Double-digit rent growth is gone for now in Nashville. Making your rental properties competitive is even more important than in the last few years.
You may think that keeping your properties "for rent by owner" will lower your costs and help your rentals be more profitable. This isn't necessarily true.
Learn more about the pros and cons of being a private landlord and whether a property management company could have more benefits than you think.
Positive Features of For Rent by Owner
Being a private landlord has some potential advantages for you and your tenants.
You don't pay property management fees. You have full control over your rental properties. You can set your own rental rates and decide on lease terms.
Tenants communicate directly with you, which makes them feel like they're receiving more personalized service. Tenants can negotiate their lease terms if you're open to negotiation. This lets them find a housing solution that better fits their needs.
What to Look for with a Private Landlord
Potential renters are looking for a well-maintained property in a desirable location. They want reasonable rent payments and lease terms.
Your rental properties can fit this description with some effort and organization. Having full control over your properties means being proactive about maintenance and upgrades. You'll need to research rental rates in the Nashville area to be sure yours are competitive.
Downsides of For Rent by Owner
Managing your rental properties yourself gives you more control. However, it means you need to spend a significant amount of time and resources on your property management.
You need to handle all maintenance and repairs. This includes overseeing any necessary contractors. The time to resolve each maintenance request is often longer than with a property management company.
Tenants communicate directly with you, so you must make time to address their concerns.
Legal compliance is another area that can be challenging as a private landlord. You must comply with the law, document your compliance, and file the paperwork on time.
If problems come up with tenants, you have to handle them by yourself. You may need to enforce rent collection or evict renters who cause too many problems.
Benefits of a Property Management Company
Overseeing your rental properties is simpler when you work with the right property management company. You save time and reduce your stress.
A property manager will ensure that maintenance requests and repairs are handled efficiently. You may get better pricing from contractors through the management firm's negotiating power.
A property management company gives you professional marketing services. They will actively look for tenants and screen them to find the best renters. If any tenant issues come up, the property manager will handle them.
Find the Right Property Manager for Your Investment Real Estate
For rent by owner often sounds appealing. However, the benefits of the right property management company usually outweigh the advantages of being a private landlord. You and your tenants can benefit from the expertise a good property manager brings.
GreenTree Property Management has a team of local, licensed property managers who specialize in the Nashville market. Our services cover everything from tenant placement and rent collection to maintenance coordination and tax paperwork.
Contact GreenTree Property Management today to learn how we can improve your rental experience.
