- They haven't read, nor are they familiar with landlord-tenant laws.
Unfortunately, too many people don't take the time to do so, and it ultimately will come back to bite them. Home Rental Services gets it. Reads it. Knows it - Federal laws, state landlord tenant laws, even city laws. From discrimination laws (fines and possible imprisonment for landlords) to proper handling of security deposits. Not to mention the independent attorneys at our disposal.
- They do not conduct credit, background, and former residence checks.
One would think this would be a high priority, but to many, it's not nor do they have the access to do a thorough screening. Not only is credit history, rental history and employment verification important, but have you ever considered that you should also learn if the applicant is a registered sex offender, has a felony or is on the terrorist list? Home Rental Services has a comprehensive and detailed screening process that includes all of these.
- They do not run their rentals like a business.
The fact of the matter is when your property becomes a rental, it is a business and only those who treat is as such will truly be successful.
- They are poor record keepers.
This ties in with number 3. Sloppy records lead to poor profits, lost tax advantages, and possible trouble with tenants and laws. HRS uses industry specific software to create detailed monthly statements and annual accounting, complete with a 1099.
- They do not perform preventive maintenance.
Waiting until something breaks down before it gets the landlord's or renter's attention is expensive, time consuming, and inconvenient for all involved. HRS stays on top of routine maintenance that is often overlooked by people trying to manage the property themselves.
- They jump into property management without knowing anything about it.
It should be that easy, right? Home Rental Services has been managing hundreds of properties in Kansas City since 1989. We focus on single family rentals, not leasing commercial real estate or selling homes. Property management is far more than collecting rent and getting things repaired. It should include detailed inspections, a thorough knowledge of Landlord Tenant Law, 24 hour emergency service (emergencies don't take holidays!) and professionalism in client relations.
- They do not ask for enough rent.
This can be a recipe for disaster. HRS is very knowledgeable of market rents and can help you set just the right rent amount for your home.
- To save money, they hire the wrong people.
Getting someone who charges less to do repair, maintenance and improvements can be the most expensive option in the long run. We've seen it happen time and time again with homeowners choosing to use their own guy to do work! HRS has a list of preferred, professional vendors that we've used for years and trust. Their work is quality and they are at your disposal.
- They don't exchange information with other property owners.
Why do some people continue to reinvent the wheel when so much information is available? Home Rental Services belongs to the National Association of Residential Property Managers (NARPM.org). We have Property Managers all over the country as part of our network.
- They don't improve their property.
Capital improvements such as painting the exterior, repairing/replacing the roof, and installing new doors will always bring excellent dividends to the owner. Too many owners don't take the initiative soon enough. Home Rental Services completes detailed annual inspections to catch needed improvements and make such suggestions.