While many Americans dream of homeownership, others are more ambitious and want to own one or more rental properties.
The benefits of buying an investment property are compelling. In addition to collecting rent from tenants monthly, rental property owners can take advantage of tax breaks, enjoy property value appreciation, and cash out later by monetizing their real estate holdings.
But one thing to remember is that owning a rental property is one thing while managing it is another. Some people buy investment properties and serve as the landlord. While that’s perfectly within their right, it’s also one way to experience burnout.
Instead of burning both ends of the candle and dealing with more stress than necessary, consider retaining a property management firm that can provide landlord services. It can be like outsourcing landlord responsibilities to a responsible third party.
One thing to consider is that location matters. If, for example, you have a rental duplex in Georgetown, Texas, and need help managing it, find a property manager serving investment property owners in Georgetown. That’ll ensure the service provider is responsive.
With that said, here are three ways a property manager can make owning a rental property easier.
1. You’ll Get Help Finding Good Tenants
When people dream of buying rental units and finding tenants, they often don’t stop long enough to consider how difficult that is. Unfortunately, not everyone in society plays by the same rules. Some think it’s perfectly fine to rent an apartment or home and not pay rent on time or at all. That’s one way to thwart your hopes of enjoying passive income month after month.
A property manager can’t guarantee that your tenants won’t go rogue and stop paying rent. But they can increase the odds of finding good tenants who’ll pay rent on time, take care of your property, and respect fellow tenants and neighbors.
You’ll have help finding quality tenants when hiring a property manager. A property manager will thoroughly screen tenants by checking employment history, requiring proof of income, asking for letters from previous landlords, conducting credit and criminal history checks, and more. In addition to these steps, a property manager will interview prospective tenants. The goal will be to find the best candidates to occupy your rental units.
2. You’ll Get Help Taking Care of Your Property
A good property manager will ensure your investment real estate is properly cared for. Routine maintenance and timely repairs are essential to retain quality tenants. If your property is run down or not cared for as well as it should, tenants might bolt when their leases end. After investing in finding quality tenants for your rental units, you don’t want to see them leave.
When you outsource landlord duties to a qualified third party, the property management firm will spearhead maintenance and repairs. You can also count on the service provider to find skilled contractors, equipment, and supplies at more favorable rates than you’d find independently.
If your property is to grow in monetary value, it must be cared for adequately. Hiring a property manager will ensure your long-term goals, including monetizing your investment property for a tangible ROI, are realistic.
3. You’ll Get Help With Customer Service
Customer service is essential when renting your units to tenants. However, it can be hard for a property owner to handle customer service independently. Being the contact person for tenants who need help can get overwhelming quickly. That’s especially true if you get calls at all hours of the day and night. No one wants to feel tethered to their phone or investment property.
You won’t have to be if you retain the services of a property manager. The third party will fill in as the customer service department so your tenants get the care they expect and deserve.
These are three reasons to get outside help if you buy a rental property. Going that route will ensure your dream of owning one or more investment properties doesn’t become a nightmare.
