Benefits of Using a Property Manager for your Rentals
Investors in the real estate market typically don’t start out very big. Everyone has to start somewhere and most people end up living in the home before turning it into a rental after accumulating more financial resources. You have the opportunity to expand beyond owning a single property as a rental property investor to own and manage multiple homes.
Managing these properties includes maintenance, collecting rent, signing paperwork, and ensuring that the units remain occupied. If you’re investing in rental property as a secondary source of income, it might make more sense to work with an investment property management company to help with some of these tasks.
A good property manager represents their client’s interests well and can assist with screening tenants, ensuring the properties remain occupied and ensures fast repairs both during and in between tenancies. It’s crucial to stay in touch with your property manager for frequent updates and even driving by the properties themselves to see how they’re being maintained outside. Here are a few tips for investors thinking about hiring a property manager.
Don’t get too caught up in the short-term benefits of owning a rental property. There may be a few rough patches where you may need to spend more than you anticipated, but home values can increase over time. The potential for an increase in value is significant and typically less risky than other investments such as the stock market or savings account.
Stick with newer homes
Rental properties are a better investment if they’re on the newer side. Stick with houses that are no more than 20 years old to reduce repair and maintenance costs. You might need to repair the floors or paint the walls, but they aren’t as pricey as homes that are less than ten years old. If you want to do a complete and extensive renovation, feel free to buy a home that is 20 to 70 years old, but anticipate having to do significant structural, plumbing, or electrical work.
Contact us today if you are a rental property investor and think that you could benefit from hiring experienced Apex property managers to assist with your investment property management needs.
"Let each of you look not only to his own interests,
but also to the interests of others..."