Investing in real estate on your own can be an overwhelming task. However, about 20 million rental units in the United States are owned by individual investors.
If you are someone who owns multiple rental units, you may be having a hard time handling all of the property management responsibilities on your own.
What can you do in this situation? You can hire a full service property management company.
Why should you do this? This guide breaks down some of the biggest reasons to go this route.
Proper Rental Price
One of the biggest reasons why you should hire a property manager is that they can give you a more accurate estimate of what you should be charging with rent.
Considering that rent is your entire income and return on investment with this real estate property, you must get this right. You risk not maximizing your investment if you charge too little rent and having too high of a vacancy rate if your rent is too high.
What a property manager can do is assess the condition of your real estate property. Then, they will likely take the size of the property and the neighborhood it is in under consideration.
Let's use Hendersonville as an example. This city is not far south of Asheville, a city that has seen a significant increase in median rent.
From 2021 to 2022, Asheville's median rent increased by more than 25%.
Some may argue that you can do the same with Hendersonville given how close it is to Asheville. However, a property manager can dig a little deeper into this and give you a more accurate rental value.
Being More Passive
Another benefit to property management is that this can be a more passive investment for you as a real estate owner. This means not having to deal with tenant concerns daily and having someone else handle certain daily tasks. This can include rent collection, tenant screening, maintenance issues for your building, and more.
When this happens, this also allows you more flexibility with what properties you can invest in.
Why is this? Because having a property manager handling daily tasks means you do not have to live near the property. So, if you are someone with a home base in New York that sees a good real estate opportunity in Hendersonville, a property manager makes it possible for you to invest in that area without having to move there.
Get Full Service Property Management
These are two of the biggest benefits you receive as a real estate investor when you have full service property management.
A professional property manager is an expert in market research. As a result, they can give you a more accurate assessment of what your property's rental value is.
On top of this, a property manager can handle daily tasks such as tenant concerns and maintenance coordination. As a result, this could mean that your property becomes a more passive investment.
Do you need property management? Message us here to get started today.