Home rental services are here to stay, as they provide extremely valuable services to both investors and renters. Usually offered by property management companies, there are several reasons why you should consider using them- no matter which side of the fence you’re on.
Benefits for Renters
When you’re renting a home, you may be living someplace previously occupied by the owner. If that’s the case, they may be emotionally attached to the home. That’s bad news if they aren’t happy with certain things you’ve done such as paint the walls, alter landscaping or rearrange furniture (if it came furnished).
Home rental services act as a mediator, so you wouldn’t have to be dealing directly with the owner. They won’t be emotionally attached, so they may be more open to the changes you want to make.
Another thing is disagreements regarding rent, repairs, etc. If a property management company is in place, their hands will be somewhat tied. In a way that can be frustrating, but it can also make negotiations simpler. When prices and contracts are firm, as they are more likely to be with a property manager, it is easier to decide if this is a good property for you to rent or not.
Keep in mind too that property managers will have a long list of contractors they regularly work with and trust. The landlord may not have that luxury, as they probably only need a few services done each year.
Benefits for Landlords
The biggest benefit of employing property management services is probably the marketing aspect. When you have a vacant property, your wallet bleeds money by the day! And even though you may be extremely motivated to get the home occupied quickly, you probably don’t have the time or expertise to devote towards the project.
A good property management company will not only find great potential tenants, but they’ll also screen them. Credit checks, interviews, and background checks are common services performed. You can have peace of mind that these efforts are being taken care of without lifting a finger yourself.
The second advantage of these services versus doing it all yourself is communication with the tenants. Some tenants will be hassle-free and never need a thing, while others will be needy and complain on a monthly basis! Having someone (such as your property manager) deal with the situation instead of stepping in yourself will save you a lot of heartache.
Finally, you can’t downside the maintenance aspect referenced earlier. Let’s say the water heater breaks and you need a new one ASAP. If you had to contact several different contractors for quotes, you’re using up precious time and your tenants is getting angrier each day. But your home rental services company probably has this happen fairly regularly, so they will know the perfect plumber to come fix the issue in no time.
At the end of the day, both sides benefit from home rental services. Even though they aren’t inexpensive financially, many landlords will tell you they would be out of the business if they didn’t have someone managing their properties for them!