Becoming a landlord is a great way to generate extra income. But what many people don't realize is that purchasing a rental property is only half the battle. What comes next is actually much more work.
Repairing and improving your properties, sourcing and screening reliable tenants, and dealing with complaints and repairs are just some of the things you're likely to have to deal with day in, day out. Although being a landlord is often described as a passive form of income, all of the above tasks mean it's usually anything but.
That is, unless, you hire a leasing management company to take care of some of the more arduous parts of the job. Read on to learn all the reasons why so many landlords are choosing to do just that.
1. Fewer Vacant Properties
As a landlord, you'll already be aware that for each day your property sits vacant, you're usually losing money. A rental property management company can help not only to fill your properties with tenants but also to make sure that the time between tenants is as short as possible. So you have fewer vacant days and thus more income.
2. Higher Quality Tenants
One thing that's very important—and often very challenging—for landlords is finding high-quality and reliable tenants with which to fill their properties. This can be a lengthy process involving interviews, screening, and countless manhours. A leasing manager will be able to handle this entire process for you, ensuring all of your tenants are of an excellent caliber.
3. Lower Maintenance Costs
When you have rental properties, maintenance costs are going to be an inevitability. The more properties you have, the higher your maintenance costs will be.
A good lease management services company will be able to slash your maintenance costs. Because they have maintenance companies on contract, and because they service so many properties, their rates are usually much more reasonable than hiring individual contractors yourself.
4. More Freedom
Hiring lease management services is an amazing way to afford yourself more freedom as a landlord. Although it's classed as passive income, in reality, being a landlord is a 24/7 job. By hiring a leasing manager, you'll have much more free time, be more flexible in the things you can do, work you can take on, and places you can travel.
5. Less Red Tape
Let's face it, sifting through mountains of paperwork isn't many people's idea of a good time. But unfortunately, between tenant screening, lease agreements, taxes, and legal documents, being a landlord involves a lot of red tape. Luckily, a leasing management company is able to take care of the vast majority of paperwork on your behalf.
Hire a Leasing Management Company Today
Are you finding the reality of being a landlord stressful? If so, it may be time for you to hire a leasing management company to help lighten the load.
If you're a Folsom, CA landlord looking for a leasing manager, you've come to the right place. Get in touch today to discuss what we can do for your properties and you.