Having rental investments at the Virginia Beach Oceanfront presents a great opportunity for financial gains. If you have just one or two properties, then things are manageable. However, what if you are not local or if you want to free up your personal time? This is when having a property manager can help you take a load off and no longer fret the small details.
Read on to find out the 4 reasons why you need a property manager for your oceanfront investments.
Reason #1: Property managers take care of all the details.
When you manage your own property, everything—from the processing rental applications to moving out the tenants—is your responsibility. This means that anything from service calls to complaints will come to your cell phone anytime, wherever you are. You are also responsible for responding to those needs in a timely manner.
It is easy to get lost in the details when you are juggling various responsibilities like work and family along with your properties. This is why a property manager, who is a trained and experienced real estate professional, can take the weight of these responsibilities off your shoulders. For example, property managers are adept at processing paperwork, receiving rent checks, responding to phone calls, and conducting the initial walk-through and moving out process.
Reason #2: Property managers cover your legal bases.
The Fair Housing Act states that no tenant should be withheld housing based on discrimination. As a landlord, it is your responsibility to handle applications as they come and treat all applicants fairly. Since oceanfront properties are in high demand, you can easily get multiple applications for an upcoming vacancy, which requires you to handle the situation with utmost care.
Because you are likely not a licensed real estate professional, is possible to say or do something during the application process that unknowingly qualifies as discrimination, as harmless as you may think your actions are.
A property manager, on the other hand, is a real estate professional who can take care of every detail of your applicant screening process. He or she will make sure that everything is done by the book so you will stay in compliance with all upstanding laws—protecting you and the rights of all your future tenants.
Reason #3: A property manager keep things professional.
Having an intermediary between yourself and the tenant places every transaction in a professional context. As a landlord, you are emotionally as well as financially invested into your property, whereas a property manager will be able to have neutral interactions with the tenants in the case of unexpected situations. When tenants submit rent checks or have a need, they are aware that the property manager is the point of contact who will help them in a timely manner.
This system helps everything operate like a well-oiled machine, keeping everyone happy.
Reason #4: Property managers are there when you aren’t.
If you want to go on vacation or not have to face the possibility of a late night service call, then you need a property manager. If you move out-of-state as well but want to keep on benefiting from your passive income, then your property manager can keep things running wherever you go. He or she will be your local advocate as well as act as your eyes and ears, updating you on the condition of your property. In addition, tenants are likely to be on their best behavior when they know the property manager is local and can check up on them during the scheduled inspection dates and times.
As you can see, a property manager is well worth the commission he or she receives. Not only do you save time and stress, but you also gain the freedom to travel and peace of mind.
To find out more about our property management services or have any other real estate needs, contact us.