Owning a property and renting it is a solid investment, but being a landlord can be stressful. You’ll need to have awkward conversations about late rent or property damage. Hiring a property manager can solve this issue.
If you’re thinking about hiring a Memphis property management company, keep reading. Working with tenants isn’t for everyone, especially if you’re already busy.
Leave the tenant management to a reputable company. If you’re ready to hire property managers in Memphis, check out the tips below.
1. Your Tenants Aren’t Happy
Landlords need happy tenants so they can avoid vacant properties.
If you don’t have time to deal with tenants, consider hiring a property management company. The property management company will help you lower the turnover rate.
An apartment rental agency will have experience handling tenant problems. They know how to keep everyone happy.
2. Problematic Tenants
You shouldn’t skip the tenant screening process. This process helps you find reliable and responsible tenants.
This isn’t super easy to do, but with the help of a property management company, you can find the right tenants.
Some property owners don’t have an excellent tenant screening process. They put up some notes on social media sites and accept the first few paying tenants.
You want to find reputable tenants who will protect your property and pay rent on time. Working with a property manager will ensure you have success finding solid tenants.
3. You Aren’t Receiving Rent on Time
Are you experiencing issues with late rent payments? Some tenants don’t think anything of sending in rent late. A property management firm will create a tighter rent collection process.
The property management firm will work as enforcers to pay rent on time. When the tenants first sign the contract, the property manager will explain the rules.
Tenants will understand what’s expected of them when it comes time to pay rent.
4. You Live Far From the Rental Property
A central issue landlords face is not living near the rental property. If you ever have a tenant call you about a maintenance issue, you might feel stuck.
Avoid long trips by working with a local property management business. Your property manager will handle broken-down appliances or maintenance issues for you.
5. Your Schedule’s Complicated
Some property owners don’t have time to manage their different properties. You could alleviate stress by working with a property manager.
They will help keep your properties maintained and deal with tenants. You can focus on your business or day job.
6. You Need Help With Inspections
One way to avoid expensive repairs is to set up an inspection schedule. This schedule should get sent to all your tenants, so they know when to expect you or a manager.
Conduct inspections to ensure the property remains in good shape. Your property manager looks for clogged drains, leaking toilets, or water damage.
You’ll also want to inspect appliances in the unit. Repair or replace any broken appliances. Check the HVAC system to ensure it’s still functioning.
7. Prevent Pest Problems
Pests like termites or mice can cause significant issues for property owners. Your renters might want to leave, and you could have occupancy problems.
If there aren’t signs of rodents or bugs, you should still schedule regular pest inspections. You should also have specific pest control measures in place.
Call a pest control company if you can’t conduct these inspections yourself. Spraying will protect your property and help you avoid an expensive termination solution.
8. You Need Reputable Technicians or Contractors
You shouldn’t cheap out on maintenance services for your properties. Otherwise, you’ll have poor quality work and potential property issues.
Property managers will have existing connections with contractors in the area. Work with reputable property managers. You’ll have peace of mind knowing professionals are inspecting and fixing your properties.
Make sure the property manager works with licensed and insured contractors or vendors. You can ask the property manager who they will work with for electrical or plumbing repairs.
Contact the companies. Learn more about the contractors who would potentially come to your property.
9. Enjoy Working With Professionals
Some property owners find it too challenging to keep up with all the maintenance work on a rental property. You could hire a property manager to help you with these tasks.
Your property manager will communicate with tenants in a timely fashion. Research a few companies and ask for some references.
You should find a company that has been in the business for years. Learn more details here.
10. You Don’t Want to Be a Landlord
For property owners who have a whole life or don’t want to manage a rental, look at working with property managers. Don’t deal with the stress of fielding tenant calls or emergencies.
Some people prefer not to have the headache of managing properties and tenants. You might prefer to focus on buying new investment properties. Leave the landlord’s responsibilities to a reputable company.
Some investors will enjoy working as a landlord and communicating with tenants. When renting out to businesses or families, you’ll need to handle conflict resolution. Yet, a professional company can take on this task for you.
Consider Hiring a Memphis Property Management Company
Working with reputable Memphis property management companies will take the stress off you. Your property manager can handle tenant calls and issues while you focus on your day job and family.
Property managers collect rent on time and handle tenant complaints or issues.