Didn't sign up for all this work when you invested in real estate? You're not alone. There are over 11 million landlords in the US who feel the same way, working a few hours per month per unit on average.
If you have an older building or difficult tenants, that number can increase dramatically. Fortunately, you can lighten the load substantially. Here's what experienced rental property management can do for you!
Pro: Earning Passive Income
The most important reason to hire a property manager is that you can free yourself entirely. You won't even have to worry about rent collection. This allows you to retire in peace, travel the world, or work full-time while still earning your rental checks!
Con: It Costs Money
Yes, hiring a property manager will cut into your rental income. However, this is usually by single digits, and you won't have to pay if you aren't earning! Not only does this give your property manager a vested interest in the success of your property, but it can even work out in your favor.
In many cases, hiring a property manager can increase the profitability of your rental property. They can help you set the right policies, rental prices, and more. If you're worried about the new expense, use a rental property calculator to see how much it would cost or save you!
Pro: You're Still in Control
You don't have to relinquish any control when you hire a property manager. Even if you go with the wrong property manager, it's still your building!
Of course, if you're the type of landlord that enjoys day-to-day control, this may be an adjustment for you. However, you can tell your property management team exactly what you're looking for. The right team can easily accommodate!
Con: Finding the Right Team
The only risk of hiring a property manager is hiring a bad one. However, much like choosing a property or tenants, some initial research goes a long way!
Read online reviews or testimonials, find a team that offers a fair price, and ask for references. Once you find a team that meets your needs, give them a trial run if you're still skeptical! A little diligence can lead to a long-lasting, mutually-beneficial relationship.
Pro: Industry Experience
Again, this will undoubtedly work in your favor. An experienced property manager can help you balance your budget, find the most budget-friendly services, attract the right tenants, and so much more.
When drafting lease agreements, increasing rent, and more, the right property management team can make a world of difference!
Hire Rental Property Management Today
When you find the right rental property management services, you don't have to worry about anything. They'll handle everything you would as a landlord, and bring years of industry experience to the job.
Keep reading our blog for our latest investment tips, and don't hesitate to contact us with any questions or for help with your property!
