Working with a professional Winston-Salem property management company is always a good idea, but it’s especially beneficial to landlords who are new to renting out a property. Rental laws continue to grow more complex, and as the country recovers from the economic slowdown caused by the pandemic, the market continues to be a challenge.
If you’re still managing your own Winston-Salem rental property, you may be putting yourself and your investment at risk. We’ve got 5 good reasons to hire a professional property management company.
1. Establishing Reliable Winston-Salem Rental Values
One of the first things you’ll do when you put your rental property on the market is establish a rental value. This can be complicated. A professional property manager understands the local market and the requirements of well-qualified tenants. You need competitive rents that will attract good tenants and avoid long vacancies. Pricing a home too high can be just as damaging to your ROI as pricing a home too low. Your property manager will be accurate and strategic when it comes to pricing.
2. Standard and Consistent Rent Collection
No one likes to chase down late rent, and one of the fears many new landlords have is that their tenants won’t pay rent. When you work with a property manager, you’ll be able to access better screening tools, ensuring you have a tenant who can be counted on to pay on time. Once that tenant is in place, you’ll need to collect rent consistently and on time every month. This sounds simple, but it isn’t always. You may have tenants who forget or pay late. Property management companies provide online tenant portals that allow residents to pay rent electronically. This dramatically increases the number of on-time rental payments.
3. Managing a More Efficient Leasing Process
Professional Winston-Salem property managers have access to many marketing channels and leasing resources, providing a lot of exposure for your property. You’ll find the best and most qualified tenants when your home is professionally leased.
You may need to show our property 10 or 20 times before you find a tenant who applies. Once you get an application, you need to know how to screen it thoroughly while staying in compliance with fair housing laws. There are things you can and cannot ask. You need to screen each application consistently, and if you deny someone – there’s a specific way you’ll need to communicate that denial.
4. Fair Housing Mistakes are Easy to Make
There’s also the matter of rental laws. Tenants have a lot of rights, and it’s easy to make a mistake with fair housing, especially if you don’t know the laws. Even the way you advertise your property can have consequences if you’re using the wrong terminology. You’ll need to know the difference between a pet and a service animal. There are other legal tightropes to walk to, especially pertaining to the security deposit and how to move forward with eviction if that becomes necessary.
Property managers understand the laws and we work hard to stay up to date with all the changes.
5. Cost-Effective Rental Property Repairs
A professional property manager will conduct regular inspections, typically when a tenant moves in, throughout the lease, and when the tenant leaves. Through regular inspections, a property manager will be able to recognize problems before they become too expensive. You’ll have someone checking for deferred or unreported maintenance, and you’ll be sure your tenant is following the terms of your lease agreement.
You’ll also have the benefit of established relationships with licensed vendors and contractors. This ensures you’re receiving quality and cost effective work. It’s a huge advantage when you have a plumbing emergency in the middle of the night.
These are just five of the reasons that Winston-Salem property management can help you have a better and more protected rental experience, especially if this is your first time renting out a home. If you’d like to hear more, please contact us at Capstone Realty.