Many property investors embark on their journey as landlords, believing it's an easy way to profit from their investment.
After all, all you need to do is find tenants, collect rent, and perform maintenance when needed. How hard can it be?
When things go smoothly, renting your home is a great way to maximize your investment. Unfortunately, one bad tenant or a serious leak in the middle of the night can seriously erode the value of your investment property.
Keep reading to discover how effective property management can help protect your rental property and preserve its value.
Protection From Bad Tenants
Bad tenants are a landlord's worst nightmare. They don't pay their rent on time, damage your property, and often violate other lease agreement terms. Some might even conduct criminal acts in your home.
Hiring a property manager helps you avoid bad tenants thanks to careful, legally compliant tenant screening practices and routine inspections. Tenant screening helps ensure potential tenants can afford to maintain their rent payments, while inspections have two benefits.
Firstly, routine inspections help you check whether your tenants are fulfilling their part of the lease. They're also essential for checking up on maintenance issues.
Protection from Major Damage
Detecting and rectifying small property maintenance problems can prevent larger issues later on. For instance, fixing a small roof leak may help prevent further roof damage necessitating a replacement or extensive property damage from extreme weather.
Tennessee has an implied warranty of habitability, which means the landlord must maintain the premises in a reasonable condition. Failure to do this can result in your tenants refusing to pay rent or suing you for damages.
Protection from Legal Issues
Aside from the warranty of habitability, there are many other laws governing landlord-tenant relationships. Your property manager is up to date with all the local legalities, so you don't inadvertently break any of these rules.
This saves you from costly lawsuits and protects your reputation as a landlord. Tenant screening helps decrease the likelihood of being involved in a costly eviction lawsuit.
Financial Safeguards
Property management firms have state-of-the-art rent collection and rental property accounting systems in place. These ensure you receive your rent on time and help you keep track of your income and expenses.
A property manager has the knowledge and connections that help keep your expenses low.
They have long-standing relationships with local handymen to ensure timely service and the best rates. They spread maintenance work over the year, so you don't incur numerous expenses at once.
Do the Right Thing for Your Investment Property
Whether you're a Nashville resident or a distant landlord, hiring a property management firm is the best way to ensure your investment retains its value and appeal.
Green Tree Property Management can help you with the necessary tools to protect your investment property in Nashville, Tennessee. We offer a full range of property management services, including rental property marketing, accounting, rent collection, and property inspections.
Get the peace of mind you need today by reaching out to our team of property experts.
