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The Kansas City region is facing a housing crisis. MARC research reveals a housing deficit of 12,000 to 24,000 units since the Great Recession ended in 2009. The shortage is driving up housing prices and rents, making it difficult for many to find affordable housing.
As a Kansas City landlord, you may be looking for smart ways to navigate the challenges of the current housing market with ease.
One effective solution is leasing only service. This option allows you to take advantage of professional property management expertise while retaining control over your day-to-day operations. In this leasing services guide, we'll explore the various leasing service advantages for Kansas City landlords.
1. Reduced Vacancy Rates
Kansas City's tight housing market presents a significant challenge for landlords: maintaining high occupancy rates. As rising rents and prices strain budgets, vacancies are becoming more prevalent.
Leasing only services offer established marketing channels that quickly connect your property with qualified tenants. With a deep understanding of the Kansas City rental market, these services know where and how to advertise to attract the right tenants.
Leasing agent benefits go beyond finding tenants. These agents carry out an extensive screening process and you get reliable, long-term tenants who are more likely to respect your property and pay rent on time. They can also provide property rental tips to help increase the attractiveness of your property, ensuring it stays occupied.
With a lower vacancy rate, you can enjoy several benefits, including:
- Consistent rental income
- Increased cash flow
- Lower marketing costs
- Reduced maintenance expenses
- Enhanced property value
Additionally, constant tenant presence can reduce the risk of property damage that might occur during prolonged vacancies, reducing the stress of unoccupied units.
2. Compliance With Housing Laws
About half of renters and landlords lack effective knowledge of the law, according to the American Apartment Owners Association. This trend increases the risk of future disputes and legal expenses. To ensure compliance and avoid legal issues, landlords must be familiar with several key housing laws.
Some of the primary housing laws for rental properties in Kansas City include:
- Kansas Residential Landlord and Tenant Act (KRLTA)
- Kansas City, KS Ordinances
- Kansas Landlord and Tenant Act
- Fair Housing Act
Navigating the complexities of federal, state, and city housing laws can be daunting. Kansas City's leasing agents are trained in these regulations, ensuring that all tenant screening and leasing practices are fully compliant with the law. The expertise helps you avoid any inadvertent violations that could lead to costly lawsuits.
By ensuring compliance with applicable housing laws, leasing services protect your reputation and your bottom line. This kind of compliance is essential for maintaining a professional and lawful operation, giving you peace of mind that your property is being managed with the highest ethical standards.
3. Streamlined Leasing Process
Knowing how to lease property is essential for landlords. However, managing the leasing process can be overwhelming and time-consuming. To free up more time for other responsibilities, like family or work, it's wise to seek professional help with your rental property management.
A professional property manager in Kansas City can handle all aspects of this process, such as:
- Preparing lease documents
- Marketing your property
- Showing units
- Negotiating lease terms
This comprehensive approach not only saves you time but also ensures that each step is handled professionally.
When you rely on leasing agents, you can focus more on managing your properties rather than hunting for tenants. These professionals are skilled at negotiating terms that benefit both you and your tenants, making the leasing process smooth and hassle-free.
4. Reduced Tenant Turnover
High tenant turnover can be costly and time-consuming. It requires landlords to invest time and money into:
- Terminating leases
- Finding new tenants
- Preparing the property for new occupants
- Making new agreements
Each time a tenant leaves, there are usually expenses for cleaning, repairs, and marketing the property. Additionally, the longer a unit sits vacant, the more income is lost, further impacting the landlord's bottom line.
The process of screening and onboarding new tenants also takes significant effort, which can divert attention from other important property management tasks.
Leasing only service agents ensure that they match tenants with properties they're likely to stay in for the long term. The matching process involves screening for:
- Stable employment
- Solid rental history
- A good credit score
When tenants are well-suited to a property, they're more likely to renew their leases, reducing your turnover costs. The stability is beneficial for both you and your tenants, creating a more predictable and secure rental experience.
5. Increased Rental Income
The number of rent-burdened American households is on the rise. According to the U.S. Census Bureau, the number of renter-occupied households that spent over 30% of their monthly income on rent hit 20.1 million in 2021, an increase of about 1 million from 2019.
The rising number of cost-burdened renter households nationwide can directly impact your rental income. As more Kansas City renters spend a significant portion of their income on housing, affordability becomes a major concern. Such situations often lead to a tighter rental market where tenants are more reluctant or unable to absorb higher rents.
Consequently, you might need to balance rental increases with the potential risk of vacancies and longer turnover periods. Understanding these dynamics can help you strategize better to:
- Address tenant affordability concerns
- Minimize vacancies
- Maintain profitability
A leasing service can help you maximize your rental income by setting competitive rental rates based on prevailing market conditions in the Kansas City area. Without the guidance of a leasing expert, you might inadvertently charge below-market rents, leaving money on the table.
Elevate Your Landlord Experience With Professional Leasing Only Service
Leasing only service helps busy landlords streamline their operations and maximize their rental income. By entrusting the leasing process to experienced professionals, you can free up your time for other priorities while ensuring your property is consistently occupied by high-quality tenants.
With over three decades of experience, Oz Accommodations has a proven track record of success in matching top-quality tenants with suitable properties. Our analytical scoring system eliminates bias and ensures that your property is always occupied by the best tenants.
Feel free to get in touch today to discuss how we can help achieve your Kansas City rental property goals.