The concept of renting out a second home is popular in the US. Americans do it for vacation rentals, inherited homes, and investment properties. The good thing is that it opens up a regular income stream while the real estate value increases over the years. Moreover, you can bequeath it to your children as an inheritance eventually. But managing a rental home can be a hassle for owners. Thankfully, you have the option of hiring a property management company to make the process a breeze. Let us explain when you should consider hiring an expert instead of taking care of your rental place on your own.
You are short of time
Managing a rental home is more work than you imagine. You need to ensure occupancy, prospect tenants, and conduct background checks before sealing the deal. Rent collection is an ongoing task, while tenant eviction may be required down the line. You may find these landlord responsibilities too daunting as they can affect your business or family time. It is better to hire property management to address these tasks if you run short of time.
You know nothing about rental laws
Beyond the financial aspects, property ownership also entails legal responsibilities for landlords. You must know the rental laws relating to legal eviction for reasons like non-payment of rent, lack of maintaining sanitary conditions, illegal activity, or disruptive noise. Moreover, the complex discrimination laws may land you in a fix for evicting tenants even for valid reasons. A property manager knows these laws well, so they can keep you safe from legal hassles.
You live far away from your rental home
Perhaps, the most common reason Americans seek professional help is when they live far away from their rental home. It is impossible to take care of your home remotely, and you cannot imagine visiting the place for tenant screening, rent collection, and more. Collaborating with a Los Angeles Property Management Company is the best option if you own a house in LA but live elsewhere in the country. They can handle routine tasks and unexpected issues even in your absence.
You know nothing about listing your rental home
Listing a rental property takes more than advertising on Craigslist with a few photos. It may not get you suitable tenants, or you may not even get offers at all. The last thing you want is your place lying vacant for months because you may lose thousands. Property management companies know the nitty-gritty of listing and have knowledgeable photographers to shoot the best images. You get a complete package that includes tenant screening, so renting is effortless.
You are overwhelmed with maintenance and upkeep
Another good reason to collaborate with a property management company is to steer clear of the endless maintenance and upkeep tasks. They are daunting because you may find them multiplying within a short span. You have to prepare the vacant units, look after maintenance and repairs, manage the accounts, and deal with tenant issues. Things get even more complex if you own multiple units. Let an expert handle these to-do lists for you to be stress-free.
The best part about working with property managers is that they are independent contractors. You need not micromanage them, yet you can rely on their expertise to ensure end-to-end coverage.