Most people would say their house is the most expensive thing they own.
However, if you own a rental investment property, then it may cost as much or even more than your home. With a lot of money on the line, the last thing you want is to rent out your property to "bad" tenants. These include those who'll have trouble paying rent on time, fail to uphold their renter obligations, or worse, use your rental as a site for criminal activities.
Fortunately, property management professionals can help protect you, your property, and your bottom line. Here's how.
Thoroughly Screen Tenants
Landlords file an average of 3.6 million eviction cases in the U.S. yearly. Non-payment of rent is the leading reason, but lease violations are also common. Some landlords have even found themselves evicting tenants who've committed criminal activities.
You can minimize the risk of having such renters by hiring a property management company to assist with tenant selection. Through their comprehensive tenant background screening process, they can determine the following:
- Prospective tenants' identity
- Income and employment status and history
- Criminal background
- Rental history and past evictions
All those checks can help protect your property from renters with a high likelihood of failing to pay rent or breaking the lease. Likewise, they can protect you, your other tenants, and your neighbors from potential tenant crime.
Provide Eviction Protection
Evictions can still occur even after your property manager expertly screens all tenants. They may happen when tenants can no longer afford their rent due to a sudden job loss. An example is the COVID-19 pandemic, which caused around 114 million people to lose jobs in 2020.
Property management experts can mitigate some of those risks through eviction protection. With these services, they'll handle evictions on your behalf, including but not limited to:
- Serving tenants with the appropriate eviction notices
- Filing a court case
- Handling the repossession of your property
- Recovering rent and other amounts owed by the tenant
That makes having an eviction protection plan one of the most practical real estate investment strategies. So, consider partnering with a reputable property manager as early as today.
Coordinate Property Inspections and Maintenance
As a landlord, you must ensure your property satisfies all building codes. These codes protect not only your property but also your tenants and community. They exist to reduce safety risks, such as plumbing and electrical hazards.
Meeting those codes requires timely and regular property inspections and maintenance. Worry not, as an experienced property manager can handle these tasks for you. They work with vetted, licensed vendors who can help keep your property in top shape.
Let Oak Trust Properties Safeguard Your Investment Property
Now that you know how professional property management can help protect your investment property, it's time to look for one you can count on.
If you're in Summerville, SC, look no further than Oak Trust Properties. Our highly experienced property management company specializes in client-centric solutions tailored to your needs. As one of our loyal customers says, "Oak Trust has provided awesome management for our property for over five years."
So, speak with us today! We'll happily give you a free consultation and real estate market analysis.
