Some people think that all landlords do is sit back and collect a rent cheque each month. Historically, being a landlord meant taking considerable risks and responsibilities.
Today, professional property managers are there to reduce or eliminate the dangers and work involved with being a landlord! Let’s check out four ways professional property managers make life easy for landlords.
1. Great Tenants Sooner
Landlords sleep easy at night when they’re confident that their tenant will pay their rent on time and respect the property. On the flip side, a tenant that delays or skips payments and damages your property is a never-ending nightmare.
Leading property management experts have a four-step process to vet tenants. They know how to spot the red flags and ask the right questions, so trust their multi-phase screening process:
- Employment letter — confirms the applicant works where they say they do and can comfortably pay monthly rent.
- Credit check — seeing how they treat their prior financial obligations is a reliable window into how they’ll treat paying rent.
- Reference check — character information is seldom revealed in financial documents, so they should follow up with friends, family, and previous landlords, even if it takes a long game of phone tag.
- Tenant application — the property managers should process all applications and present landlords with the best options, which they can freely select without explanation.
Get a no-fuss tenant in less time by using a professional property manager.
2. Support, 24/7
Most landlords don’t want to sacrifice their evenings, weekends, and vacations to landlord duties. Pro property managers take this off your plate by being responsive to tenants’ needs every day, at all hours of the day.
If something is broken and needs fixing, they’ll use their long list of industry contacts to find a suitable contractor and present property owners with options at different price brackets. Many will have access to special products and pricing like multi-property discounts on landlord insurance. That way, you can feel confident your home will remain in great shape without having to break a sweat, break the bank, or give up your free time.
Property owners sometimes struggle to promote their property optimally because they have an understandable, personal attachment. Objective, experienced professionals know how to help you put your property’s best foot forward.
4. Tenant Relations
Property managers also make life easy and better for tenants by fulfilling maintenance requests, handling monthly rent payments, and more. When tenants feel their needs are met, and their voices are heard, they’ll be more likely to stay in place.
Long-term tenants make for better, deeper-rooted community members. They also present fewer logistical challenges for landlords, who would rather not begin from square one and put all the work in, hoping to find another great tenant.
If you want to make a steady side income to pay down your mortgage without doing much work or possess special skills, hire a professional property manager to run your income property today.