Investing in real estate can be a fruitful financial endeavor. If you make smart decisions when investing in properties, you can not only make money from renting them out, but from property value appreciation.
But if you aren’t careful, your investment can turn into a full-time job that you don’t have time for.
That’s why we’re here to talk about how property management companies can make your life as a landlord and real estate investor much easier. Keep reading for some important reasons to hire a property management company today.
1. You Won’t Need to Live Near Your Rental Properties
More often than not, the best real estate investment opportunities aren’t waiting for you in your own backyard. You need to look beyond your city, and even your state, to find the most valuable properties to invest in.
But how can you invest in properties that are hundreds or thousands of miles away? How will take care of things like tenant screenings and home repairs?
Well, you can hire a property management company to do all of that for you! They will perform all of the local duties that you can’t do from afar. This not only gives you the freedom to invest wherever you want, but you’ll also be able to travel without worrying about your properties while you’re away.
2. You Can Own Several Rental Properties
Are you looking to invest in multiple properties? Oftentimes, if you find an area that has great value, it’s a great financial decision to invest in more than one property.
But as a landlord, owning multiple properties means multiplying your management duties. This is how a simple investment can turn into a full-time job. But if you work with a property management company, you can invest in several properties without increasing your workload at all.
Property management companies have experienced staff that work diligently every day to ensure your properties are being managed properly. Utilizing their knowledge and resources allows you to continue working your current job or to enjoy retirement without worrying about day-to-day management tasks.
3. Property Management Companies Handle Tenants
Handling tenants is probably the most time-consuming, and often most frustrating, part of being a landlord. First, you have to get potential tenants interested in applying to rent your unit. Then, you need to screen these tenants to make sure you find the best one.
Even once you’ve found a good tenant to rent to, you have to worry about collecting rent each month, enforcing property rules, inspecting the unit after the tenant has moved out, and much more. If a tenant decides to break the lease or is a evicted, you then have to rush to find a new tenant so you don’t lose a ton of profits.
Dealing with tenants alone can feel like a full-time job, especially if you’re renting out multiple units. But a property management company will handle all of those duties for you, so you won’t have to worry about any of it.
4. You Won’t Feel Overwhelmed From Management Duties
Have the above-mentioned duties made your hands sweaty just at the thought of dealing with it all? Well, that’s not all landlords need to worry about.
There are also the cases of things going wrong within the unit such as the AC/heater breaking, hot water not working, blown fuses, plumbing issues, and much more. The threat of these issues will have you stressing out constantly, which is why you should delegate these tasks to a property management company.
If any problems arise within a unit, the tenant will contact the company who will then set out to resolve it. You won’t even know there was an issue because it will have been solved so quickly and effortlessly without you even lifting a finger.
5. You Will Save Money
The reasons listed above should have you at least a little convinced that hiring a property management company is well worth it. But if you have any doubts, it’s likely that you can’t or don’t want to spend the money on one.
But the reality is this: hiring property management companies will actually save you money in the long run.
Think about it. You will have the freedom and ability to invest in more valuable properties because you won’t have to worry about day-to-day management. This fact alone means more profit from rent and more profit from home value appreciation over time.
If you live far from your properties, you won’t have to worry about travel expenses to go check on your units. You can just have a management company communicate with you via phone and email.
Most importantly, you’ll be saving a ton of time, and we all know time is money, especially if you have a full-time job to worry about.
Hire a Property Management Company Today!
Now that we’ve laid out the important reasons why landlords should hire a property management company, it’s time to take action!
At Premis Realty, we will take care of all your property management and investment needs.
Looking for a unique investment opportunity? We’ve got real estate agents and brokers to find you the best deals in Pinellas County. Need your properties to be managed? We’ll take care of tenant screenings, daily management duties, and much more.
Contact us today to learn more about how we can help you!