Given its many parks, ethnic and economic diversity, and low cost of living, it's no wonder Niche.com says Lafayette, IN, is one of Indiana's best places to live. It also has an affordable median rent price ($976 vs. the national median of $1,268) that drives the city's high renter population. There are more renters here (54%) than owners (46%).
So, if you're searching for an ideal location for an investment property, look no further than Lafayette, IN. However, you should consider enlisting full-service property management to maximize your rental income.
Read on as PMI Lafayette will share insights into why hiring property managers offering full-service solutions is wise.
Understanding of All Applicable Housing Laws
If you choose to manage your Lafayette rental property yourself, you must first be familiar with the legal aspects of being a landlord. As NOLO explains, some of the rental housing laws in Indiana landlords must know include the following:
- Fair housing rights
- Mandatory landlord disclosures
- Security deposit limitations and returns
- Required notices for rent increases and lease alterations
- The legal eviction process
A company offering full-service rental real estate management in Lafayette understands all those legal nuances. So, by hiring one, you won't have to be the one to memorize them all. Instead, you can depend on your manager to carry out your landlord's chores per local, state, and federal laws.
Lower Risks of Tenant Eviction
Professional property management benefits you by placing qualified tenants on your property. Expert managers can help you find reliable renters through a comprehensive tenant screening process involving:
- Credit score and history checks
- Income source and employment status verification
- Criminal background checks
- Rental and eviction history assessments
Performing all those steps allows full-service property managers to narrow the prospective tenant list to only those who meet eligibility criteria. So, they can help minimize your risks of evicting tenants due to non-payment of rent or lease violations. Moreover, if you partner with a reliable property management firm like PMI Lafayette, you can expect us to safeguard you further with our eviction protection plans.
Hassle-Free Landlord Life
Real estate property investments aren't as "passive" as some say, considering that being a landlord is a 24/7 job. For instance, when tenants run into issues like HVAC or plumbing emergencies at night, they must contact you immediately, regardless of the time.
With a dedicated property manager's comprehensive Lafayette property services, you no longer have to worry about such issues. Your manager will be your tenants' first point of contact. Plus, they'll oversee property upkeep and repairs, which can help lower the risk of emergencies happening in the first place.
Rely on PMI Lafayette's Full-Service Property Management Solutions
Full-service property management solutions are the best, most straightforward way to earn a living as a landlord without the hassles and stress of the job. It's your ticket to real passive rental income, as your manager will take over most of your chores while you simply sit back, relax, and wait for your profits.
So, why not partner with our full-service property management firm, PMI Lafayette? We're a locally owned and independently run company, but we're also proud members of PMI, a larger franchise that has been changing the property management sector for over twenty years.
Contact us today, and we'll happily give you a free Lafayette rental property analysis!
