Chattanooga landlords need to know that 34% of residents in this area are renters.
While the renter pool is deep, being a landlord is still tricky. The job only gets harder when you have several properties to run. This is why lots of Chattanooga landlords are turning to professional property management.
Is hiring a property management company a wise idea? A talented team can help your rental property business in countless ways. Read on to unpack the four greatest perks of having a property management team.
1. Navigating Fair Housing Laws
Why should you hire a property manager in Chattanooga? You can gain access to a professional who understands fair housing laws. These laws exist to stop discrimination in housing so all tenants have equal opportunities.
Property managers stay updated on the latest regulations so they can help landlords avoid legal pitfalls. They can craft non-discriminatory rental policies, handle tenant disputes with sensitivity, and more. A property manager can be your ally in maintaining compliance with fair housing laws.
2. Efficient Tenant Screening
Tenant screening is a critical aspect of stellar property management. A professional property management company can conduct thorough background checks on potential tenants by verifying the following:
- Their rental history
- Employment
- Creditworthiness
This meticulous screening process lowers the chance of renting to untrustworthy tenants. You'll lower the odds of late payments or property damage.
By entrusting this responsibility to experts, landlords can save time. They can ensure that their properties are occupied by the right people.
3. Transparent Property Management Fees
Some landlords may hesitate to hire a property management company due to concerns about fees. An established property management team provides transparency in its fee structure, though. They ensure that landlords are aware of all costs upfront.
These fees often cover these services:
- Advertising vacancies
- Conducting property inspections
- Handling maintenance requests
In the long run, the convenience and time saved by outsourcing these tasks often outweigh the associated fees. Professional property management can also contribute to maintaining the value of your investment, which benefits your bottom line.
4. Effective Property Maintenance
Property maintenance is a demanding aspect of rental property ownership. You need to give a lot of attention to repairs and upkeep.
Landlords can delegate the responsibility of overseeing maintenance tasks to pros. This includes the following:
- Routine inspections
- Addressing tenant concerns
- Coordinating repairs with trusted local contractors
Proactive maintenance works wonders for the longevity of the property. It also makes your renters happier.
When they continue to live there, you'll have lower vacancy rates. You won't have to spend a fortune on advertising, either. It's clear that property management teams maximize rental income.
Do You Need a Chattanooga Property Management Company?
You should never rush into hiring a property management company. You need the right professional team for your unique business. Once you've found reliable experts, your rental property business can soar, though.
Your Chattanooga rental properties deserve the greatest care. Contact PMI Chattanooga to hear more about our available services. We've been in the property management industry for over 20 years.
