So you’ve got buyers to purchase your home on a rent-to-own option. Great news! They move in pay rent and your forget about it. Years go buy and all is well until rent stops coming in the mail. You wait a few months, thinking you will give them the benefit of the dought, after all you know he lost his job and you don’t want to be the mean one…Next thing you know 3 or 4 months has gone by and they owe 6,000.00-8,000 and you need to reclaim the property back. Lease options have many advantages for both you and the buyer, but caution must be used on both sides as well. You will remain the owner until the property is paid for in full. In most lease option agreements if the purchaser/renter fails to pay the buyer can reclaim the property back with no refund to the tenant for the amount he has paid toward his purchase. When you reclaim the property back and the tenants move out you find that the tenants did not only miss rent payments, but they did not do any repairs either. Now you have to repair the home before you can sell or rent again and depending on the condition, this could take months. This can be avoided if you use a property manager while your home is under a lease option. A property manager will do regular inspections and help you maintain the home until the lease option is satisfied and paid in full. Tri County Management, LLC does two full inspections per year as well as drive by inspections in the spring and winter to make sure the property is well taken care of. Make sure you understand your contract terms and agreements before you sign and contact an attorney if there is something you don’t understand or agree with. Take care of your property until the lease is fully satisfied and call Tri County Management, LLC to manage your home so you don’t get stuck with the bill.
Choosing a property management can be tricky. Narrowing down whether you want a large company with employees or a small company will be easier once you know the answers to the questions below. Just make sure the company you use is licensed and insured and operating under an active license within your state. Tri County management, LLC is licensed and insured and can help you with your rental or answer any questions you may have. We also do one time lease up only services.
Do you screen prospective tenants? Who do you use?
How large is your company? Do you have employees? How many properties do you manage?
Do you do inspections? Do YOU do them personally or someone within your company, or do you sub this work out?
Do you use a trust account and a monthly accounting system? Do you pay bills associated with the property with the rents received?
Do you have a network of vendors that you use regularly?
What are the essential services that must be provided to the tenant and how much money do you require to keep in the trust account for emergencies?
How will you communicate repairs and issues with me?
Is there a contract? What are the property management fees?