Owning rental property can be a great way to have a source of income aside from your daily work, but managing your rental properties can be time-consuming. Finding good tenants, and dealing with the various issues caused by bad tenants can become a full-time job in itself. This year, choose to free yourself of the hassle and time-intensive work of managing your properties by hiring a property management company to do it for you.
One way to help ensure that you have good tenants rather than problem tenants is to screen them. This includes running background checks that look into their criminal and financial histories. Many property owners do not have the time or knowledge to run these checks on their own. A property management company will screen every prospective tenant so that the tenants you get are more likely to pay on time and care of your property.
Legal Aspects of Renting
A property management service will also be able to handle the other legal aspects of renting your property, including lease issues, evictions, inspections, and rent collections. A good property management company will be well-versed in all of the applicable tenant-landlord laws in your area, things you may not know about or have the time to learn yourself.
Rent Collection and Lease Enforcement
The least pleasant aspects of owning rental property are often those of lease enforcement and rent collection. If you don’t collect rent on time, you can’t ensure a consistent income stream and pay the taxes and bills you have associated with the property. But when people have issues or excuses, it can seem easier to let them pay late than to deal with the tenant. A property management company solves this issue for you. They will also handle the unpleasant task of dealing with tenants who break their leases and make them pay for any damage they cause.
Shorten Vacancy Cycles
At some point you will have a vacancy on your property. A good property management company can help you shorten those periods of vacancy by being proactive about finding good tenants for your property. They can figure out how much rent should be to draw in good tenants without costing your profits, and market the property effectively. Property management companies can also help with tenant retention by improving the customer service aspects of the renter-landlord relationship, such as making repairs and addressing other concerns.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.