Renting your property out to tenants is a great way to bring in extra income. However, being a landlord also comes with a lot of responsibility and a lot of extra work. When renting a property with no help, you must become the rental marketer, landlord, secretary, and more.
Fortunately, property owners don't have to do everything solo. Instead of struggling to do everything on their own (and risking income loss), the most successful landlords know how to outsource many tasks to professionals. Here is what you need to know about letting Tacoma property management experts take on critical aspects of operating your rental!
Updated February 8, 2022
There are many benefits to outsourcing property management tasks when investing in Tacoma, WA. First and foremost, outsourcing saves you time, so that you can focus on other priorities (including your friends, family, and free time)! Not only does outsourcing save you the time that you would have spent doing the given task, but it also saves you the trouble of having to learn about all of the details about that taskâincluding following landlord-tenant laws.
Another advantage of outsourcing property management tasks is you've partnered with professionals that have years of experience and expertise. After all, property managers have seen a lot and experienced every aspect of operating successful rental properties. They can handle most rental-related issues smoothly and efficiently with processes and strategies they already have in place.
Some property owners choose to outsource almost all property management tasks to rental management firms, while others tend to be more hands-on with some areas while only using expert help for a few tasks. Whatever your style, here are a few property management tasks that you should consider outsourcing to improve your bottom line.
Collecting rent from your tenants can be tough, especially when the tenant has decided that they do not want to pay. Collecting rent from one tenant each month may be a hassle, but if you happen to own several properties or multi-family property in Tacoma, it can become difficult and time-consuming to collect the rent on time and chasse down late payments.
Taxes and financial reporting are a necessary part of being a property owner! However, if you are like most people, doing your taxes can be a stressful and challenging experience. For this reason, many successful property owners outsource 1099 reporting and annual tax preparations to an experienced property management firm.
When renting a property to new people, you always hope for the best tenants. How do you ensure that you are choosing reliable individuals? Tacoma property management companies can perform comprehensive screenings on potential tenants, including background checks, to help ensure that you are renting to good people.
In addition to screening tenants, property management firms can also conduct screenings for pets. Screening to avoid potentially problematic pets helps ensure that you're protecting your rental from potential pet damage.
Having a tenant who refuses to pay rent and refuses to vacate can be stressful for you as a landlord. While all landlords hope for ideal tenants, sometimes a non-cooperative tenant can slip into a rental, which is why it is important to screen prospective tenants.
If you do have a non-paying tenant or residents that violate the lease rules, a property manager can step in and either get them to pay or work through the legal eviction process on your behalf. This takes the pressure off of you as the landlord and helps ensure that everything gets done without you having to deal with a potentially angry tenant.
Being a landlord also means that you are responsible for anything that goes wrong on your property. This means the potential of calls in the middle of the night about plumbing problems that need emergency repairs. Fortunately, many property management companies offer maintenance support, which means that they can take those 3 a.m. phone calls so that you don't have to.
The right Tacoma property management company delivers professional maintenance services to keep rentals in excellent condition while responding to tenant requests.
In addition to running your property, owners must market a property to prospective tenants when experiencing vacancies. A property management firm will be able to conduct market research and provide you with information on the area in order to help you set a competitive rent price and find quality tenants!
Outsourcing property management tasks can save you time, headache, and money while boosting returns. However, not all Tacoma property management companies offer the same high level of services to deliver what investors need for success.
When you're ready to outsource critical rental management tasks, choose a property manager wisely! The Joseph Group has the experience local property owners need to confidently turn over the daily management of rental properties and experience better returns. When you're ready to learn more about our property management services, connect with us!