It's no secret that the rental market in the US is hot. With over 44 million renters in the country, investing in rental property is a great way to generate income for the future. The only caveat is that there are a ton of responsibilities that come alongside owning rental property.
One of the best ways to ease the stress of those responsibilities is to enlist the help of a property management company. Read on to learn about some of the biggest reasons why you should hire a property management company today!
1. Tenant Screening Resources
One of the most difficult things to do as a property owner is to find high-quality tenants who can afford to live in your rentals and won't cause a ton of damage while they do. The best way to do that is through tenant screening. If you're running everything yourself, however, you likely don't have access to the latest screening software.
Property management companies, on the other hand, have the best tenant screening software at their fingertips. Not only can they get access to things like credit history, employment records, and a criminal background check, but they can do it quickly. This means they'll find quality tenants fast.
2. Boost Your Tenant Retention Rate
After putting in the work to find a tenant, the last thing you want to have to deal with is losing them and reletting the apartment. Turnover happens, and with it comes a host of responsibilities and additional costs. This includes repairing damages, changing the locks, and finding new tenants.
Skilled property management companies have plenty of ways to keep tenants from moving out of your property. They'll also keep existing tenants happy, so they won't even dream of moving out when their lease comes up for renewal.
3. Make Legal Issues a Breeze
One of the most difficult issues to tackle when it comes to managing rental property is all of the associated legal obligations. For starters, nearly all landlords are required to adhere to the laws laid out in the Fair Housing Act. New York takes those obligations even further through legislation like the Housing Stability and Tenant Protection Act of 2019.
If you don't have an in-depth understanding of state and federal housing laws, it's easy to accidentally violate them. Thankfully, your property management company has a thorough understanding of them, and they can help protect you from unintentional violations. They can also assist with other common legal actions like collections and evictions.
Are You Ready to Hire a Property Management Company?
Owning a rental property is a fantastic way to generate income, but it also comes with a host of responsibilities, especially in a state like New York. Hiring an experienced New York property management company is one of the best decisions you'll make as a property owner. You'll get the benefit of owning rental property without the stress of acting as a landlord.
Are you a property owner looking for an incredible NY property management company to assist you with the management of your rental property? Contact Veno Properties today to learn about all of the services we provide!