When you start looking for passive sources of income, one option people often consider is renting out property. Basically, you let someone rent your extra space, collect rent on a monthly basis, and spend your days sitting pretty.
Think again. Being a property manager means handling rent, fixing leaky sinks, waking up in the middle of the night with flooded water heaters, arranging inspections, and keeping up with rental laws.
This “passive” form of income can quickly become laborious and extremely hands-om.
Fortunately, you don’t have to give up your whole life to become a landlord. Instead, you should hire a Falls Church property manager who can handle all those concerns for you. Read on to discover the many benefits of hiring a property manager to take care of your Falls Church rental properties.
One of the most demanding parts of being a property manager is managing rent. You have to set rates, figure out a payment method, and keep up with due dates. You have to track which of your tenants have paid their rent, who’s behind, and who owes late fees and make sure all of those get paid appropriately.
A Falls Church property manager can handle all those rent concerns for you, leaving you free to collect the profits. They’ll do a market study to help you find the right rates to charge for rent. They’ll also take care of collecting rent payments, handling late payments, and getting you your cash in plenty of time.
Advertise to the Right Tenants
Trying to find the right tenants for your rental properties can be difficult. You need to make sure you can get enough renters to make money. But at the same time, you don’t want to rent to any Tom, Dick, and Harry who walks in the door and is going to mistreat your property and never pay rent.
Part of the advantage of hiring a Falls Church property manager is that they can help you find the right tenants. They can run criminal and background checks, check credit, look at references, and make sure you get the best tenant. They also know how to advertise so that your listing reaches as many potential renters as possible.
Once you have the tenants, you’ll need to manage the day-to-day concerns of your renters. If you think managing routine maintenance and emergency repairs are hard on one house, try doing it on multiple homes. You’ll have to be “on-call” at all hours for emergencies, not to mention handling inspections and dealing with tenant conflicts.
A property manager takes all those worries off your shoulders. They’ll sort out any conflicts that may arise and will handle those inspections on time and with ease. They can also take care of maintenance calls when they come in with less hassle than you would go through.
Part of the reason it’s easier for a property manager to handle maintenance issues is they’ll have pre-established relationships with plumbers, contractors, electricians, and other repairmen. These professionals will be licensed and insured so you won’t have to worry about the quality of their work.
Because your property manager will have those relationships in place already and will be working with them on a variety of accounts, they’ll be able to negotiate for the best prices. These savings mean you get to take home more of your rent payments. And you won’t have to worry about a tenant calling you at three in the morning when a pipe bursts.
Make Sure You’re Following Regulations
If you’re going to be a property owner, there are a lot of rules and regulations you need to be familiar with. You’ll need to follow fair housing regulations, including the Americans with Disabilities Act. You’ll also need to have an eye on state and federal regulations for how to maintain your property; failing to do so can mean costly lawsuits.
Property managers can keep you out of court and make sure your properties are up to code. They’ll be familiar with all the regulations and will have the resources to make sure they get met. They can also make sure your rental policies follow regulations to avoid suits from tenants on that front.
Make the Most of Your Resources
When you’re renting property, the name of the game is making the most of the money you get from rent. You have to handle taxes, insurance, inspections, maintenance, and a variety of other expenses. If you aren’t smart about managing those costs, your property can wind up being a sinkhole instead of a source of revenue.
Falls Church property managers can help you optimize your expenditures to make sure you’re getting the most out of your money. They usually charge between 6 and 10 percent, which is far less than the amount they can save you with smart business practices and bulk discounts. And that’s not saying anything of the emotional weight they can lift off your shoulders by taking over some of the overwhelming responsibilities of being a landlord.
Discover the Benefits of Hiring a Falls Church Property Manager
Renting properties can be a lucrative business that seems like it should provide passive income. But the only way you can really make that dream work is by hiring a property manager. From taking maintenance responsibilities off your shoulders to making sure you’re following all the regulations you need to, they can make your life as a landlord much easier.
If you’d like to get help managing your rentals, get in touch with us at Nomadic Real Estate. We handle leasing, management, and sales so you can have peace of mind. Learn more about our property management services and start making your rentals more profitable today.