There are a lot of scary situations when you’re renting out a home. There’s always the fear that tenants are engaging in illegal or dangerous activities. You might worry that rent won’t be paid next month or a hurricane will sweep through the state and demolish your investment.
It’s easy to get wrapped up in the what-ifs. When you’re working with an excellent team of property managers, you don’t have to worry so much. We protect your home and your interests, and we make sure it’s in good condition.
We also work with licensed and insured vendors and contractors whenever maintenance is needed.
This is critical because one of the most expensive mistakes you can make as a rental property owner is hiring vendors who aren’t licensed or insured.
Here are some scary truths.
You’re Putting Your Residents at Risk
You screen your tenants carefully because you want reliable, responsible people in your property. If you’re not screening your vendors just as carefully, you’re putting those tenants at risk. Unprofessional people who offer to do work for you at a much lower rate might seem like a great idea – you’re saving money.
But, are you really saving money? Not if those vendors cause harm to your tenants.
The residents in your rental property are often the people who will have to coordinate repair times and entry with the people you’re sending over to fix leaks, trim tree branches, and unclog toilets. The tenants will be alone in the property with these people. They need to be professional and safe, otherwise your tenants are at risk.
You’re Putting Your Property at Risk
Unlicensed workers cannot provide the same guarantees that professional service people can. If you hire just anyone off the street to fix a dripping faucet and then a week later, that drip turns into a burst pipe and a total flood, the cheap, unlicensed worker you hired will probably not even answer your phone calls.
Licensed and insured vendors will stand by their work. They’ll return and fix any problems that arise from mistakes they might have made. Those mistakes will be far less likely, however, because these are trained professionals who know what they’re doing.
The scary truth is this: using unlicensed labor may save you money but it’s more than likely it will cost you money. You’ll have people making the same repair three times when it should have been done right the first time.
You’re Putting Yourself at Risk
Imagine this scenario: You hire someone with an ad on Craigslist to trim back some tree branches that are interfering with your property’s roof. That person falls off the ladder while at your property and breaks both arms. He can’t work for six months and he has a long list of medical bills he can’t pay. Guess who will be liable for those costs, as well as any pain or suffering this whole experience has caused him?
Vendors without insurance are a big liability. They will cost you money, especially if there’s an injury or an incident on the job.
Don’t put yourself, your property, or your residents at risk. Insist on working with licensed, insured, and professional vendors and contractors. It’s the only way to keep the value of your asset intact. We can help you locate vendors and we can help manage and maintain your Celebration rental property. Contact our team at Park Avenue Property Management.