Did you know that about 44% of Americans rent instead of owning property?
If you're considering purchasing a rental property, this article is for you. Managing investment properties is not as easy as it sounds.
Many owners don't work with a property manager immediately because they aren't sure what tasks they do or if it's worth it. After a while, many investors discover that working with a reputable property management company is a game changer.
In this article, you are going to learn about rental property and why working with a property management team is beneficial. Read on so you're prepared when you buy your first property.
What Is Property Management
A property manager will take care of the day-to-day tasks required for a rental to stay up and running. You may be thinking, once your tenants move in you won't have to do anything until they move out, but that's not the case. You'll need to collect rent, pay attention to changing legislation, and much more.
Property maintenance is another big task that you can pass on to a property manager. Ultimately, a management company is a third party that is going to be the main contact for you and your tenants.
The top two benefits of having an expert manage your investment properties are reducing your stress and saving you time. You will have more time to spend with your family, another job, or growing your real estate portfolio if you don't have to check in with tenants.
You won't get called in the middle of the night saying the refrigerator is broken or the lock broke. The property manager will handle it. You won't have to worry about minor repairs and maintenance between tenants either.
Tenant screening and rent collection are tasks that many investors dread doing. It can be hard to find reliable tenants who won't damage your property. A property manager will have a screening process that helps ensure quality tenants.
If they don't pay online, the manager will be the one to follow up. Evictions should be avoided as much as possible, but if it's necessary it can be a legal battle.
Instead of spending time researching landlord/tenant law, your manager will take over. You'll be provided legally and your property will be safe.
Things to Look For
When you're looking for a management company to work with, there are several things to keep in mind. Not all companies are the same.
Price is a big factor; however, you should always go with the cheapest company. You must look at their experience and how qualified they are to care for your investment properties.
How long have they been in business? Do they have good reviews? These are just two questions you need to consider before signing with a company.
Managing Investment Properties
Owning and renting out property is a great way to make passive income. However, it comes with a lot of challenges that become overwhelming if you aren't prepared.
Instead of spending all your time managing your investment properties, let us help. We have worked with many investors and we are confident we can help you too. Contact our team here, with any questions and we will get you set up today.