Are you a new property investor? Managing your own investment property is harder than it seems. If you're struggling, it might be time to ask for help.
But how do you know if you need to outsource property management? We're here to help. Keep reading for a few signs that it's time to hire a property management team.
You're a Busy Person
If you're a landlord who only manages one or two properties and you're in retirement, you may not need a team of property managers. This, however, is not most people's situation.
Many landlords, even with single properties, have full-time jobs already. They've turned real estate investing into a side-hustle because they thought it was passive income.
In reality, managing several properties on your own when you already have a busy lifestyle is a lot of work. If you find that you no longer have the time to do it, don't resort to giving up your properties. A property management team can help.
You Have Trouble Finding Good Tenants
Is your property full of vacancies despite the competitive rental market? Do you always find yourself with tenants who are less than ideal? A property management team can help.
When you hire property managers for your rental properties in Washington, you're hiring people who know how to make an air-tight lease and find tenants who are willing to follow it.
They can also handle tenant negotiation, marketing, and keeping good tenants satisfied so you get more lease renewals.
Legal Issues Are Stressful for You
Becoming a landlord means that you need to be informed of all of the legal information associated with real estate. This is a lot of pressure for the average person, and when laws and regulations change, you might find yourself in trouble if you don't keep up.
A good property management team will save the day. They understand laws about landlords and tenants and how to make sure that you're compliant. You don't have to risk getting into legal trouble due to rookie mistakes.
You Can't Keep up With Maintenance
Part of being a real estate investor is making sure that your property stays in good condition. This will help you retain your tenants and keep you in compliance with regulations.
Being responsible for an entire property (or several properties) as well as your own is tougher than it seems on the surface. When you outsource property management, you're also getting a team of people who will handle both routine maintenance and tenant maintenance requests.
This way, your tenants stay happy and your property stays tidy.
Should You Outsource Property Management?
Do any of these points sound familiar? If so, it might be time to make your life easier and outsource property management to a team of professionals. You'll have happier tenants, a well-maintained property, and an almost effortless stream of secondary income.
If you're a Spokane landlord who is ready to make a change and get some help, we want to talk to you. At HomeRiver Group, our team of experienced property managers will take the reins. Contact us to get started today.