Real estate is an important asset to many landlords and investors. While it has many uses, many business owners purchase real estate to rent it to tenants for a profit. Many people erroneously believe that location is the biggest influencer regarding purchasing a rental property, but the tenant makes all the difference in the world. Good tenants that are clean and pay the rent on time are real estate owners’ ideal scenario. Conversely, tenants that don’t pay and damage the property can cause irreversible damage to real estate investors so it would be wise to use a proper tenant screening service.
As a landlord and investors, you have to tenant screening every potential tenant; there’s just too much at risk if you don’t. After all, you definitely don’t want to end up having to go through the process of evicting a tenant. Fortunately, just because you own property doesn’t mean you have to manage it yourself.
By placing your trust in an experienced professional property management company that specializes in rental properties, you can enjoy all of the benefits of owning a rental without having to deal with the job of being a full-time active landlord.
For all of these reasons, hire a property management company makes a lot of sense. A property management eliminates the stress and hassle from being a landlord and allows you to rest easy and know your building is being properly managed by consummate professionals who know the industry and who know the ins-and-outs of managing properties.
A good property management company handles running potential tenants’ credit reports, drawing up the lease agreements, performing background checks, and even handling billing and notices to the tenants.
Screening Potential Tenants:
- Income Screening
- Employment Verification
- Background Checks
- Credit Screening
- Get to know your applicant
They’ll also handle other common home necessities, such as negotiating and securing the contracts for all services including moving, trash removal, landscape, and cleanup. The right property management company handles all repairs and maintenance.
That includes everything such as:
- Electrical systems
- Building repairs
Not only will the manager arrange for the job work, but they also will monitor the work closely to make sure the work performed is the highest quality and in compliance with all laws. It’s not just the day to day operations property managers deal with. There’s also a lot of paperwork involved.
The modern landlord needs to accommodate the needs of the modern tenant and should avoid paper rental applications if at all possible. You want to make the process fast, straightforward, and user-friendly for your future renters, and an efficient online rental application is a great way to make a strong first impression. An online screening process will reduce liability for you by minimizing human error and ensuring consistent screening protocol for every applicant.
Here at Nomadic Real Estate, we know how to help.
If you need a top-ranked property management company in Northern Virginia, Maryland, or Washington DC, be sure to click the link in this article to find out how we can help change your experience as a landlord.