Buying a rental property can be a good investment, providing you passive income and building equity in the property, but there is a great deal of responsibilities that come along with being the landlord and owner of a rental property. You need to know and understand your area's landlord and tenant laws so you can fairly manage your rental property. But when you hire the services of a professional property manager, they will take care of a majority of the work for you. Here are some tasks that your professional property management team will help you do once you own a rental property.
Market, Advertise, and Show Your Rental
Once you hire on a property manager, they will get busy preparing your rental to advertise its availability for a recommended market rental rate. Because a property manager works in the business of rentals, they know the exact amount you can charge for rent in your home. This helps find tenants quickly, as the asking rent is fairly priced. They can place a rental sign in the yard, post its availability on local rental websites, and list it in other area rental postings.
Your property manager and their team will schedule showings of the unit and take prospective tenants through to view its interior. Then, if any viewers are interested in renting the property, your property manager will collect an application fee and have the prospective tenant fill out a rental application. The application fee usually goes toward paying for a credit report and background check on each applicant and deters applicants who are not serious in renting the home.
Screen All Tenant Applicants
After an applicant fills out a rental application, your property manager will order their credit file through an online credit reporting company and also complete a background check to look for any type of criminal record. This is an important step to make sure you only have qualified renters in your property.
The property manager's application process verifies each applicant's work and makes sure they have sufficient income. Your property manager also can verify their past rental history to make sure they pay their rent on time and have not had any evictions in their history.
Handle Potential Eviction Process
Another process your property management team completes is to handle an eviction of a non-compliant tenant. This includes a tenant who does not pay their rent, causes damage to the apartment, or goes against any part of their rental agreement they signed when they moved in, for example.
Handling an eviction by yourself can be a difficult and stressful situation, especially if you don't know the laws and have to learn the process as you go. Your property manager will hire an attorney and file all the required legal forms with the local courthouse to evict the tenant and give them all required notices during the process.
Fore more information and resources, visit a site such as http://www.nchomerentals.com/.