In Springfield, MO, renters comprise around 58% of the population. Plus, around 97% of the available housing units are occupied. This makes the city an excellent choice for astute investors wanting to earn an income from rental properties.
Owning a home in a popular area of the city and finding tenants isn't a guarantee of success, though. You'll need to put in a lot of time and effort to succeed as a landlord.
Read on to find out what's involved in leasing management and why it's vital for effectively managing your Springfield investment portfolio.
What Is Leasing Management?
Lease management is a comprehensive term that refers to every aspect of a lease agreement. It includes things like lease origination, maintenance of landlord-tenant relations, and compliance with local regulations.
Effective lease management is imperative for maximizing revenue and reducing risk.
Understanding the Elements of Lease Management
Finding and placing reliable tenants in a rental property is always the first step in lease management. In these times of high demand for rentals, you're bound to have no shortage of applications after you advertise your home for rent.
Screening Tenants
The secret is to carefully screen each one to ensure you find quality tenants who can afford to stay in your property for a long time. Once you've found the perfect candidates, you must set up a compliant and fair lease agreement that suits both parties.
Setting Up the Lease
A property manager who has experience with setting up residential lease agreements and managing lease negotiations is a great help at this stage. They will protect you and your tenants from misunderstandings surrounding your rental agreement.
Managing Landlord-Tenant Relations
Positive relations between landlords and tenants are important for encouraging lease renewals. A property manager can help you with several aspects involved in keeping your tenants happy, like:
- Property inspections
- Prompt attention to repair requests
- Routine and preventive maintenance
- Efficient, clear communications
- Convenient rent collection methods
Most property management companies have state-of-the-art technology and software in place to help streamline all the above tasks. They're available around the clock to attend to tenants' needs to ensure their convenience and satisfaction.
When necessary, they can manage rental increases tactfully and fairly.
Dealing with Unpleasant Issues
Effective tenant management only goes so far toward keeping things on track in a rental property. Occasionally, issues may arise that require a firmer hand.
A property manager takes past-due rent collections, lease terminations, and evictions in their stride. They stay up-to-date with local landlord-tenant laws to ensure they act within the law at all times.
This knowledge can help you avoid unpleasant and drawn-out court proceedings.
Experience the Benefits of Lease Management in Springfield
Most landlords find that leasing management is best left in the hands of capable property managers. These experts are well-equipped to handle every aspect of managing your property effectively, saving you time and money.
Hunter Property Management is your first port of call for everything related to your investment properties. We offer a full range of leasing services, including lease origination, property maintenance, and more.
Discover the easy way to maximize your investment properties.
