Renting out a home in Nashville is a great way to generate some extra income and build up equity. But not every Nashville property is managed the exact same way. Some neighborhoods are quiet and full of long-term families, some are lively with students, guests, or tourists. Each landlord also has their own business to manage and a unique portfolio of homes on the rental market.
It may or may not be practical to personally handle every single property and care for each tenant. Even for highly profitable properties, one person can only do so much. In some cases, it's much more practical to hire a property management service, this way, you can benefit from your investment property without running yourself ragged with maintenance and tenant selection.
Here are the top five situations where property management is the practical choice for your Nashville rental homes.
1) You're Landlording for the First Time
First-time rental homeowners don't have to dive head-first into the housing market. There are a few important regulations and best practices that are vital for preparing a home and then correctly providing for tenants. A property management team can help you get started on the right foot.
We can ensure that each rental property has all the right paperwork, is up to code, and looks sharp for your first applicants. Some services like ours even provide marketing and tenant screening to ensure that you don't have to worry about finding a great first renter.
2) Your Rental Home Portfolio is Growing
On the other end of the spectrum are investment homeowners who are growing the number of properties in their portfolio. If you already have the rental business down to a T and are buying new Nashville homes to rent, you've also come to the right place!
Working with a property management team can distribute the work load of caring for multiple properties at once. You can manage your portfolio of properties from the top while we take care of the day-to-day responsibilities. We'll handle tenant repair requests, maintenance, and the tenant turnover gauntlet while you continue growing your portfolio and spending your extra time focusing on what really matters.
3) Your Tenants Tend to Turnover Quickly
Some neighborhoods in Nashville are more lively than others, and this can be very profitable for landlords with centrally-located rental homes. If you're experiencing a high velocity of tenants both leaving and eagerly lining up to rent, this can be great for your business. But it can also be awful for your schedule to handle the tenant turnover process every 6-months to 2 years for each fast-moving property.
By working with a dedicated company of property managers, you can make sure that fast-paced landlording gets done on time, every time. No delayed repairs or upgrades, and your homes or apartments will be turnover in a flash, ready for the next eager renter to move in.
4) Your Homes Have Become Student Housing
Nashville is also home to several renowned colleges and universities. Neighborhoods near any campus tend to transform into student housing. Students can be a rewarding group to rent to, but they can also be a handful. University students are oftentimes renting for the first time and don't necessarily know how to be responsible tenants yet.
Students also have the tendency to put you through the wringer when it comes to things like sub-leases and inconsistent, and oftentimes self-inflicted, maintenance requests. While renting to students can be a real headache for a solo landlord, this is something a property management team is prepared for. A property manager can help everyone by acting as a buffer. Your manager can answer the phone, talk students through basic repairs, and keep track of roommates on the lease so you don't have to.
5) You're Too Busy to Handle Routine Landlord Chores
Then, of course, there's the fact that life sometimes gets in the way of managing your properties. Maybe your career kicked up. Perhaps your family is in need of your undivided attention. Or maybe your portfolio's gotten bigger than you have time to handle. Any time a Nashville landlord needs to offload a little work, property management his there.
Whether you need landscaping and regular maintenance taken care of or someone to find and screen new tenants, working with a property management team is the answer to your scheduling needs.
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Renting homes in a lively city like Nashville means that it's often more practical to work with a team than to do everything by yourself. If any of these situations sound like something you're dealing with, contact us today. Our team of property managers and home maintenance experts can help you decide exactly what kind of property management will help your investment portfolio.
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