Owning rental properties can be a great way to add a little income to your life, to have a “cash-rich retirement,” or to even retire earlier than expected. While you’ll find a sea of books, audios and DVDs on how to acquire cheap rentals, many real estate gurus forget to mention the most frustrating part of owning rentals; dealing with your tenants. Even the most-friendly and well-qualified tenants can bring you lists of complaints, costing you hours of worry each week. If you get yourself an unqualified tenant, your worries can stack up quickly; will you be receiving the rent each month? Are they causing noise problems? Are they damaging your property? Luckily, there’s a solution that allows you to keep your rental and still sleep at night; a property management company. Here are just a few ways a property management company can reduce your stress:
Qualify your Tenants – If you’re new to being a landlord, one of your biggest concerns will be getting a trustworthy and respectful tenant into your apartment as quickly as possible. Since landlords lose money each day their house sits vacant, they can sometimes be hasty in their search for a tenant. Pre-qualifying a tenant should be a rigorous process; you are offering your home to a stranger, and they need to prove themselves to you. A property management company can handle your entire pre-screening process, including a criminal background check, a credit check, income verification and rental history. Knowing that your tenant is qualified to pay rent on-time and that they have a solid rental history will save you hours of stress, and more importantly, will keep you out of the red.
Rent it Faster – Like we said before, a Jacksonville rental property can’t make you any money unless you have a tenant. One of the best things about hiring a property management company is that they tend to have a reputation, that’s why it’s important to research which property management companies are the best. A good company will have a great reputation with plenty of repeat tenants. Not only will your property management company have a great network of potential tenants, but they will also handle your advertising and will be diligent about finding you a new tenant as soon as your current tenant gives their notice.