Owning rental property comes with many responsibilities. If you’re new to owning investment property, you may not be aware of everything this entails. Many owners of residential rental homes choose to manage them by themselves. And this may work fine for some, but you may feel unsure if you can handle everything yourself. This may be when to hire a property manager to help you out.
Someone with a full-time career or multiple rental units may find landlording too taxing for their lifestyle. Without support, landlords perform advertising, showing, screening, and enforce contract and rent collection activities themselves. They also need to handle all calls for emergency issues (and “emergency” issues) 24/7. If a tenant doesn’t pay, breaks lease rules, or trashes the place, the landlord takes care of the issue themselves.
What a property manager does
Maybe you prefer hands-on landlording. A property manager can still free up your time by overseeing activities you can’t or don’t want to do. Property managers can help you prep and market your rental home, screen potential tenants, and collect rent for you. They can also manage maintenance and emergency issues, overseeing with contractors doing the work. Different property management companies offer different levels of support, so it’s important to find one that can address your needs. If you feel overwhelmed by the many landlord responsibilities, you may benefit by hiring a property manager.
Expert advice beyond daily management
A solid property management company can also help you beyond the typical day-to-day actions. For example, their experts can offer advice on setting the right rent rate for your property by analyzing the market. They can also ensure your lease agreement legally covers you as the owner, providing clear expectations and consequences for tenants. When the time comes for renovations or upgrades, property managers offer advice on which improvements will maximize returns on investments. No one wants to spend more than absolutely necessary on improvements to attract high quality renters. Property managers know how to make the most of this delicate balance.
Real estate brokers specializing in investment property
Buying an investment house requires a different eye than buying a home to live in yourself. Rental rate analyses, amenities, and ordinance requirements more heavily dictate appropriate price points. Knowing what to look for and what makes a good investment takes an expert eye. Someone well-versed in up-and-coming neighborhoods, rent rate trends, and tenant preferences can serve as an invaluable purchasing ally. They can also help you decide when it’s time to sell a property that doesn’t support your portfolio goals anymore.
Property managers constantly network with a variety of professionals. Whether general or specialized contractors, accountants, or real estate attorneys, they likely know someone they can recommend that they trust. Property management companies can use the volume of their project requests to leverage better rates with preferred vendors. A good property management company will help clients utilize these connections.
Knowing when to consider hiring a residential property management company is an individual choice. Ultimately, rental homes should make their owners money. If your rental isn’t producing the return on investment you want, you could benefit from consulting with a property manager. Afterall, nobody wants to leave money on the table from lack of understanding.
The Realty Medics use rocket science renting to provide property management peace of mind for their clients. For a free rental analysis of your rental property, call them at 321-218-4753 or complete their online form.