After months of looking at Chattanooga's best neighborhoods for investing, you've finally made your first investment. Now, all you need is to rent it out and wait for your rental income to roll in, right?
Not so fast. You must still protect your investment property, which involves many tasks, from correctly pricing its rental fee to maintenance.
Luckily, you don't have to do these things alone. A property management company can do them on your behalf. Here's how they can protect you, your property, and your rental income.
Price Your Rental Property Right
One of the most financially sound real estate investment strategies is to set aside at least 1% of the rental property value for repairs. You can deduct this money from your tenants' rental payments.
The problem is if you undercharge for rent, which may lead to having little to no repair funds. That may force you to postpone maintenance and repairs, putting your property at risk of depreciation.
A property management company can help prevent those problems with accurate rental valuation. They can determine how much you can reasonably charge for your property. You'll then have enough to cover the costs of property operations, including upkeep, and keep your property in top condition.
Oversee Regular Property Maintenance
Real estate investing isn't a one-time endeavor; it involves ongoing maintenance to protect the property's value, integrity, and safety. You can achieve this goal by scheduling regular property inspections, which let you:
- Catch problems with your property's structure, systems, and amenities
- Address the issues before they worsen
- Ensure your tenants comply with the lease agreement's terms and conditions
If you have a property manager on your team, you don't have to do all those tasks yourself. After all, overseeing and coordinating property maintenance is part of their responsibilities. Plus, they work only with a trusted network of highly experienced and licensed contractors.
Protect You From Evictions
In Chattanooga's Hamilton County, an estimated 18,000+ residents are at risk of eviction. Many can't pay rent, but some also face eviction due to negligence or breaking the lease.
A property management company can help lower the risks of evictions by screening tenants thoroughly. It allows them to choose qualified tenants based on the renters':
- Verifiable source of income or employment
- Good credit score and clean credit report
- Positive feedback from previous landlords
- Criminal background check that shows no severe or dangerous crime convictions
A reliable property management company also provides eviction protection plans. These usually cover tenants screened by the company automatically. They'll then kick in in the unlikely event that you need to evict the tenant.
With an eviction protection plan, your property manager will handle the legal process from start to finish. They'll even cover part of the costs, usually up to $2,000.
Partner With PMI Chattanooga to Protect Your Investment Property
At PMI Chattanooga, we can do more than just price your rental fee right, oversee property maintenance, and screen tenants. You can also count on us for prompt rent collection, accurate accounting, and eviction protection. We also have many guarantees to give you more peace of mind.
So, reach out to us today to learn more about what we can do for your Chattanooga investment property!
