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First time landlord, Morgan, finds Nomad the perfect fit

Published on: May 10, 2024

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“Working with Nomad has been the best of both worlds for me: I am not starting from scratch with leasing documents, background screening capabilities, rent collection, etc, but still have a strong hand in day-to-day management of the property.”

In this case study, you can learn about Morgan's experience as a first time rental property owner. Morgan knew she wanted some help and thought her only options were to hire a local property manager or doing everything herself.

Morgan realized Nomad is the best of both worlds -- all the tools and support she needed, at a fraction of the cost of a local full-service property manager, with significant financial protections including guaranteed rent.

Want to know the difference between Nomad, a local property manager, and self-managing without support? Request an estimate from Nomad to see how much you can earn as a landlord, then speak with one of our helpful Investment Property Advisors.

📖 Introduction

Morgan lives and works in North Carolina. A recent job change led her to need to move from her recently purchased home to the other side of town. Great news! But what should she do with her home? The home was too good of an investment for her to just turn around and sell. 

Morgan’s goal was to “offset my mortgage payment and continue building equity in the property”. 

So Morgan decided to become a landlord and rent her home out. And so the adventure began.

🫠 Challenge

Once Morgan decided to keep her home as a rental, she knew she wanted professional help since it was her first time as a landlord. After doing some research, she decided to hire a local full-service property manager that had good reviews. Sure it would be expensive, but she thought she needed the help.

After Morgan signed up, she learned the property manager required her to make a lot of repairs to get her home “rent-ready”. Her home was already in great shape but she decided to trust the experts. A full month and many expensive repairs later, her home still wasn’t on the market and she wasn’t earning income. To make matters worse, the property manager marked up the costly rent-ready repairs they pushed.

Morgan wanted a “say in decisions around property maintenance and to feel comfortable with the tenants that would ultimately move in” and realized she wouldn’t get that with this property manager.

This rental property ownership thing didn't start out well and Morgan was ready for a change. She knew she needed more flexibility and financial alignment with her partner. 

🙌 Solution

Morgan found Nomad's digital property management tools, spoke with a helpful Investment Property Advisor, and had her professionally-photographed property on the market a couple days later.

“The product is intuitive to use and friendly Nomad representatives were willing to work through my questions."

She got initial interest from tenants within 1 day of posting her property. 1 day! 😮 Credit to Morgan for pricing well and using professional photos - she generated 17 inquiries.

I really liked having visibility into who had inquired about the property as well as the various stages we progressed through as an applicant was being screened” commented Morgan.

Morgan was responsive to tenant inquiries and scheduled showings. She had her first application 4 days after her property was published and those residents that passed Nomad’s guaranteed rent eligibility and moved in shortly after.

“I was able to execute a lease very quickly which has been a weight off my shoulders” says Morgan.

💰🏡 Conclusion

First-time rental property owners like Morgan are a perfect fit for Nomad. We offer all the easy-to-use tools and support needed to lease and manage a rental property and uniquely protect your financial risk -- all for a fraction of the cost of a local full-service property manager.

Check out other articles if you want to understand the differences between a PM, unassisted self-management, and Nomad.

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