If you are owning a property that is open for rent, you must have tried to hire tenants on your own, at first. How was your experience? Tenant hiring work is a tedious, hectic & frustrating task. But some people still choose to do it because of the merits it possesses; while others consider hiring a realtor to omit the disadvantages of finding tenants on their own. Ohh! It’s confusing, Right?
Such is the purpose of this blog - ‘To clear your confusion about whether or not to hire property management services.
Let’s get acquainted with the pros & cons of finding tenants without a property manager.
Savings! Savings! Savings!
If a property owner takes on himself the task of finding the tenants, he can save a lot. Obviously, he doesn’t have to pay the commission to the property manager, so he’ll save the amount and invest it in something more productive.
Screen Until Satisfied
A property manager may not be able to do the screening as a landlord may want. He only aims to find the tenants as early as possible, so that he can get his commission. But if a property owner himself is doing the task, he’ll screen them on every possible ground to make sure that they do not come out to be a cause of any harm or danger in the future.
Thorough Knowledge About Property
Those who own, know it the best. A property manager may have hardly visited the place twice or thrice, but the owner has counted every brick of the property during its make. So he knows the property much more than the realtor does. In that case, he would be the one who can guide the tenants about the property thoroughly.
Not hiring the property manager requires you to put a lot of the time in the process. You may miss out on the things that require your time & attention. In that scenario, hiring a property manager is the best thing.
Wait! A lot of it!
If a homeowner can wait patiently and for a long time, then he should definitely go ahead & burden himself with the target to find a suitable tenant. But he must remember, there’s no limit to waiting. It could be days, weeks, months & years. But counting on property management services will help him find suitable tenants within a few weeks.
Since a landlord neither is a professional property manager nor does he have a broader reach in the market to find suitable tenants. There are chances that he may run into a harmful tenant, who will seem fine & nice in the first meeting and his real face will be revealed sometime when he comes up with something that’ll harm the unit owner, his family, or the entire property he owns.
A house owner can eliminate this potential risk by counting on a professional property manager, who knows the right way to do it through a history check of the tenant.
What if a landlord doesn’t want to
Well, we have the solution for this - tenant management software. It is designed for busy home owners who don't want to spend money each time a tenant leaves their property and they need to find suitable tenants to keep the flow of passive income active. They need to pay a minimal subscription fee that is far less than the commission to be paid to a realtor.
Besides, a property owner will not be directly involved in the process of tenant finding (through marketing and ads); rather the people who are finding places for rent will submit their applications in the software which will reach the unit owner.
This software will save much of the time that a property owner would have otherwise wasted on creating screening clients, lease agreements, and documentation. This software will make things easier for them as everything is automated and requires a couple of clicks to keep the flow going.
Last, but not least, this software can send reminders to tenants that the rent-paying date is nearing. It'll keep on sending reminders until tenants pay rent. The rent payment receipt will be auto-generated and sent to tenants as soon as they are clear with their dues.
Now, That's a wrap!
We won’t suggest you find tenants on your own if you aren’t a professional property manager. Nor do we suggest hiring the property managers as they may charge you a lot. What we suggest is - using tenantden’s property management software, which will require you to pay only one time and will keep on benefitting you throughout your life or until your property is available for rent.