Rental properties make great investments because real estate consistently increases in value over the long term, but being a landlord is challenging and time consuming. However, there are benefits to hiring a property management company for your investment properties.
Fewer Legal Headaches
Property management Redlands CA takes on the legal burden of managing your rental properties. For example, because they understand landlord-tenant laws, they are able to screen your tenants without violating these laws. In addition, they conduct property inspections before your tenant moves in and after a tenant vacates to check for and recuperate any damages and ensure that your property is safe, protecting you against negligence claims. These companies make sure your leases are legal and signed. They also terminate your tenant leases and pursue evictions when necessary.
Reduced Vacancy Rates
A reputable property management firm will inspect your property to look for dangers and other issues that need repaired. They may also provide cosmetic updates to make the property appealing to renters and gain higher rent payments. They market your properties using well-established marketing strategies. In addition, they analyze local rent prices and set your property’s rent so it is competitive in the market but high enough that you aren’t losing money.
Your property manager probably searches through hundreds of rental applications each month. Managers understand what to look for in a high-quality renter, including long-term rental histories with on-time rental payments, no damage claims on previous rental properties and stable jobs. They also screen your tenants within legal requirements to avoid discrimination lawsuits and scams.
Due to the care they provide, your tenants should stay long term. This means consistent income for you, and you don’t have to frequently turn over your property, which may include changing locks, fixing and painting walls, shampooing or replacing carpets and doing other repairs. These companies also tend to have well-established tenant retention policies.
Don’t be afraid to expand your portfolio into investment properties. Do your research and hire a great property manager, and you will have consistent income without the headaches.