Tenant screening and property management

[Kathy Villagomez]

Hi,

I finally have my first out of state rental and am wondering....

Do I hire a property manager to lease the property and self manage or do I use a tenant screening service such as Rentprep or just go with Rentredi where I get a discount?

The home has been vastly updated so maintenance will be minimal. I have relatives in the area to show the property.  There are already two prospective applicants just by word of mouth.

Does anyone have any experience with either of these programs? Any tips?

Signed Indecisive Ida :-)

[Nathan Gesner]

Property Managers do more than show a house and collect rent (at least the good ones). They understand the law. They know the rent market and can keep you earning top dollar. They have connections with vendors that are timely and do good work at a fair price so you're not scrambling for maintenance. They know how to screen applicants and prevent bad renters from getting in. When a bad renter does get through (or a good renter turns bad) then a good PM will have procedures in place to correct the behavior or remove the tenant. They prevent issues like unauthorized animals or residents, handle noise complaints from the neighbors, drive by and watch the lawn, etc.

There are many investors managing from a distance. Some do well. Most are doing the minimum to get by, probably losing more money than they would spend on a PM, and disaster just hasn't hit them yet.