Having a rental property comes with a lot of responsibilities. Whether it is taxes, legalities, cleanliness, or others, your rental property can cause more headaches than you bargained for. The best way of dealing with your rental property is not always clear-cut because a lot can depend on the kind of property in question, what your goals are with the property, repairs, fixes, and renovations. A property manager is a person that is professionally trained to deal with these issues and ensure a positive outcome for you (the property owner) and the tenant.
The COVID-19 pandemic has brought the discussion of property rights to the forefront. The United States has always had strong protections for landowners and their property. During the COVID-19 pandemic, many states passed rent moratoriums that allowed renters that were struggling with finance to skip their rent for a few months. Some states, like California, extended that rent moratorium until the late summer of 2021. Some of these provisions required renters to pay 25% of the rent and had them sign a legal document under penalty of perjury, that their financial struggles were related to the pandemic. For some landowners, this provided some recourse when dealing with tenants that may have been taking advantage of the situation.
Other provisions made it very difficult for property owners to bring a tenant to court, except if the tenant was endangering public health. This provided property owners little options in the state to claim anything against a tenant not paying rent or damaging the property. In February, the Los Angeles Times reported that an estimated 9.4 million households owed an average of $5,586 in back rent and utilities, which averaged out to $52.6 billion. Many began to wonder about the rights of property owners and why it is so important to be informed and active as a landlord, as well as why property managers make your life easier.
Property Rights: Protecting What You Own and Doing Things Right
For any landlord, having a bad tenant that ends up destroying or damaging property or goes months without payment is one of the worst possible outcomes. That might be the single biggest reason why people seek the help of a property manager. And while this is the central role of the property manager, there is so much more value that a trained property manager offers. They navigate and manage other rising concerns with the property including emergency repairs, regular needed repairs, maintenance, and more.
So here are the central responsibilities of a property manager:
#1 Searching for new quality tenants
The right tenants don’t always come knocking on your door. The onus is on the property manager to advertise and find the right tenants to fit the property to hold up their side of the bargain.
#2 Tenant screening
Ensuring that your tenant is well screened and that they have undergone the necessary procedures and background checks. Finding tenants that have a stable income and no history of bad payments or evictions can save a lot of time and headaches down the line.
#3 Coordination of vacancy and tenant turnover
It often happens that tenants may decide to vacate the property and landlords are not keen on having their rental property sit abandoned for months on end. When this happens, the property manager will step in to ensure there is a new process underway and the property is being adequately advertised to attract new tenants.
#4 Keeping up to date with landlord laws and changes
As mentioned above, the pandemic in 2020 created a lot of confusion as to what was happening with many rental properties and renters. This had many landowners and landlords unsure of how to proceed as the government imposed moratoriums and changed laws, etc.
What Do Property Owners Need to Know About Renting Out Their Home?
A property manager is more than a middle man. They guard the property and ensure that any legal action against the tenant is handled adequately. A property manager worth their salt understands the local real estate laws pretty well and is familiar with the current state of the housing market.
Choose a Property Manager that Keeps Your Best Interest in Mind
Every landlord and property owner is different. You want a property owner that you can communicate with and who is passionate about representing your interests. At Reliant Property Management, we want property owners to feel at ease with their property and the tenants that occupy them. It’s not easy to find good tenants, but the right efforts from your property manager will make the difference and ensure your rental property is adequately cared for and your desires are represented in the contract and contract terms.
Ready to find a property manager that will make the best of your rental property? Call to find out more and see the difference with professional property managers.