Wilmington has an ideal real estate climate for profitable long term rentals. Many people invest in a long-term rental property expecting a reliable monthly return. However, attempting rental management without the proper resources, time and legal know-how can be truly disastrous for landlords. Mismanagement can result in loss of money or, in the most extreme cases, serious legal trouble. To maximize your ROI and protect yourself against the risks of renting your property, long-term rental management is the solution. Here are a few reasons why you should hire a management company, such as Network Real Estate, for your long-term rental property.
So what exactly does a long-term rental management company do for you? Put simply, your management company will handle virtually every step of the process, from exposing your property to prospective tenants to drawing up the paperwork. The process begins with an assessment of your home, in which your rental managers work with you to create a monthly rental estimate, and go over any repairs that need to be made before the home can be rented (this is primarily a preventative measure against any future legal issues). Once your home is tenant-ready, your rental company will go to work advertising your property on qualified websites, search engines, and even print media. The advertising benefits associated with a long-term rental management team are significant, ensuring your property receives adequate exposure and attracts worthwhile tenants.
Your long-term rental management company will also screen tenants on your behalf. The legal process of screening a tenant can be complicated, so leaving it to professionals is another way to safeguard your investment. Your rental company will perform a background and credit check, as well as contact personal references and verify work status. One of the many benefits of working with Network Real Estate is that we don’t charge our property owners a management fee until we’ve secured a tenant for them. Our team works to obtain the most qualified applicants, and keeps you informed at every stage. We will also collect rent and security deposits on your behalf, and provide a thoroughly documented inspection of your home before your tenant moves in to prevent damage disputes.
Another important reason to manage your property through a rental company is the legal stakes involved in renting a property long term. Rather than shooting in the dark with lease templates from the internet, your rental company will be able to draw up a comprehensive, legally sound lease that is specific to your property. The lease will serve as the binding contract between you and the tenant, and is the first line of defense against bad tenant behavior. Network Real Estate handles property lease preparation and renewal that follows federal and state laws to the letter. Perhaps most importantly, working with a rental management company ensures that you are entitled to professional legal representation in the case of eviction lawsuits. Your rental manager will follow the proper procedure under state laws in order to minimize risk to you and your investment.
Network Real Estate has an experienced team that can manage your long-term rental property. Contact us today for a consultation and to get started on increasing your investment.