How Can a Property Management Company Help with Your Rental Property?

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Provided by Freedom Property Management and Sales

Having rental properties can be an excellent investment and a dream come reality for many property owners. Some owners choose the DIY landlord approach to managing their rentals.

Here are a few reasons why smart landlords choose instead to work with a professional to lease and manage their rentals.

#1 The Legal Aspect

Each process of renting comes with complications and ramifications, both for a landlord, and for a tenant. As a DIY landlord, do you know which is which?  The legal aspect is the most common serious pitfall and here is why.

  • How do you know that your leases are legal?
  • Is the correct language included in your lease?
  • Do you need a smoke alarm certification?
  • Have state and federal Fair Housing Laws been adhered to?  

Oftentimes, landlords unintentionally violate laws and regulations during the application, screening, leasing and managing of their investment property.

For instance, what is the proper way to collect rent and what is the right way to react if the tenant won’t pay rent? How does a landlord handle an uncooperative tenant?

Maybe changing the locks and locking the tenant out seems like a good idea. But it’s not legal. There is a proper process to follow.

Here are other processes that all have a legal process and ensuing ramifications:

  • Tenant application and screening
  • Rent delinquency
  • Lease violations
  • Maintenance and repairs
  • Terminating tenancy
  • Security deposit processing

In many states, a professional property manager has to be licensed, they need to take continuing education, stay on top of changing laws, and they are held to a higher standard by the Realtors’ Code of Ethics and DPOR License Regulations.

More Resources at Your Fingertips

Property Management companies have access to a variety of resources. Relationships with local Realtors will help to get the property rented sooner, quality and well-priced contractors will quickly address repairs and eliminate those headaches. Additionally, most have legal resources through national and local trade associations, boards and affiliations for covering due process that is necessary.

Fewer Headaches

An expert property manager is going to take the burden of managing your property off your shoulders by having systems in place to efficiently collect rent, handle routine maintenance calls, minimize emergencies, stay on top of changing landlord and tenant laws and enforce leases.

Your Rental is a Business

Did you know that separate escrow accounts are necessary? That you need to keep detailed records to protect yourself if a tenant would ever file a claim against you? That educating yourself with changing laws is a must? Common downfalls of DIY landlording include not keeping accurate records and payment histories, including reporting income on tax returns.  Property Management Companies keep detailed records and provide end of year statements to their landlords, plus applicable IRS reporting.

Routine Inspections

To confirm tenant lease compliance and stay on top of essential maintenance, property managers perform routine inspections. Inspecting the rental property also assists in keeping vacancy time minimal by identifying turnover maintenance well ahead of a tenant move-out.

What Can Your Home Rent For?

Property management companies have access to online data and industry services which will give current market rates for setting rental amounts. You may have a long-term tenant in place that you need to bring your rate amount to current. Property management companies can navigate these nuances and protect the landlord’s interest. Currently, rental properties are in high demand and there is limited rental housing inventory. It is very important to know what your home can feasibly rent for in this market.

Overall, there are endless benefits to working with a local expert in the market, a professional property management company. Please call 703-330-1776 to set up a time to talk to Freedom’s property manager to get all of your questions answered.

About Freedom Property Management & Sales

Freedom property managementFreedom Property Management & Sales is a Manassas-based real estate firm that can help you to rent your home or buy or sell this year. From military and government moves, to investment purchases and rightsizing, they can answer your real estate questions. Call anytime at 703-330-1776 to discuss the market and questions you have with your home. Led by Broker Tiffany Izenour, Freedom Property Management & Sales brings an excellent full staff to meet your real estate needs.

Freedom would like to express grateful thanks to the greater community for the 2023 business award nominations in two categories:

Community Outreach Award (1-10 Employees) 

Excellence in Small Business Award (1-10 Employees)

Awards will be named at this year’s Prince William Chamber of Commerce Business Awards Ceremony February 23rd, 2023.  

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