Maybe you have a single rental property or maybe you’re building a large investment portfolio with numerous rental homes. As an owner who wants to earn money on these investment homes, you’ll need to make some decisions about how to approach the leasing process.
The first decision you’ll need to make is whether you want to hire a professional Hamilton property management company or if you’re going manage on your own.
Today, we’re discussing why it’s a better – and more profitable – idea to work with a professional property manager.
Better Tenants Lead to Better Investment Experiences
A good tenant can make your life as a landlord easy. You’ll collect rent on time, maintenance issues will be reported, and your tenant will follow the lease and take excellent care of your home. It’s possible you’ll place such a tenant as a self-managing landlord. But, there’s also a chance that you’ll have a bad tenant who neither pays on time nor follows your lease agreement. This can lead to a lot stress as well as property damage and eviction.
A professional property manager has the tools and resources needed to conduct a thorough screening process. Credit and criminal backgrounds will be checked, employment and income will be verified, and prior landlords will be contacted. You can be sure you’re getting a tenant who hasn’t been evicted in the past and doesn’t owe former landlords thousands of dollars.
Protecting the Condition of Your Hamilton Investment Property
If a problem occurs at your property in the middle of the night, do you have a list of preferred and reliable vendors to call? You need to respond to maintenance and your tenants 24 hours a day and seven days a week as a self-managing landlord. You’ll need relationships with vendors and contractors, and you’ll need to budget for large and minor expenses.
Property managers have a network of licensed maintenance professionals they work with. The repairs are often more cost effective, and you’ll be kept informed about the repairs that are needed at your property. An additional benefit is that you have an experienced professional keeping an eye on your investment, ensuring its condition is preserved and its value is always increasing.
Legal Requirements and Industry Best Practices
Even if you have the time and the interest in managing your own rental property, it’s hard to gather the experience and expertise that you can find with professional Hamilton property managers. There are many local and national laws and regulations to follow when you’re renting out a property in Hamilton. You have to understand what’s required of you.
It’s also important that you know how to do things. A professional property manager has spent years marketing properties, pricing them accurately, screening tenants, executing lease agreements, and managing the maintenance process. A property management company can protect you from expensive legal mistakes and ensure you and your property are in full compliance.
These are only a few of the reasons you should work with a professional property manager. If you’d like to hear more about the benefits of working with a great local management company, please contact us at Spotted Properties.