Are your rental property responsibilities keeping you up at night?
Whether you’re managing one unit or have an entire portfolio, there’s no doubt that the role of a landlord can be quite tedious.
From resolving maintenance issues to chasing up rent, and screening tenants, it’s a full-on job. That’s why you might want to seriously think about contracting out some of these rental property responsibilities.
You see, owning real estate can be a passive income business model if you outsource to the right property managers.
Now, here is a run-down of five duties you really should outsource.
1. Marketing your property
As a property owner, you may have to invest in a few online marketing courses if you want to go about marketing your property correctly. Online marketing is no walk in the park.
- Do you know the high-traffic property websites people go to when searching for places to rent?
- Do you own a professional camera to take photos of your unit and record a virtual tour with?
- Do you have the writing skills to ensure your online campaigns are SEO-optimized and filled with key search terms?
By outsourcing to third-party property management companies, you can rest assured knowing that they have the right skills, strategies, and resources needed to run high-quality marketing campaigns on your behalf.
2. Showing your property
Property showing consumes a lot of time and is one of those rental property responsibilities you really don’t have to do yourself.
It can be difficult – if not impossible to do – if you’ve got a regular full-time job as well.
That’s when delegating to competent property managers becomes your best course of action.
Even realtors appreciate this idea of outsourcing property showings to property managers. You often see them working in tandem with an experienced manager who can sell the property’s best features and aspects to potential tenants.
3. Screening of tenants
With property showing done, it’s time to screen tenants who’ve shown interest. This next step (i.e. tenant screening) requires lots of patience because you’ll be going through a ton of paperwork (e.g. credit reports) and conducting background checks.
If administrative work isn’t your forte and you don’t like the idea of combing through mounds of information, then this is part of your rental property responsibilities should definitely be contracted to a property management company.
Outsourcing to such experts is also in your favor because they have the experience to know ahead of time which tenants can be problematic, and so will weed them out before you have to deal with them. It really is in your best interest to entrust the tenant screening process to professionals.
4. Lease management
Once tenant screening is over, it’s time to sign the lease. Again, there’s plenty of paperwork and administrative elements in this rental property duty.
It’s imperative that the tenant is well-aware of their responsibilities and those the property owner will handle. This process of outlining expectations cannot be done haphazardly.
This sit-down must be thorough so tenants know their rent dues, commitment, and what will happen in the event of property damage.
5. Monthly rent collection
A lot of first-time landlords are often shocked by the reality of rent non-payment. There are some tenants that look at due dates as suggestions and not mandatory obligations. Tenants can be difficult.
If as a property owner, you’d rather not have to deal with this unpleasant side of tenants, it’s time to outsource rent collection.
Property managers are familiar with tenant law and know just how to handle tenants that delay rent or abscond.
The bottom line – you’re not alone
Here at Longmont Property Management Inc, we understand how complex managing property by yourself can be. That’s why as an experienced and trusted property management company, your investment is safe with us.
If you would like to talk to us about outsourcing rental property responsibilities such as marketing your property, property leasing, tenant screening, rent collection, or indeed any other property management service, feel free to contact us today.