Did you know the average Virginia home is worth $391,590? That’s up 4.8% year-over-year, according to Zillow.
There are many good reasons to invest in a rental property this year — assuming you have the financial flexibility to pull it off. The last thing you need, after all, is to take on a mortgage for a rental property if you have the financial albatross of credit card debt or car loan debt around your neck.
But if you’re ready to take the plunge and buy a rental property, it’s worth getting help to protect that considerable investment. Hiring a property management firm specializing in helping property owners isn’t a must, but it can be a game-changer for your investment.
Here are three reasons to consider finding a good property manager for your rental property.
1. Hiring a Property Manager Makes Sense When You Don’t Know What You Don’t Know
While buying a rental property can be financially rewarding, you can complicate things by making mistakes. That’s one reason it might make sense to bring in some help. Property management firms offer a wide range of services. For instance, they can find tenants, collect rent, market your property, help with maintenance, and more.
You can also ask questions to get the information needed to make informed decisions that help, rather than hinder, your investment.
Sometimes people don’t know what they don’t know — and that can create chaos. Getting the right answers from a company specializing in helping property owners from all walks of life can make sense.
2. Hiring a Property Manager Makes Sense When You Want to Set Rent
Choosing the rent to charge tenants might seem like a small matter. You can, after all, request whatever amount you want if it’s your rental property. But it’s vital to be strategic when setting the rent. A property manager serving the area where you have an investment property will understand the dynamics of the real estate market.
So, you can get information to ensure you’re not charging too much or too little. Charging too much will scare off otherwise good tenants while charging too little will jeopardize your money-making potential.
Since you need a third party with specialized knowledge about the local market, find a property manager serving clients where you’re based. If you want to buy an investment property in Virginia, find a service provider in Virginia. The same applies if you want to be a long-distance property owner. If you live in Virginia but choose to own a rental property in, for example, Fresno, Texas, hire a property manager serving Fresno.
You’ll regret ignoring this advice if there’s an emergency since a property manager located too far away won’t get to the property fast enough.
3. Hiring a Property Manager Makes Sense if You Need a Good Work-Life Balance
Yet another reason to hire a property management firm to help with your rental property is if you don’t want to stretch yourself too thin.
Just because you technically can do it all — own a rental property and serve as the property manager — doesn’t mean you have to do it all. Sometimes delegating tasks and responsibilities to a reliable third party is the best thing to do, and it’ll likely cost less than you think.
An over-stressed population doesn’t do anyone any good. One source puts the cost of mental and physical health impacts stemming from workplace stress and burnout at around $190 billion annually, or $6,025 per second.
Instead of taking on too many responsibilities and neglecting family, your health, and other things, consider teaming up with a property manager. And, yes, it is a partnership since a property manager will work with you to ensure you, your tenants, and your investment property are taken care of.
Knowing when you need help can make a big difference in your journey as a rental property owner. You might not need a property manager to take over all the landlord duties, but getting help when needed can make the overall experience a better, less stressful, and more popular one.