Single-family homes are easily one of the most popular types of residences that an investor can purchase. According to new research from Gallup, the upcoming millennial generation is more interested in living in single-family homes than ever. Renting these properties is the ideal choice for those who aren’t quite ready to commit to an area long-term or tie up their financial resources. Clearly, this type of real estate can be a sound investment, but you must know how to manage it properly.
What goes into managing the single-family home? Most individuals will opt for professional property management due to the sheer volume of tasks. Here is just a glimpse at why managing a single-family home on your own can be challenging.
Finding the Perfect Tenant
Everyone knows that the key to making a profit with property investment is finding an excellent tenant to live there. You want someone who has a great credit score, a solid history with their previous landlords, and no criminal background. While this may not seem like a lot to ask for, you have to market to these individuals to convince them to move into your property. Between marketing and screening tenants, you can spend a lot of time doing paperwork and research. You may even still end up with a renter who doesn’t take care of the property.
A property management company has the experience to market efficiently and help you find the ideal candidate. We use detailed applications, credit evaluations, employment history, rental history, and even criminal background checks to determine if someone could be a great renter.
Maintenance
Do you plan to be available for your home 24 hours a day? You never know when an emergency is going to pop up for your tenants. They have to be able to reach someone at any time of the day or night. A property management company has someone on call all the time, and they can quickly arrange repairs with reputable companies. They can also arrange for preventative maintenance to keep your home running smoothly.
Record Keeping
Are you an expert on which receipts, bills, and rent collection slip you need to hold onto for your taxes at the end of the year? Most people feel genuinely baffled about how to file their own taxes, particularly when they are trying to manage a single-family rental property. A property management company may assist you with recommendations on completing your year-end tax filing.
Evictions
What happens if your tenant doesn’t pay the rent? In most cases, they need to be evicted unless they make other arrangements to pay the rent late. This involves a great deal of paperwork that must be filed in the proper order. Most landlords don’t know how to file this paperwork or may be hesitant to do so. Unfortunately, this is simply costing you more money in the long run. A property management company can start the paperwork and help walk you through the necessary process.
A lot of things go into the management of a single-family rental property. Most landlords would prefer to leave these details in the hands of the professionals. When you need well-known property management services, be sure to give Pyramis Company a call!