A lot goes into being a landlord - from finding the right tenants to maintaining the property. And while some landlords may be tempted to go the DIY route, some serious risks are involved in not hiring a professional property manager. In this blog post, we'll explore some potential consequences of going it alone as a landlord. So if you're thinking about skipping the property manager, think again! You could set yourself up for major headaches (and financial losses) down the road.
Landlord Risk: Potential Legal Trouble
Working with professional property managers is like having a secret weapon to protect yourself from potential legal problems. They have the knowledge and expertise in Fair Housing Laws, particularly those related to tenant screening — saving landlords from potentially hefty fines and possible discrimination claims. And don't forget; Fair Housing Laws cover service animals as well. A property manager can easily determine the difference between a service animal and a pet wearing a vest purchased from Amazon.
Aside from fair housing laws, there are other legal issues surrounding rental properties that a professional property manager may best handle. For example, do you know how to start eviction proceedings properly? Or even when you're allowed to begin the eviction process? Unless you've been through the process yourself or are an employee of the court, probably not.
As a landlord, opting for professional help is not only wise but will also provide much-needed peace of mind that they've taken all necessary steps to abide by Fair Housing Laws and handle other legal aspects of being a landlord properly.
Landlord Risk: Hiring Unqualified Vendors
If you're a rental investment property owner and you're not working with a professional property manager, you could be missing out! Experienced property managers have the inside scoop when it comes to hitching up with the best in town—that includes vendors! Not just any vendor, mind you. The management companies have screened and vetted these folks so that anyone they send you is licensed and insured. All without you having to worry about checking references or mulling over review websites trying to make sure that person won't fleece you. When something needs repair in your rental home, it pays to go with a pro.
Landlord Risk: Managing Needy Tenants Alone
Every rental property investor is glad to have someone to shoulder the burden of tenant management, and that's exactly what professional property managers provide. For investors with full-time jobs, managing multiple properties and keeping tabs on several tenants can often feel like a tall order; luckily, with a property manager, they won't ever have to "poke the bear," so to speak! When dealing with tenant communication, maintenance requests, lease renewals, and more, having an experienced set of hands to take care of these tasks is a big help in preserving an investment portfolio.
Landlord Risk: Advertising in the Wrong Places
What about marketing rental properties? After all, who has time to regularly take photos of your property and figure out where to advertise it? With these pros on your side, you no longer have to worry about figuring out which websites are most effective for reaching potential tenants. Instead, they understand the local real estate market. They can use their savvy to get the word out about your rental investment property in no time - letting you focus on more important matters than ensuring each post goes up at the optimal time.
Landlord Risk: Missing out on Geographical Diversification Opportunities
Professional property management can be an investor's best friend when diversifying their portfolio geographically. With a professional at the wheel, investors can make responsible investments in rental properties across different cities and states – allowing them to take advantage of local markets they may not have been able to explore otherwise. From income-rich cities to college towns, investing in geo-diverse locations can open up a world of opportunities for landlords looking to turn a profit. Plus, having knowledgeable property management experts on hand ensures the venture goes as smoothly as possible!
Landlord Benefit: Peace of Mind
Working with a professional property manager gives rental investment property owners something you can't put a price tag on: peace of mind. Property managers ensure that the rental investment is managed efficiently and professionally, which relieves landlords from dealing with tenants, maintenance issues, and other problems that may arise. In addition, no matter what might happen to the investment, experienced property managers will take care of it and do their best to protect it. So if you want to rest easy as a rental investor—a professional property manager may be just what the doctor ordered!
In conclusion, it is worth the extra effort for landlords to work with a professional property manager when investing in rental property. An experienced property manager will be familiar with the rental market, maintain the property in the best condition, find reliable tenants, and ensure landlords follow regulations. Therefore, professional property management is an asset to landlords who want to stay on top of their investments and obtain more rent from lower vacancy rates. In addition, working with a professional allows landlords to keep their peace of mind while they rely on an expert to look after their properties. After all, it's better to have someone who understands the market and laws than to leave it all up to chance!
As a leading property management firm in the Cape Fear region, Sweyer Property Management recommends that property owners strongly consider working with a trusted and experienced property management company. Whether it pertains to the eviction process or another area of handling your investment properties, we want to make sure property owners and investors understand the relationship they are entering into when choosing to work with a property management firm.
If you have investment properties and do not use a professional management company, we hope you consider doing so. The experts at Sweyer Property Management will be happy to provide you with a free rental analysis or, if you prefer, give us a call at 910-239-1338.
Sweyer Property Management is a full-service professional property management company specializing in all aspects of rental management. If you're an investor or property owner looking to learn more about our services and what a professional property manager can do for you, reach out to us today at 910.256.3031 or via our website. Sweyer Property Management has exhibited continuous growth throughout the Wilmington, Leland, and Hampstead areas while maintaining an excellent Google+ rating for customer service.