If you own rental properties, there will always be the common run-of-the-mill needs and issues with tenants and buildings. Sometimes little issues can turn into major problems if landlords aren't careful. Here are four rental and building issues that property management teams can resolve for you.
1. Initial Vetting of Tenants
The best way to avoid ongoing issues with less-than-perfect tenants is to avoid these individuals all together. If you don't have the time to hold open houses, run credit checks, and follow up on building inspections, leave this to a property management team to handle. They can make sure to personally screen potential renters, check references, and even hold interviews if your property is in a competitive rental market
2. Walkthroughs and Deposits
If you own a rental property, you might not be great about initial and final walkthroughs with tenants. Without this step in place, you might not have to proof you need to keep portions of deposits when renters move out. It is important that new renters have a checklist of existing issues or damages that they can keep for their protection and also yours. Walkthroughs, building inspections, and corresponding documentation needed can be handled by a property management team. If a property's condition upon move in is agreed upon by your tenants and property management firm, this will protect you from disputes down the line.
3. Easier Communication Lines for Tenants
There are various day-to-day things that a tenant might need to contact you about, such as building issues or payment questions. If you aren't reachable or are in another state during an emergency, you could be held liable for further damages or could put your tenants in harm's way. If you can have a property management firm handle this, you won't get behind on your communication with renters or building inspections. This might even save you money over time. If rental disputes are handled correctly right away, this will keep you out of legal trouble.
4. Keeping Documentation Safe
Leases, proof of payments, and documentation of any major work done and building inspections can all be kept up by your property management team. This will help with any questions or miscommunications that might pop up down the line with renters. If you aren't the greatest at keeping paperwork in line, let a property management team do this for you.
If you are a property owner, don't make your life harder by trying to manage all rental-related issues as well. Hiring a property management firm (such as Home Inspection Associate) will keep you, your properties, and your renters safer.
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