There are an estimated 10 to 11 million individual investor landlords in the United States today. Owning a rental property comes with a host of benefits, including in terms of a landlord's personal finances and their positive contribution to society. With that said, many landlords find one or more elements of their work challenging.
These include being compliant with housing laws, finding high-quality tenants, collecting rent on time, and staying on top of maintenance. In this blog post, we will take a closer look at these signs you need to hire rental property management services. Let's get started.
1. You Struggle With Compliance Issues
All landlords are subject to federal, state, and local laws, and must adhere to a number of legal obligations. This includes following Fair Housing Laws, adhering to standards and building codes as well as environmental guidelines, and obtaining rental licenses.
The laws and regulations around renting are constantly evolving, which can make the process all the more confusing. When you partner with a rental property management company, you can rest assured that you will be fully compliant as a landlord.
2. You Are Overwhelmed by Maintenance
Another sign that you should partner with property management services is if you are overwhelmed by maintenance at your rental properties. Tenants are typically quick to alert landlords when there are issues and repairs are needed, whether minor or major.
Many landlords simply don't have the time to oversee this work or don't live nearby. That's why it's best to let a property management company manage the day-to-day running of your properties.
3. You Struggle to Find Quality Tenants
The best tenants are those who typically stay for a long time, always pay their rent on time and without issue, treat your property with respect and care, and don't cause any trouble in the neighborhood. If you are struggling to find high-quality tenants, a rental property management company can help.
By performing a thorough screening process, they will be able to determine the reliability of prospective tenants. A screening check will include the following:
- Credit check
- Criminal history check
- Employment history check
- Eviction check
With this process in place, it will become easier to find tenants you can trust.
4. Rent Collection Is a Challenge
Consistently collecting rent on time and in full have a big impact on a rental property's cash flow. Effective rent collection is central to the successful management of a rental property. Many landlords, however, struggle with this issue every month.
The best way to avoid the hassle of collecting rent is to work with a rental property management company. They will ensure that rent is collected and will oversee the payment of any late-fee penalties that arise.
Signs You Need Rental Property Management Services
If you are a landlord and relate to any of the above issues, it's highly recommended that you hire a rental property management company. While being a landlord can be stressful, an experience management company can help.
In Philadelphia, your premier choice is HomeRiver Group. Contact our expert team today to learn more and discover the benefits of working with a property management company.
