You know there’s a risk involved in owning residential real estate and renting investment properties out to tenants. It’s rare that this happens, but you might end up with thousands of dollars in damage left behind by a tenant who seemed reasonable and responsible.
If you’re wondering whether it’s time to hire a property manager for your St. Louis rental property, consider some of these points.
For some St. Louis rental property owners, the turnover process between tenants can take as little as 24 hours. For others, there are weeks and even months of repairs and renovations necessary in order to return the property to rent-ready condition.
Every St. Louis rental property goes through a turnover process where one tenant moves out and the property is prepared for the next tenant. During that turnover period where the property is vacant, you’ll take care of repairs and maintenance. You might even make some updates and upgrades so you can attract high quality tenants or earn more rent. Part of getting your rental home ready for a new tenant is cleaning.
Providing a pet-friendly property can often be beneficial for St. Louis landlords. You’ll find that your vacancy rates are lower because of the overwhelming majority of tenants who have pets. You’ll also find that you can charge a bit more for your home, by utilizing pet fees and pet rent. Good tenants are willing to pay a little extra if it means their furry friends can move in with them. As long as you have a strong pet policy in place, you can have a successful and profitable rental experience by allowing pets.
We have often advised St. Louis rental property owners about the importance of inspections. By conducting routine property inspections, you can save money on maintenance costs. You can also document the condition of your property and ensure your tenants are following the terms of your lease agreement.