When investing six figures into purchasing a rental property, you must mind your p’s and q’s.
Investing so much money in any asset can be scary — especially if you don’t know what you don’t know. You may wish to turn an investment property into a turnkey operation. But the only key turning in the process will be tenants using their keys to unlock and lock their doors. Of course, you can simplify things for yourself by hiring a property manager. The third party can turn owning a rental property into a passive income opportunity.
Going it alone will make things more difficult than they need to be. There are tenants to deal with, damages requiring repairs will rear their ugly heads, and vacancies can stop cash flow.
Hiring a property manager can make investment property ownership less scary and more enjoyable. Depending on what you need, it can take over all landlord duties for you or take on the responsibilities you either don’t want or don’t have the time to do.
Should you retain the services of a property manager, ensure it’s local and not out of town or out of state. Doing otherwise could make it harder to get immediate assistance when immediate assistance is needed. So, if you happen to own an investment property in, say, Spring, Texas, hire a Spring, Texas, property manager.
Consider these three ways a property management firm can make owning a rental property more empowering and less scary.
1. They’ll Find Good Tenants
Have you ever watched programs on streaming services or television about nightmare tenants? They can often be scary enough to discourage people from ever buying rental properties.
But you don’t have to live in fear. No one can ever guarantee that a tenant won’t cause trouble.
Even so, hiring a good property manager can help mitigate risks and increase success rates. It will do so by running a proper screening process to ensure applicants have gainful employment, haven’t been convicted of serious crimes, and have a good reputation as far as previous landlords are concerned.
So, if you’re fearful of getting nightmare tenants who literally keep you up at night, hiring a property manager can lessen those worries. The chances are you’ll get the sort of tenants you want to continue renewing their leases
2. They’ll Take Care of Emergencies
No property owner relishes having to drop everything to rush down to their rental properties. Sometimes bad things happen, but feeling handcuffed to your real estate isn’t a good feeling — especially if you have tenants who are demanding and want everything done yesterday.
Instead of having to put aside plans to spend time with family, catch up with yard work on your private property, or do something else, you’ll potentially be tethered to your investment property.
You can, however, put that fear to rest by retaining the services of a third party.
A property manager can handle as many or as few landlord responsibilities as you specify. It can provide tenants with a dedicated phone number so they know who to call if there are issues. You won’t have to be on call 24/7. A property manager can help.
3. They’ll Limit Vacancies
Few things scare investment property owners more than vacancies — especially vacancies that stretch on for weeks, months, or longer. You’ll only pull in rental income if there are tenants.
A property management firm can help find good tenants who stick around, help market vacant units to fill them quickly, and help provide tips on how to make units more enticing.
As you can see, property managers can make the investment property ownership experience less frightful. You should feel empowered rather than defeated. Getting help where you need it, particularly if it helps your investment, is always a good idea.
