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Rental Property Management Takes the Hassle Out of Renting Your Property

Drip, drip, drip: can you hear that? It might be the sound of the roof leaking, or it could be the sound of your money draining away. If you have unused property, turn it from a vacant property thatís a maintenance worry into a home thatís earning income. How can you do this in a low stress way?

The Hidden Costs of Underused Properties

Your unused vacation home or that investment property you purchased may feel like theyíre out of sight and out of mind. Unfortunately, these properties have a way of moving back into your lines of sight when something goes wrong. According to the International Risk Management Institute, if a home is vacant for more than 60 days, ďif your policy is canceled or non-renewed for vacancy reasons, there are only a handful of insurers willing to insure a vacant home.Ē Quite simply, a property thatís unused is a property thatís at risk, whether itís from break-ins, unexpected leaks that grow larger in your absence, or common wear and tear thatís not noticed because youíre not there. Instead of being a potential liability, this property could be a wonderful asset to your portfolio, but you need to activate its potential.

Why Rent Your Property?

Renting your property is a way to make sure that itís well-maintained and an asset to the neighborhood around it. Itís also a way to gain extra income. You may need that income to pay the mortgage on the property, work on upgrades so that you can turn it into a vacation home for yourself, or keep the rental income flowing so that you can use it as a retirement nest egg. Renting that property turns it from a potential liability into a positive, working asset.

How a Rental Property Management Company Can Help

Whether you own a vacation home that you rarely use or you are considering downsizing and would like to consider keeping your current home as rental income, rental properties can be a true asset, and they can be hassle-free. But because finding and interacting with tenants and keeping up with the regular maintenance of the property can be challenging, many people do not take advantage of this opportunity.

If you live out of town or youíve been avoiding another rental because you just donít have time to manage all of the issues that come with a rental property, youíre not alone. And thatís why rental property management companies have become so popular. A rental property manager is just like you, except better. With a staff thatís on call to manage your property, theyíll get the panicked calls about the burst water pipe, and theyíll have the vendors and experience in place to get it fixed quickly. If your property needs personal attention, theyíll be able to perform maintenance or inspections. When youíre unable to manage your property, a management company takes the hassle out of managing the rental process. You can still be involved in decision-making, but you donít need to work on the day-to-day details.

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Work with professional property managers to ensure that your property is cared for, even when youíre not around.

What Services a Rental Property Management Company Provides

What will a rental property management company do for you? It can help you manage tenant intake, finding new tenants, screening them, and working on move-in, move-out. A rental property management company maintains your property on a regular schedule and schedules regular inspections to ensure that any problems are caught before they become unmanageable. Management companies also track whatís going on with your property, so that you understand its history and the expenses that it has incurred. Finally, rental property managers are there for your tenants. If an emergency occurs, theyíre the first line of contact, not you.

What to Look for in a Rental Property Management Company

Of course, not all rental property management companies are created equal. When youíre looking for a partner to help you manage your property, look for a company that has exceptional customer service and data management systems. Work with a company thatís able to focus on your geographic area, giving your property the attention that it requires. Look at the load of properties that each manager has to work with: does the company charge enough and have enough staff, so that each property receives an adequate amount of time? As stated at U.S. News.com, ďA good property manager makes the difference between a hassle-free income and a stressful nightmare. Even with an ideal property, the property manager makes the difference between a good performer and a money pit.Ē

You donít have the time or energy to manage your rental property, but you know that for many reasons, it would be better to find a tenant. You need a professional to manage your property. Looking for a rental property management company? Lori Gill and Associates can help you find tenants and maintain your investment.

8 thoughts on “Rental Property Management Takes the Hassle Out of Renting Your Property

  1. It seems like a good idea to have property managers handling your rental property. It would make it so much less stressful! They handle the most stressful parts about it so you can just rest easy.

  2. Great points made here on the benefits of putting up unused properties for rent. Using a property management company like explained in this article will also help make sure that your rental process will become easy and smooth. Things like rent collection and maintenance will be handled by the company for you so you don’t have to spend your time on the boring stuff.

  3. Thank you for talking about how a property manager needs to be ready to solve any problems that might come up with your property as soon as possible. It makes sense that hiring someone like this would help you retain your tenants and avoid bad reviews. I would want to make sure I find a property manager company that I can trust and that is professional with how they handle their customers.

  4. My husband and I have been talking about renting our home out, since we will be moving for a while. I like how you said a property manager is there in case of an emergency at the property, knowing who to call to fix it. If we go through with renting our home, it would be a big burden off our shoulders, and we won’t have to worry about managing it while we’re abroad.

  5. My wife and I have been wanting to invest in some property, and I think that being able to have a management company like you talked about in your article would make things so much better. You talked about how a property management company is able to help deal with the maintenance and inspections for a property, so you don’t even need to live in the same town. I’m going to have to see what properties are available for us to invest in, and hopefully get a good company to manage it for us!

  6. My mother is thinking about hiring a rental property management service. This sounds like a wonderful idea to me since they will be able to handle tenants problems and panicked calls. She will have the stress taken off of her this way.

  7. Rental property management companies sound awesome for property owners. Being free from looking for new tenants is already a big deal, but they also offer a lot more aid. Thanks for the great read! If I were running a residential renting business, property managers will be a top must have.

  8. You make a good point that a property management service can handle the property if you live out of town. This way you can make sure renters are taken care of even if you’re not there. Plus, they can help you organize everything if services are needed.

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