Most real estate investors are looking for passive income, so they can sit back and collect monthly cheques without really doing anything. However, there are certain responsibilities and laws pertaining to being a landlord, and some of them can be burdensome.
Now, investors can hire professional rental property management to take on these tasks for them, to get back to living their lives and making money in their sleep. Here’s how it works.
Better Tenants, Sooner
Novice landlords may struggle to recognize the best candidates out of the pile of applications. If they do manage to spot them, the process may consume too much time.
Professional property managers help you connect with an A+ tenant in way less time. Their four-step process involves:
- Employment Letter: this confirms that the applicant is who they say they are and has sufficient income to comfortably pay rent each month.
- Credit Check: this window into how they treat other major financial obligations reveals a lot about how they’ll treat yours.
- Reference Check: details about a person’s character can’t be gleaned from financial documents alone, so they follow up with friends, relatives, and, most importantly, past landlords.
- Tenant Application: they’ll sort through the applications and present owners with the best options for their approval, which they can give without providing reasons.
Sit back, confident that the person under your roof will respect your property and pay their bills on time.
Perhaps the largest burden a landlord faces is having to be reachable in the morning, noon, and night. After all, if there’s an emergency at their property, they need to know right away! What if a pipe bursts or there’s been some other crisis?
Now, professional property managers take this concern off your plate by tending to all phone calls from tenants. When there’s a maintenance request, they’ll consult their Rolodex of contractors and provide owners with multiple options at varying price levels.
Owners can enjoy prompt, expert repairs without sacrificing their evenings, weekends, and holidays. Tenants also get the satisfaction of feeling like their needs are met, which helps motivate them to resign their lease.
Tenant Relation Services
Speaking to the above point, happy tenants return year after year, the best circumstance a landlord can hope for. Professional property managers do everything possible to meet tenants’ needs, from taking maintenance requests to collecting payments and other issues as they arise.
Having someone play the role of go-between position in the middle of landlords and tenants improves life for both parties. Tenants enjoy better services, while owners can deliver this vast improvement without breaking a sweat or even lifting a finger.
If you’re a landlord during a housing crisis, you’re in a fortunate position. Still, there are ways to make reliable income on the side without having to do anything, if only you know where to look. To take full advantage of your property, hire a professional property manager to enjoy the most streamlined passive income possible.