managers get listings on websites. We have excellent SEO and can get your house at the top of the list.
Rental properties are a great investment and having a reputable property management company can make your life easier in the long run. Property management fees can be written off on yearly taxes, as can maintenance expenses for the rental.
Questions about property management or the benefits of having a property manager? Give Eric Gill at Bear Paw a call at 303.674.8363, or visit our website at www.BearPawRentals.com