Lower home values in the greater Maple Valley area have contributed to a larger number of single family homes being converted to rentals. Owners are drawing the line on their bottom line and resolve to wait out the real estate recovery.
It’s easy to find a tenant right?
While the concept of renting is simple; find tenant, tenant moves in, tenant pays rent, landlord makes mortgage payment….the realities are much different.
Especially today.
Who’s Renting Today?
Many of today’s tenants are former homeowners. People who have good incomes but due to some sudden, unforeseen circumstance, fell behind on payments or had an adjustable loan reset which subsequently priced them out of the market. They either sold their home short, or let it go back to the bank.
But other applicants are looking to scam the system and sometimes flat-out lie about their circumstances. I’ve heard of more than a few Landlord/Owners, falling for hard-luck stories, or mismanaging tenant’s funds or not following Landlord/Tenant Law and getting themselves in trouble.
Many investors don’t realize the advantages of using a professional Property Manager for their rental property and get more caught in the cost that they fail to see the bigger picture and advantages to working with a local Property Management Company.
So, being the awesome helpful agent that I am, I thought I’d offer some points for your consideration.
Benefits of Local Property Management to the Property Owners:
- Tenants are less likely to be late on rent, or default on the lease when working with a professional manager who has a firm grasp of Landlord/Tenant law, and can pull the trigger quickly on a 3 day or 10 day notice.
- When/if repairs are needed, the Property Manager is called, not the owner.
- If the tenant is late (or going to be late) on rent, the Property Manager is better experienced on collection methods.
- Due to volume, a professional property manager is often able to have repairs made to the house at a discounted price.
- The Property Manager will be the point of contact for any HOA complaints.
- Tenants can be more thoroughly screened through a Property Manager, including criminal background checks, employment and rental history.
- All accounting, deposits, damages are handled and assessed for you.
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