In Jackson, Mississippi, we work with a number of military homeowners who are faced with a decision when they have to deploy. Do they want to hold onto the home they own or do they want to sell it and move on?
This obviously depends on a number of factors. When you decide to hold onto the asset and rent it out, we’re prepared to support you.
As a military homeowner about to go on deployment, you may be hesitant to leave your home unoccupied while you’re away. We get it. Renting out your home while on deployment is a great option to earn extra income and ensure that your home is being cared for in your absence. It may feel overwhelming to navigate the rental process while also preparing for deployment. A Jackson property management partner will be your best resource. We can help with finding the right tenants, collecting rent, managing the entire rental process, and maintaining your asset.
We’re talking about what it’s like to manage rental properties for military members in Jackson while they’re deployed elsewhere. If this is you, let us know how we can help. And, see if this information gives you an idea of what you can expect.
Jackson, MS Property Management Value
A new deployment comes with a lot of details and a little bit of stress, even if you’ve done this multiple times before during the course of your military career. When you’re going to be away for an extended period, hiring a property manager in Jackson is an absolute necessity. Your property manager can take care of every detail involved in the rental, including:
- Marketing your property
- Finding qualified tenants
- Collecting rent and enforcing the lease
- Handling repairs and maintenance
Additionally, we can provide peace of mind knowing that your home is in good, experienced hands while you’re deployed.
Benefits of Renting Out Your Property While Deployed
As an active duty member of the military, you might not identify with what it’s like to feel completely settled in one place. You know there’s a good chance that you’ll be moving around a lot, and maybe that’s why holding onto the home you own is so important. Whether you want to have a place to return to or a simple sense of stability, there’s no need to sell your home just because you’re being deployed.
Jackson is an excellent market to both buy and hold onto a home.
When your PCS orders show up, as they reliably will, and you find you’re leaving the area in order to deploy in a new city and maybe even a new country, you don’t have to give up your home. You also don’t have to get lost in the stress of what to do now with this huge asset.
Selling it is always an option, and there’s money to be made if you decide to sell your Jackson home before deploying.
But, you don’t have to.
Selling a home would be just one extra thing you don’t want to worry about while you’re managing your move. And, if you enjoy living in Jackson, you might think about coming back. Maybe you’ll retire here. Maybe your kids will want to return here. There are many excellent reasons to hold onto your home.
You can do that if you decide to rent it out. There are some important benefits to renting out your property while you’re stationed elsewhere:
- Recurring and Consistent Rental Income No Matter Where You Are
Jackson’s rental market is strong, and that’s largely due to the local economic factors, the affordability of Jackson, and the high quality of life that people find when they settle here. Jackson has a lot of potential, especially for people who might be moving out of the crowded and more expensive coastal areas. With remote work more popular than ever, people are leaving large, congested and expensive cities for smaller cities like Jackson. That can be a benefit to the local population numbers.
Rents, while affordable in our market, are rising and more people are opting not to buy right now, while interest rates are making mortgages so expensive. This means you can count on a pool of qualified tenants for your rental home.
Low vacancy and turnover rates are also making this an excellent time to be a landlord. Having a tenant move into your property leads to regular rental income, and that can go towards paying down the mortgage on your investment. You’ll increase the return you earn on your investment, and you’ll have some consistent cash flow coming in.
When you have good tenants in place and a team of Jackson property managers helping you to maintain your home, you’ll be able to earn money on your property consistently. This is one of the best reasons to hold onto your property when you deploy.
- Holding Onto an Appreciating Asset
You’ll build equity while your tenants pay down your mortgage. And, once the mortgage is paid off completely, you’ll be earning profit every time a rent check gets deposited into your account.
So, even if you have no plans to return to this part of the world, a rental property in Jackson is always a valuable investment to have. Your asset grows in value the longer you hold onto it. As your rents increase, you earn more and more money over the long term. You’ll find yourself increasing what you earn in both the short term and the long term. It’s a tangible investment that operates in a far less volatile pattern than stocks.
- Taking Advantage of Tax Benefits with Jackson Rental Properties
Tax benefits are always a welcome advantage when people decide to rent out their homes. This is something you cannot access when you sell your home. Renting out your home will provide you some tax relief because you’ll be able to deduct mortgage interest, property management and other professional fees, as well as the cost of maintenance and repairs.
How to Rent Out Your Jackson Home
Once you’ve decided to rent out the property and leave it in the capable and experienced hands of a property manager, what do you do?
The answer is – not much. Your management partner will take care of nearly every detail, leaving you free to manage your move and think about your other priorities.
Here’s what the process will look like, before you leave and once you’re gone:
- We’ll evaluate your home. There may be some recommended changes and cosmetic updates that we’ll suggest in order to ensure you attract excellent tenants and high rental values. If your property is in good condition already, there won’t be much to do. Maybe some fresh paint and upgraded fixtures. We want your home to stand out on the rental market and bring in as much rent as possible.
- We’ll price your property. As Jackson property managers, we collect a lot of data and analytics on the local rental market. We know your competition, we know where prices are landing, and we know what tenants are demanding. We’ll be able to recommend a price point that’s accurate, competitive, and profitable.
- You’ll pack up and ship out. Pack up the house and don’t leave any personal belongings behind, except for the major appliances. Anything you’re not taking with you should go into storage so that your new tenants are walking into a clean, empty home that they can feel comfortable living in.
- We’ll get to leasing. Once you’ve moved on, we can begin the search for great tenants. We’ll create a listing with fantastic photos of your property and an engaging description, and we’ll launch that all over the internet. Our marketing plan is comprehensive and strategic. We’ll schedule showings, screen applications, and offer a lease agreement to the best-qualified resident who is ready to move in.
Once we have a tenant in place, you can count on regular updates and ongoing communication. You can expect us to take care of the entire tenant relationship. We’ll conduct a move-in inspection wherein we document the condition of your property and we’ll be the point of contact any time there’s an emergency repair need or a problem at your home.
You’re going to be busy getting settled, but we’re always here to talk through any of your concerns. Our communication will be structured according to what you need. Some of our deployed owners like frequent updates and others don’t want to be bothered unless there’s a big decision to be made or money to be spent.
We will protect the value and condition of your property once you leave it in our experienced hands. Whether you’re coming back or not, you’ll earn money in both the short term and the long term when you rent out the home you own.
Please contact us at Lucroy Residential, where we take our relationships with military clients very seriously. We can provide the peace of mind you need and the protection your property needs while you’re deployed elsewhere.
