Being a landlord has two effects on your life: financial gain and complete exhaustion. Of course, seeing the monthly rent hit your bank account is gratifying. However, the time and effort it takes to find tenants and maintain the property equates to a full time job. In an age where time is money and convenience is king, is it worth it to be your own property manager? Let’s take a closer look at why you should hire a property manager, like Nomadic Real Estate, to make owning a rental property a lucrative and hassle-free experience.
Monthly Rent Directly to your Bank Account
If you do not read beyond this point, the main takeaway is this: property managers make sure that rent is deposited to your bank account, without you lifting a finger, every single month. For example, Nomadic Real Estate utilizes an incredibly streamlined auto debit and credit system. This ensures rent is debited from tenants on the 1st business day and credited to clients no later than the 5th business day of every month. This allows landlords to gain maximum income stability from their rental property, without stressing about on-time payments from their tenants. Tenants love this system too, because it makes it easier than ever for them to pay their rent–no more worrying about paper checks getting lost in the mail. A streamlined and reliable rent collection system is paramount for property management success.
Hassle Free Tenant Marketing and Screening
From conveying the charm of your home with ads and targeting high traffic rental searches, to managing showing schedules and conducting credit/background checks, finding the best tenant for your property takes a great deal of time. At Nomadic, we have an entire team dedicated to getting your home rented safely and quickly. The DC Area market is becoming increasingly competitive, and since vacancy loss can dilute profits, the best approach is to hire a professional property manager for tenant placement at your rental property.
Day to Day Tenant Relationship
Being able to provide your tenants with responsive customer service is key to keeping them in your home for an extended period of time. Property managers serve to respond promptly to any work orders, emergency issues, or just day to day questions.
Licenses, Leases & Law Compliance
In order to use your home as a rental property, there are certain licenses to obtain, leases to draft, negotiate and sign, and your home must comply with certain laws. Property managers take care of all this time consuming and sometimes complicated paperwork. They make sure you, as a landlord, have a Basic Business License. They act as the middle men between landlords and tenants for drafting, negotiating and signing all leases. Lastly, they ensure that your home is properly inspected and up to date with all laws pertaining to a rental property.
Home Maintenance and Up Keep
Every home suffers from wear and tear. Hiring a property manager to respond to your home’s needs ensures you don’t have to lift a finger to repair those broken garbage disposals. Property managers, like Nomadic Real Estate, usually have years of relationships with a multitude of vendors.
Maximizing Your Ability to Invest in Multiple Properties
If you have the financial capacity to invest in multiple properties, but not the time to fill them with tenants or maintain them, hiring a property manager helps to free up that time. Not only can you invest in multiple properties, but you can even branch out and spread your investments geographically.
If you are a homeowner and are in need of property management, we’d love to talk to you and give you a free quote today. Fill out the form below and someone from our team will reach out! Remember, if your home is not rented, Nomadic Real Estate does not charge a fee.