You put your money and time into picking the perfect piece of investment property and in order to retain a healthy return, you need to be sure you are filling it with the best tenants possible. This is easier said than done. There are more bad-tenant horror stories floating around out there than tales of cleanliness and quietness. Suffice to say as a property owner, the odds are not in your favor.
Of course, the work necessary for screening possible tenant applicants is more than the average person can handle, especially if you own multiple properties. This is where an experienced, trustworthy property management company like Ironrock Properties comes in for you. They have the expertise to take the stress of picking the right person or people to fill your rental property off your mind. If you’re looking for further reason to hire a property management company, well, we’ve got three.
- It will save you time and money
You decided to invest in property because you believe in making smart financial choices… don’t stop there. By investing in a capable property management company now, you’re saving yourself the time of dealing with fulfilling an empty vacancy; as a busy person, you know the true value of time. Plus, your trustworthy property management company uses that time to expertly screen all possible candidates to fill your property. That means the choices they make won’t wreck your property and eat into your maintenance budget.
- No more awkward encounters
For many property owners, their top referrers are friends and family. While we love them, sometimes their judgment is clouded by good intentions. When you have a level, third party doing the tenant screening for you, those feelings are not a factor. The right property management company will do criminal background and credit checks for you. So if a referred tenant isn’t the shining example your loved one initially led them on to be, your property management company can politely decline the application. Basically, even when the personal gets mixed in, having a good property management company keeps it business… always.
- A property management company knows the system
You’re a smart person, but that doesn’t mean you know everything. When it comes to the intricacies of doing tenant checks, there is a lot that only time and experience can teach. An experienced property manager will know all the red flags to look for and the right people to contact to get the complete story on your potential renter. If you want the benefits of that time and experience even in the early stages of your property ownership, hiring a property management company will get you there. Benefit from the expertise of their knowledge for the good of your investment.
If you own property in Texas, there are FHA enforcers that check tenant screeners to make sure no violations of the Fair Housing Act and property codes. There is actually an itemized list of criteria if a screener wants to decline a tenant. And that’s really just the tip of the iceberg. There are Fair Housing rules that most owners don’t even know about.
For instance, asking a potential resident if the person or persons moving in with them is family could earn you a $10 thousand fine. Even though you were only asking an innocuous question, in Texas familial status cannot be a reason for approving or declining a tenant. By hiring an experienced property management company that knows the intricacies of the FHA, you’re sure to avoid these mistakes that could cost you big time. A company like Ironrock Properties not only ensures a comprehensive tenant screening, but it does so in as little time as a couple of hours while assuring your rental process complies with all state and federal laws.