When Should You Hire a Property Management Company for Your Hampton Roads Rental Home
Renters Warehouse Blog
Do you own a rental home or are you aspiring to be a landlord? A reputable property management company may be what you need for smooth administration of your investment.
Rental homes remain a promising business in Hampton Roads according to the government's forecast on the area's future workforce size. The National Housing Conference of 2014 estimated that the region would need 86,098 housing units between 2023 and 2033.
That means a production rate of about 4,300 units annually. Rental homeowners, therefore, continue to play the essential role of covering the demand.
Even though a rewarding business, managing rental homes is not for the faint-hearted. It's advisable to hire a property management company for the following reasons.
It's better to avoid problematic prospects instead of having to evict them when they are already your tenants. But how can you identify them?
A thorough screening process can get you tenants who pay promptly, rent for a considerable period, and take care of the unit. Your property management company can scrutinize the applicants and pinpoint the ones least expected to cause trouble.
After securing the desired caliber of tenants, maintaining a professional relationship with them is paramount. The property manager handles routine and emergency maintenance and inspections. The company will also step in to resolve any conflicts that may arise within the property.
1. Rental Rates and Rent Collection
There is more to setting your rates than checking what other landlords are charging for similar properties. A property manager will assess the market and calculate an amount that maximizes your income while keeping the units occupied.
Rent collection can be cumbersome when dealing with some tenants. Property management companies have systems that ensure on-time payments to maintain your cash flow.
2. Multiple Properties
There is a limit to the number of properties you can self-manage, even with a wealth of skills in the real estate industry. Hiring a property management company is noble if you own multiple rental homes.
3. Shortage of Time
If you have many commitments, you may lack enough time to run your rental business effectively. Hiring a property management company can release you to attend to other tasks like searching for new properties and home improvement.
4. Property Is Not Nearby
Having a rental property in a region far from your residence can make its management cumbersome. You may have to relocate, which is hectic and expensive. A property manager can come in to deal with the issues you cannot handle from far. You'll want to work with a management company with a company office near your property.
5. Rules for Affordable Housing
Some affordable housing programs have complex rules that can complicate things for a homeowner. The investor receives financial assistance in the form of a low-interest loan, tax credit, or a grant, for example. In return, the landlord has to rent part of the property to tenants who earn below a specified income.
The conditions for the homeowner are quite delicate. It's advisable to hire a property management company when you're in such a situation. A firm with expertise will manage the real estate within the required set of rules.
6. Compliance with Housing Regulations
When renting and maintaining a rental home, there are specific regulations to observe. These include local, state, federal, and fair housing regulations.
You can get yourself in court for failure to conform to the law. A qualified property management company can avoid lawsuits by keeping your property in compliance and up to date with regulations.
If you are looking to invest in the Hampton Roads area, look no further than Renters Warehouse, with a location right here in Chesapeake, VA. It will save you the agony of chasing rent, solving tenant disputes, piles of paperwork, and a variety of other issues.
You will have time to grow your investment, attend to other businesses, and enjoy life with your loved ones.
Would you like to enlist the help of a skilled property management team? Talk to us.
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