5 Profitable Reasons Why Landlords Should Hire Residential Property Managers

So you have purchased a residential property to rent to tenants, congratulations! You may be well on your way to a new profitable business. Owning residential rental property can be tough when you go it alone and it is recommended that landlords work with property management companies for a variety of reasons. If you plan on owning several residential properties that will be used for rental purposes, read on to see how a management company can help you see higher profits!

Quality Tenants

When you work with an experienced property management company, you will be hiring experts who know how to look for quality tenants. Such individuals have seen thousands of rental applications and know how to dig for the real information needed to find the right candidate. Any warning signs will be triggered to ensure that the right renters are found for your property, including those who can pay on time, will rent longer, place less wear and tear on the home as well as cause less problems in general. The screening process for tenants should be handled by the professionals who have experience in such matters and can help you find just the right people for the opening!

Avoiding Legal Problems that are Time Consuming and Costly

When you become a landlord, you soon find out that it can take just one tenant that causes trouble to bring about legal and financial strain. When you have a good property manager in place, you have someone in your corner, helping you to avoid legal battles. A quality residential property manager will understand the latest laws pertaining to landlord-tenant situations as well as help to ensure you are not vulnerable to a lawsuit. Such laws that need to be understood including areas such as:

  • Screening tenants
  • Condition of the property as well as safety
  • Inspections
  • Evictions
  • Terminating a lease
  • Rent collection
  • Security deposits
  • Lease addendums

Retaining Tenants

When you have no tenant in your property, you are losing money. You will either be covering the cost of the mortgage yourself or you will not be making a profit on the home you own in full. Either way, having an empty rental property is not good. With a residential property manager in place, you will be able to better retain your tenants. The manager will continually check in on the renter from time to time, take care of any issues that arise, overall making sure the tenant is happy. A happy tenant sticks around.

When you have tenants that continually leave, you are stuck with having to clean the home, change the locks, paint and do upkeep, then trying to find a new renter. By being able to maintain the renters you have, you are saving money in the long run.

To learn more about rental property management, contact Latitude Properties Limited today. You will find that Latitude has the knowledge and experience to assist you with any rental property, including residential homes.