Don't Let Your Rental Property Manage You

According to the non-profit Demand Institute, this year nearly 35% of housing in the United States is now categorized as rental property. In our area as elsewhere, some of these properties belong to “accidental” landlords -- folks who had to relocate for professional or other reasons, but didn’t (or couldn’t) sell. Many others decided to buy investment properties when the prices of homes dropped so dramatically. One way or another, this fall a good many of our neighbors find themselves in the position of owning rental property for the first time.

What all new and long-time landlords have in common is the simple need to secure a trouble-free tenancy – which in many cases means securing professional property management. If you have a rental property yet are on the fence about the cost, some of the considerations that point to a professional for your property management solution look like these:

·   A reputable local property management company knows how to find and screen qualified tenants at the same time they are complying with local and federal Fair Housing laws. It amounts to protecting you from potential lawsuits.

·   Reputable property managers will take care of rental collections, protecting the cash flow that makes your investment worthwhile.

·   Tenants who are handled professionally tend to stay longer – and that cuts down on costly turnover expenses.

·   Experienced property management companies make sure that repair and maintenance work is completed promptly by licensed and insured professionals. This protects your asset while minimizing potential liability.

Property management may not seem to be the lowest cost solution, but for landlords who cannot spare the time to manage their property legally and carefully, finding one of the stellar property management companies in Evansville the best bet to protect that underlying asset and keep cash flowing.  If you are one of those new ‘accidental’ landlords or are considering buying or selling an investment property, I am happy to share some of the best contacts in the industry! You can reach me on my cell phone at 812-499-9234.