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02 May The advantages of hiring a residential property manager
In a sluggish real estate market, job relocation to another city is not always optimal for selling a home. Home sales that are forced by economic conditions can remain depressed for years, even after the economy recovers.
While there may be buyers from an investment company who will offer instant money for the home, the loss of home equity may be so severe that the seller is never able to recover his losses.
The Rental Option
Many homeowners in these situations find that renting their homes to tenants offers them the advantage of retaining their equity until they can sell their homes for a reasonable price.
There are often some tax advantages to renting owned properties, too, even while the tenants fund the owner’s bank note with their rental payments. A real estate accountant should be consulted before making a tax-based decision.
Hiring a Property Management Company
One of the traps into which some homeowners fall is the desire simply to be rid of the property and not be hassled every day by cranky tenants and small maintenance issues. They rationalize that they will start over in another city, build up their home equity again, and hope another move does not come anytime soon.
The best answer to this dilemma is to hire a residential property management company.
A property management company represents the owners in all matters so that the owners are completely anonymous to the renters.
Property managers have the advantages of knowing the local market. They advertise the vacancies, show the homes to prospective tenants, and finalize lease contracts without the owners having to be involved.
Companies specializing in real estate management have lists of reputable plumbers, electricians, roofing companies, and other special services that are needed to maintain a property.
Being present in the local community, managers can make periodic inspections to ensure the owner’s investment in the property is retained and maximized.
By contracting with a property management company, a homeowner can lay aside any worries about the hassles of dealing with tenants and having to make trips back to the city to keep an eye on the property. She can move to her new job with peace of mind, knowing that her housing investment is still in good hands.