When you have a rental property, you want to make as much money as you can with the right amount of effort. Doing so involves a combination of setting the right rental price and being conservative with your expenses. When you find the right balance of income versus costs, you have a profitable rental property.
Adding a property manager to take care of your property might seem like an unbalanced expense—like hiring a contractor for a repair. However, when you partner with the right property manager, you'll find that hiring an expert is a smart investment. Here are just a few things a property management company can do to make sure you get the most out of your investment property.
They Have Time When You Don't
You can probably relate to this: many landlords already have a full-time job!
Adding all of the responsibilities of property management on top of working 9-5 makes being a landlord a challenge, and means tackling the following:
- Regular property inspections
- Finding quality tenants
- Collecting the rent
- Answering emergency maintenance calls
- Dealing with tenant disputes
If you're already working a job, you often take on these extra tasks during your evenings and weekends. It can affect your quality of life, and make you resent having an investment property.
Hiring a property manager gives you back those precious hours. It's a property manager's full-time job to take care of everything we mentioned above—plus more—when it comes to your property.
They Know It All, so You Don't Have To
To successfully own a rental property, you have to know everything there is to know about landlord-tenant laws. These laws change frequently: as we mentioned, if you're already working a full-time job, you probably don't have the time to stay up to date on ever-shifting landlord laws.
Property managers stay up to date on federal and state landlord-tenant laws. You don't have to spend the time researching and learning these laws when you hire a property management company for your rental property. In addition, you also leave the application of these laws in the hands of skilled experts.
If You Can't Fix It, They Can
You might know how to do minor home repairs if a tenant calls with a problem—but is it worth two hours of your time to fix the drawer handle or the stubborn patio lock?
DIY repair and maintenance can be tempting; for some small repairs, you might save some money. However, consider the cost for your time spent fixing something in your rental property. It's often more expensive than you think when trying to save money on repairs. If you don't know how to fix something, what do you do?
You don't have to know how to fix a toilet, schedule an air-conditioner repair, or check the wiring in the walls of your rental property. You don't have to have any handyman skills or maintenance experience at all. Hiring the best Concord area property management company gives you inside access to the best contractors for repairs or routine maintenance. Plus, you don't have to deal with scheduling or showing up for repairs either.
Your property manager coordinates time with the tenants and the contractor to perform repairs. They also answer all maintenance requests—whether during working hours or not! There's no need to disturb valuable family time: let a property manager take care of maintenance for your rental property.
Property Management Saves Time AND Money!
Your investment property is only worth it if it makes a profit: how does hiring a property manager become a good investment, rather than an unwieldy expense?
- Your time is valuable and should be spent accordingly.
- Rental property law in California can be a tricky sea to navigate alone.
- Your rental property should be your passive income.
Keeping these things in mind, do you have the time and expertise to run a rental property in addition to your own home, full-time job, and family? For most landlords, the answer to that question is "no." Plus, passive income isn't "passive" if you're spending any time generating it.
The cost of hiring a property manager is less than the time and money you'll spend (or lose) trying to manage your rental property solo.
Be Smart with Your Investment
Owning a rental property in Concord shouldn't affect your daily lifestyle; you don't have to make a second career out of being a landlord to enjoy the benefits of an investment property.
The most successful investment property owners realize the benefit of letting expert property managers handle everything from maintenance to finding tenants and collecting rent. You should see the income from your property without actively spending time generating it.
If you've never worked with a property manager before, let All County Heritage Property Management show you how worth the investment it can be. Plus, it's FREE to chat with us! We devote ourselves to prioritizing your property so that you can focus on what matters.