Realtors are talented professionals who are skilled at buying and selling properties. If you have a friend or family member who is a licensed realtor, they can probably advise you when you’re thinking about moving or buying your first home. However, when you have a property to rent, you don’t want to rely on a real estate agent or someone who has a limited knowledge of real estate and the property management industry. You want a professional who can expertly handle the leasing and management of your investment.
Legal Requirements and Codes
The Texas Property Code has a number of sections that deal specifically with rental properties, tenants, and landlords. Most Realtors aren’t familiar with the legal requirements that come with renting out a home. They may not know how the fair housing laws or the Americans with Disabilities Act and how those requirements impact your job as a landlord. When you turn your property over to a professional manager, you can be sure you’re working with someone who keeps up to date on the laws in the state, country, and city where your home is located.
Tenant Screening
Tenant screening is one of the most important things a property manager can do for you. It’s critical for the protection of your property and your rental income that you find a good tenant who will pay rent on time and take care of your home. Professional management companies have resources that produce thorough screening results. We check credit, criminal histories, landlord references, employment, and income. Your Realtor may not have the tools that are necessary to properly screen a tenant and check things like nationwide eviction records. Strong Rental Agreements Any questions, disputes, or problems between you and your tenant will go back to your rental agreement. You need to have an excellent WRITTEN lease in place. If the real estate agent you know has never drafted a lease before or doesn’t know what has to be included, you could be taking on a lot of liability.
Rental Negotiation
A Realtor is going to be skilled at negotiating the price of a house on the sales market, but when it comes to rentals, things are a little different. A Professional Management Company keeps statics for days on market, lost revenue and generally tracks more information to share with the landlord. You need someone who can price your rental property competitively and work with tenants to ensure a smooth and fair leasing process.
