Misconceptions Owners Have About Renting Their Home
Thinking about renting your home but worried it will be more work than it’s worth? If you’re contemplating handling everything yourself, it might be. You may be working full time and have other life obligations that make becoming a landlord feel unmanageable. However, there are some common misconceptions about rental properties, and a property management company can be really beneficial. Read on to find out more.
Misconception #1: Finding Good Tenants is Hard
If you decide to become a landlord, you have to figure out ways to advertise your home to potential renters. While you might get lucky and find someone through a friend, there’s a good chance you’ll have to invest time and possibly money in reaching a broader network of people. Also, you’ll have to spend time showing your home and evaluating applicants.
However, if you work with a property management company, we’ll take care of this for you. We list your home for rent through our extensive local networks, various online platforms, and advertise it effectively. In addition, we meet potential tenants, provide walk throughs, and thoroughly screen applicants to check their background and credit, and past rental payment history. It’s our job to find the most qualified tenant, and this is a responsibility we take very seriously.
Misconception #2: Determining Rental Rates is Complicated
For those who don’t have experience in real estate, figuring out how much to charge for rent might feel daunting. You don’t want to underestimate the rent and miss out on potential income. On the other hand, you don’t want to overestimate it, leaving your home vacant for an extended period of time.
Here at Windermere Property Management, our property managers live right here in Kitsap County and know the local market very well. They will help you determine a competitive rental rate using local market data, current market conditions, and the value of your home. In addition, we’re responsible for answering tenant questions and fielding calls – one less thing for you to do.
Misconception #3: Renting Makes Selling a Home Harder
Some homeowners believe that renting their home will make it harder to sell later. This is a common misconception.
Preparing your home to
rent prompts you to make improvements and minor upgrades that you may have put off. This includes things such as deep cleaning, replacing hardware, purchasing new appliances if necessary, and adding a fresh coat of paint. These efforts will make your home look more attractive to renters and it will be easier to sell later.
Additionally, renters help call attention to maintenance issues. Addressing these issues consistently maintains your home at the level buyers require, making it ready to sell in the future. Plus, working with a local property management company makes all of this extra easy. We’ll help you identify the most cost effective ways to prepare your home for the rental market. And, we’ll deal with any maintenance issues that arise. We have an extensive list of vetted and experienced contractors. Our electronic work order system streamlines the process so we can resolve issues quickly and keep you in the loop.
Misconception #4: Renters Won’t Take Care of My Home
Many homeowners worry about renting to someone who doesn’t take care of their home. The vast majority of renters take good care of rental homes because they’re living there and for a time, it becomes their home. If you’re not able to properly screen each candidate, it can be harder to find great tenants on your own. We have an extensive screening process to prevent worst case scenarios. By running credit and background checks, checking references, and meeting potential tenants in person, we do this important work for you.
Misconception #5: Renting Isn’t Worth It
Sometimes homeowners feel overwhelmed by the idea of renting out their home and think it’s simply not worth the hassle. If you’re considering handling everything on your own, this can become a reality, especially when it comes to collecting rent, and maintaining long-term tenants. The last thing you want is your house sitting empty while you are still paying the mortgage and other costs.
By working with a property management company, you don’t have to worry about these things. In fact, we can actually
help increase your profits. By using an in-depth screening process to find the best renters and reduce the time your home sits vacant, we make sure your investment property maximizes profits.
Additionally, skilled marketing, accounting, collections, and disbursements are handled ethically and efficiently.
Misconception #6: Property Management Companies Lack Customer Service
Homeowners often worry that a property management company won’t provide the customer service needed to properly care for their home. This really comes down to the philosophy of each company. At
Windermere, we treat all of the properties we oversee as if they are our own. Each of our property managers works hard to provide the highest level of customer service and protect each homeowner’s investment. As
Property Manager Bobbi Neal explains, "Property management allows me to develop a long-standing relationship with my owners. Many have worked with me since the very beginning. Their trust in managing one of their most valuable investments is something I do not take lightly. There is nothing I love more than owners referring me to their friends and family."
Clear, consistent communication is very important to us. We offer a Tenant Portal and an Owners Portal so issues and questions can be addressed quickly and securely. For owners, we provide online on-demand access to your statements, and tenants can pay safely and quickly through our online payment options.
If you're now feeling more confident about renting your home,
Windermere Property Management/West Sound is ready to assist you. To get started, contact one of our
expert property managers today.
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