Where do landlords go to get support in managing their rentals?
The typical lifecycle of a rental home involves a lot of detailed steps to ensure a good return on investment.
Not only does a landlord need to find the right rental housing, but they must make repairs, market the property, fill it with tenants, do move-in and move-out inspections, while also collecting monthly rental payments and any appropriate deposits. Routine maintenance and unexpected repairs also happen during a tenant’s lease. In extreme cases, eviction may also be on the table.
That said, how does one property owner do it all? Even one rental house involves constant vigilance regarding collecting rent payments, being available for maintenance calls, and doing outreach for new tenants if your current ones choose not to renew. And that’s just a fraction of the tasks related to one rental.
To do everything proficiently, a landlord should have a lot of time to manage their rental units so that they stay on top of all tasks and keep their renters happy. Or, they can outsource some tasks (or all tasks) to a property management service.
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Where can Landlords go to get help?
As a landlord, you can get partial or full support from various sources to navigate the challenges and responsibilities of managing a rental property Here are some of your options:
- 1. Property Mangement Companies
- 2. Individual Real Estate Agents
- 3. Legal & Tax Professionals
- 4. Financial Advisors & Accountants
- 5. Various online tools and forums
1. Management Companies/Brokerages for Full Service
Property Management Companies like Marketplace Homes are the crème de la crème of landlord help options. These companies do everything a landlord needs to maintain a rental property. Basically, everything you see in the chart above and more, these companies do. They also take part in periphery support services like offering tax help, financial advice, legal compliance, and the occasional eviction process.
2. Individual Real Estate Agents
If you frequent a local brokerage and have a trusted real estate agent, this pro may have experience in property management. You will meet different agents who specialize in various fields like new construction, property management, buyer representation, or listing and selling homes. Picking an agent who is well-versed in rentals can turn into a fruitful property management arrangement.
3. Legal & Tax Professionals
If you’re confident about many aspects of managing a rental but just need help with more granular tasks like drafting legally sound leases or assistance with tax prep, lawyers and CPAs can be hugely beneficial to you.
Real estate lawyers will help you understand your rights and obligations under landlord-tenant law, draft lease agreements and can handle legal disputes. Meanwhile, tax pros can make sure you keep the right records to maximize your tax write-offs regarding rental expenses.
4. Financial Advisors & Accountants
In rental management, expenses and income file in consistently. If you have just one rental, it may be simple to keep up with, but once you have two or more rentals on different payment and lease cycles, things can get confusing rather quickly.
Thankfully, financial advisors and accountants can help you keep track of expenses and income while offering advice on property investment strategies, tax implications, and financial planning.
5. Various Online Tools & Forums
If you want to semi-DIY your landlord tasks, then you can get advice and automate tasks through a variety of resources.
- Tech Solutions like CRMS: Today there are various property and customer management software platforms available that streamline tasks such as rent collection, maintenance requests, and accounting. Just do a quick search online and you will see all the competition! These tools can make it possible for your residents to automate rental payments through a digital portal, send messages 24/7, and help you keep track of expenses.
- Online Forums: While you must take all online advice with a grain of salt, many landlord blogs have forums or comment sections where landlords can ask questions and learn from each other. Places like Reddit can also offer some degree of advice, but always verify the information you get with a real estate professional.
- Government Agencies: If you need to look up real estate law and regulations, local housing authorities and landlord-tenant commissions can provide information on topics like fair housing laws and landlord rights. However, the most comprehensive advice will come from a real estate lawyer who knows your specific situation.
By leveraging these organizations and resources, landlords can access the support and expertise needed to effectively manage their rental properties and address any challenges they may come across.
Get Support for Landlord Tasks at Marketplace Homes
Marketplace is a full-service property management company and brokerage with the expertise to effectively manage rental properties on your behalf. If you need to take the lion’s share of rental tasks off your plate, give us a call today and we’ll set you up with comprehensive landlord support that will free your schedule and give you immense peace of mind!
