So your home has been on the market for a while and it’s not selling? Perhaps you’re being transferred to another city and must report to your new job next month. Maybe you’re taking a two-year work assignment in China, and you’re worried about not being able to purchase a comparable home that is affordable upon returning from overseas. A great option is to rent your home.
How can renting benefit you?
In these cases, renting your home can lessen your financial burden and may even be a profitable venture. The cash flow provided by your rental income, combined with landlord tax breaks, could even help you qualify for a mortgage in a new destination. In addition, your home may continue to build equity as each monthly mortgage installment will reduce the amount of principal owed, all with someone else’s money (your tenant’s rent payments).
What’s the easiest way to become a landlord?
While renting your home might make sense for your bottom-line, managing it as an investment property can be tedious and time-consuming. A good property management company can eliminate the headaches that can occur in dealing with tenants and the issues of managing the property efficiently. Services provided by property management companies can vary, but a full-service approach to the business tends to be the best for homeowners. A quality full-service property management company will provide you:
- Thorough screening of potential tenants
- State-of-the-art screening, including checks on credit, criminal and rental history background
- An easy-to-use management system just for owners
- Generally, a web-based system that provides 24/7 access to online statements, documents, inspection reports and work orders related to your investment property
- Speedy rental payments
- Rent collection and distribution directly into your bank account
- Oversight of any property maintenance items
- Access to a network of licensed and insured vendors who can keep the property well maintained, attracting qualified tenants and protecting value of property
- Interim inspections to verify your tenants are properly caring for your home
- Managing all tenant interactions
- Oversight and management of rent collection and maintenance requests
If you’re thinking about renting but have questions, feel free to reach out to our team at Long & Foster Property Management. You can find us online at www.LNFPM.com or call us at 1-703-877-7700.