Imagine this: you've just decided to buy an investment home. It's in the perfect location, is in excellent condition, and fits your budget. Little did you know that your endeavors could quickly turn into a living nightmare. From unresponsive tenants to maintenance disasters, owning a rental home can sometimes be a harrowing experience. That's where the value of hiring a property manager truly shines. Let’s talk through a real-life rental home nightmare and explore how a property manager can save the day.
The Tale of the Rental Home Nightmare:
You just recently bought a new home and had to have a 12 month lease on your old home quickly to qualify for the mortgage. This is a very common way to acquire an investment portfolio. Excited about the fresh start, you eagerly signed a lease with some acquaintances that seemed nice, oblivious to the lurking troubles ahead. Within weeks, a series of issues turned into a nightmare.
It all started with one late rent payment. And then two, and when you drove by to look at the home, the grass was 2 feet tall! Every month, they have a new “issue” preventing them from paying the rent on time. You are nice and let them slide, just a little.
Next, the neighbors call to let you know the police had shown up at the house because the couple was fighting, and now there are new cars there. Seems like someone left, and trust me, it was the more reliable one. Now the bad one moved in some other bad friends to help pay the bills.
You have to hire an attorney to send proper legal notice to start the process of dispossession, aka, an eviction. Then your tenants get divorced and file bankruptcy, which means your legal rights are halted and they live there another couple months rent free. Gut punch, welcome to Georgia, a tenant friendly state. To top it off, you get your house back TRASHED and don’t even know where to start first.
Enter the Property Manager: A Beacon of Relief!
A few things to note here begin with the application process and screening options available to property managers. We do everything in our power to check all references and can verify income, credit worthiness, criminal background, eviction and bankruptcy history on all our applicants. This really does weed out 75% of the bad ones!
I say 75% because there is always going to be an element of risk even when people qualify properly. Life happens, and good times go dim for some unexpectedly. If you have a good property manager, they will sense this and be proactive.
Proactive meaning, we do not let late payments go. Ever. We can start the dispossessory process right away. This will speed up the process and help get the home back as quickly as possible. Ideally, the best practice is to reduce the risk of even winding up here.
We also understand this process and what to expect, so we navigate the meeting with the sheriff, the junk removal company, cleaners, lock changing and yard clean up within a matter of days. This way, we can get a new tenant in the home soon, and ensure you are as profitable as possible!
This is just a small snapshot of where we help eliminate stress and headaches for our clients.
We provide peace of mind by handling much more than this. Here are a few quick flyover benefits you should expect to receive when you hire a property manager.
A property manager becomes the bridge between tenants and landlords, ensuring clear and prompt communication. By hiring a property manager, you should find peace of mind knowing you have a dedicated professional handling all your communication concerns.
Property managers are experts in property maintenance. They have a network of reliable contractors, ensuring that any repairs or issues are swiftly resolved, and hopefully at an affordable price.
Rent payments, paperwork, and billing issues are a property manager's domain. They handle the administrative aspects of renting, ensuring smooth financial transactions and accurate record-keeping. This will make tax time a breeze because your records should all be found in one place.
If you own investment homes, consider the benefits of hiring a property manager and experience the peace of mind and convenience that comes with professional assistance.
Remember, a property manager isn't just a problem-solver; they're a guardian of your rental happiness and you need a good one!