Basics of Property Management: Screening Potential Tenants
The Advantages of Hiring a Property Manager for Your Rental Properties
Jesse Obrien
Whether you are a landlord to only one property or have several of them, you may want to take into account all of the advantages that would come from hiring a property manager. When you understand what the property manager would do for you on your behalf, you will understand why you will want to hire one.
Handles the Collection of Late Payments
It is easy to deal with the rent payments that come in on time. However, when a tenant is not paying on time, things are not as easy. Instead of trying to track down the late-payment tenants on your own and ensuring that they also pay the late fee on their own, you can let the property manager handle the job for you. This is especially beneficial to landlords that do not like to put themselves in an awkward situation.
Goes to Court for Evictions for You
When a tenant is past due and is not able to come up with a suitable payment amount to enter into a catch-up agreement, you may be forced to file for an eviction. If you are busy during the day, you may have a rough time making it to the hearing. Instead of worrying about dealing with all of the paperwork for the eviction and making it to court, you can have your property manager tend to all of it for you. He or she can put the eviction notice on the tenant's door, make any necessary calls, file the appropriate papers with the local courts, and then go to the hearing on your behalf.
Schedules Repair Calls
From time to time, your properties will need some upkeep or repairs done to them. Instead of your having to take the time to visit the property to evaluate the problem and then find a suitable contractor to do the work, the property manager can do the work for you. He or she can make the calls to find a quality contractor for a reasonable price as well as schedule the job for you. The property manager can also inspect the completed work to make sure that it was done to a satisfactory level for you and for the safety of your tenants.
When you are ready to hire a property manager, you will want to look for one that has multiple years of experience. This way, you will find the best possible person for job.
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For the last several years, I've used a property management firm to help with my rental properties. One of the tasks that they handle for me is screening applicants who would like to move into one of my vacant units. Their expertise has helped me lower my tenant turnover and find people who want to stay with me for years. Part of the process is a tenant screening credit check. Before any further contact takes place, my manager orders credit reports from at least two agencies. That is enough to tell us if an applicant is a good financial risk. Assuming the references work out, I meet the candidate and make the final decision. If you own rental properties, let me tell you more about the benefits of having a property manager. I'm betting you'll find this type of arrangement will work for you too.