Owning a rental property can be an excellent business. It serves as your valuable asset and can generate a good income. In other words, it’s a long-term investment that can reap great rewards.
However, like any business, rental property ownership comes with its fair share of challenges. Some of the biggest challenges are overseeing the property and dealing with tenants. This is where rental professionals can help.
Rental professionals are experienced individuals that can be your assistant or representative in different aspects of your rental business. There are various types of rental professionals, and each has its own responsibilities and focus.
Here is a brief overview of the five most common types of rental professionals and what they can do for you:
A property manager is a professional responsible for the daily operations of your rental property. Their tasks include:
- Managing your property
- Attracting and screening potential tenants
- Collecting rent
- Handling general upkeep and repairs
- Dealing with any tenant issues
Property managers typically work on a monthly fee basis. The average cost of hiring a property manager is around 10% of the monthly rent. So, if your property rents for USD$1,000 per month, you can expect to pay around USD$100 per month for a property manager. However, some management firms generally charge a flat or fixed fee, regardless of the rent payment.
When selecting a property manager, it’s vital to choose someone who’s experienced, trustworthy, and has a good track record. You may read the guidelines published here on finding the best property manager.
Overall, working with this rental professional is a great way to take the stress and hassle out of owning a rental property. It’s also an excellent option if you don’t live near your rental property or can’t spare the time to manage it yourself.
- Leasing Agents Or Consultants
These rental professionals are focused on finding and signing up qualified tenants for your property. They’re responsible for showcasing your rental property, conducting tours, and negotiating leases. They also answer any questions that potential tenants may have.
They also discuss the features and amenities of the rental unit and community, as well as the rules and regulations that tenants are expected to follow. Above all, leasing agents or consultants explain the lease agreement to potential tenants and help them understand what they’re signing up for.
Leasing agents or consultants typically work on a commission basis. That means they only get paid if they can find a tenant for your property. Hence, the pay scale can vary greatly, depending on their skills and experience.
With that said, it’s an excellent option if you don’t have the time or resources to market and show your rental property in a broader area. These rental specialists can help you choose the right tenants for your property quickly and efficiently.
A real estate agent is different from a property manager or leasing agent. They’re usually involved in the sale or purchase of properties. However, they can also help you find the right rental property to invest in.
Real estate agents can help you determine the market value of your rental property, find comparable properties in the area, and negotiate with buyers or sellers. They can also provide valuable insights and advice on making your transaction run smoothly. To sum it up, these agents have a vast network, and they can help you connect with the right people.
Furthermore, if you decide to sell your rental properties, a real estate agent can help you market and advertise them. Since they’re knowledgeable and have in-depth information about the real estate market, they can help you get the best price for your rental property.
A property inspector evaluates the condition of your rental property and looks for potential issues that need to be addressed. They’ll check the building structure, plumbing, electrical, and heating, ventilation, and air conditioning (HVAC) systems. Property inspectors will also check for any signs of mold, mildew, or any damage.
After the inspection, these professionals provide a detailed report of their findings, which you can use to make necessary repairs or renovations. With regular inspections of your rental property, you can catch any potential problems early on and prevent them from becoming more significant issues down the road.
A real estate attorney can help you navigate the legal aspects of owning a rental property. They can review and negotiate your leases, handle evictions, and resolve any legal issues that may arise.
Attorneys can also help you understand the local, state, and federal laws that apply to your rental property. In addition, they can represent you in court if necessary. While you’re not required to have a real estate attorney, it’s always best to consult with one before deciding on your rental property.
Conclusion
As you can see, there are various types of rental professionals you can work with. Each one offers different services and has its area of expertise. When choosing the right rental professional for your needs, it’s essential to consider your budget, goals, and preferences. With that said, working with a qualified and experienced professional is always the best way to ensure the success of your rental property.
