If you don’t have time to run your rental properties, you can always hire a rental management company. They are efficient, effective and can act as buffers between you and the tenants at all times. Well, if you choose to do so, here are some of the benefits of hiring a rental management company to maintain your DC rentals.
1. High-Quality Tenants
Every landlord understands the hassle of dealing with terrible tenants. Well, a good rental management company should screen all the tenant applications and avoid the bad tenants altogether. You can count on tenants who pay their rent on time, rent for longer periods, keep the house safe and cause very few problems. These companies have looked through thousands of applications and can quickly vet each tenant to make sure you find the right one.
2. Fewer Legal Problems
Every landlord understands that a troublesome tenant can cause both financial and legal problems. The best rental management companies understand the latest laws relating to tenant-landlord relationships. Therefore, they will check everything to make sure you’re not vulnerable to a potential lawsuit that might cost a fortune.
3. Shorter Vacancy Cycles
If your property isn’t rented out, your money is going down the drain. Therefore, a rental management company should help you maintain shorter vacancy cycles on all your properties. For instance, they should prepare and improve the vacant properties for rent. Also, they should determine the best rental rates by determining the prices in the market. Finally, they should market your property to make sure that potential renters know that the listing is available.
4. Incredible Tenant Retention
Losing rent is every landlord’s nightmare, but a high tenant turnover is equally bothersome. Once a tenant leaves the house, a few things need to be done to prepare the house for the next tenant. These include changing the locks, thorough cleaning, repainting the house and also screening for a new tenant. Of course, the process is expensive and time-consuming. Well, you can avoid it by keeping the tenants happy to avoid a high turnover rate. A good rental management company should keep everything orderly to make sure that the landlord doesn’t go through these nightmares.
5. Tight Rent Collection Methods
Many things determine your success or failure as a landlord. Handling rent collection, or late payments is one of those things. Your tenants need to understand that collecting rent is one of the ways for the landlord to maintain consistent cash flow and the payments are non-negotiable. To avoid any hassles that come with collecting rent, you need to put a buffer between you and the tenants. That’s where a rental management company comes in handy. The tenants understand that these people are obligated to do their job to enforce the lease, and no rent collection troubles will come up.
To enjoy these benefits, you need to find a good rental management company. Therefore, find an experienced, reputable and affordable rental management company to make sure that your properties are being handled accordingly.