Working with the military is a key aspect for most major property management companies in San Antonio. Whether an active duty member is deployed during times of international crisis or they’re simply relocated to another military installation, the instability can create additional headaches when it comes to housing for members of the armed forces.
If you’re an active member of any of the armed forces, you may have already experienced the turmoil that relocation can create. Depending on the order, it’s possible that you will know if you’re likely to return to your home in just a few years or months. It’s possible that you will even remain close enough to keep an eye on things, but not close enough to reside in the property.
Fortunately, you have the option of renting out your home and entrusting its care to property managers. What are the major benefits of hiring a property management service instead of selling your home when you move?
You gain a source of very passive income.
If you choose to maintain your current home and rent it out in your absence, you are automatically generating a source of income each month that it’s occupied. Most landlords will charge more than their mortgage payment to cover the cost of future repairs, maintenance, and the potential headache of dealing with renters.
Many military members are becoming “accidental landlords” and handling all of the headaches on their own.
Particularly when you hire a property management service like Pyramis Company, you take much of the headache out of the equation. A small monthly fee and leasing agreement fee is taken in exchange for finding and vetting potential tenants, collecting expenses from renters, and handling routine property inspections and maintenance.
You’re required to give the final seal of approval on major home repairs, but the company is capable of finding and hiring the contractor to complete the work. Communication can be completed through email or Skype depending on your specific needs and capabilities.
All you have to do is enjoy the extra monthly income and be responsive if the property manager needs your attention. This can mean a huge increase in your income that can be used to afford rent in a more expensive area or to give you more expendable income. You can even invest more in retirement or save up for exotic vacations.
You don’t have to worry about the condition of the home.
Even if money is no object to keeping the home, you may still fret over the condition of the house in your absence. Things can quickly go awry if you don’t have someone actively checking on the property and ensuring that it’s still in great shape. What happens if a pipe bursts or some faulty electrical wires start a small fire?
A property management company will perform routine inspections of your home. Your friends may do a casual drive-by of the home on a regular basis, just to ensure that all appears well from the outside. You can tell a lot about the interior state of affairs simply by looking at the front yard. Details can be made out through the windows, the grass may be overgrown, and there may be trash all over.
These are all signs of a much larger issue that would warrant an indoor inspection.
If it’s being requested by you, a property manager may also perform routine spot checks and inspections upon your request. They can’t show up unannounced and invite themselves in due to privacy restrictions, but they can make a habit of inspecting the overall condition and maintenance of the interior.
You can still keep your dream home.
Sometimes service members know that they will return to a specific base or location within a given timeframe. In these cases, it doesn’t make sense to sell their dream home when they will only be gone for relatively short amounts of time. It won’t make sense financially for you to cover the cost of your mortgage and rent in a new city though.
Finding a renter while you wait is a great way to ensure that you have a comfortable and familiar place to return to in the future. A property management company is responsible for finding a tenant who is creditworthy and trustworthy to pay the rent on time each month. They should be examining applicants for several criteria, including:
- Credit scores
- Valid sources of employment and income
- References
- Ability to pay security and pet deposits, if applicable
They also provide the necessary documents to protect your investment and outline the renter’s specific obligations. Your largest asset is better protected when you enlist the help of a property management company to find qualified renters. After all, you won’t have time to traipse back and forth from your new home while you interview and allow prospective tenants to tour your old property.
By finding a trustworthy renter who is capable of paying their rent in a timely manner, you can afford to cover the cost of your new rent and the mortgage of your dream home.
You can easily make the decision to sell the home.
Perhaps your best-laid plans didn’t quite pan out the way you thought they would. Things can change in an instant, especially for military members. Your plans to return to your dream home in the next two years could be radically altered with the news that your contract has been extended. You may be subsequently deployed overseas for an extended period of time. The possibilities are endless and oftentimes unpredictable.
When you find out that you won’t be returning after all, it may make more sense for you to let the property go. Coming back just to hire a realtor, show the house, and handle inspections can be a burden that you don’t have the ability to carry right now. Property management companies can typically transition smoothly into the role of actively listing your home for sale instead of listing it for rent.
Consider how quickly a property management company could turn around and list your home for sale. Unoccupied homes have the potential to be listed on the market in as little as 24 hours, if you’re forced to make a decision quickly.
Military families and homeowners are frequently faced with difficult decisions regarding property ownership, particularly when ordered to relocate. You can ease some of the burden of these decisions by enlisting the assistance of qualified professionals. Property management can help you to earn extra money and keep your dream home in great condition all at the same time.
The best part is that you can focus on getting your family settled in a new location instead of dealing with the stress of renting out your home.