If you decide to go the way of acting as the landlord for your investment property, then you will be responsible to oversee the following operations:
✅Analyzing and determining rental rates
✅Marketing and advertising your property
✅Managing preventative maintenance
✅Repairing broken items as needed
✅Preparing the lease
✅Mitigating issues between tenants
✅Enforcing the lease
✅Evicting unruly tenants
✅Replacing tenants when vacancies happen
If you must do all this for one property; imagine what managing multiple properties would look like. Aside from the demanding responsibilities you will surely be weighed down with, there are few other variables to consider before deciding on acting as your own property manager.
💡Are you able to juggle the time constraints of your everyday life with cumbersome, time-consuming responsibilities? Have you considered the potential health effects of being a landlord such as spiked stress levels? You will be needed at a moment’s whim if anything happens to the property. Not good.
Another issue to consider is that, currently, you may be inexperienced. What do you know about the legal regulations of the city and state where your property is located? How will you handle your first tenant eviction? Are your leasing agreements at risk for loopholes, or possibly non-compliant?
Finally, you may put yourself in a bind if you set your rent too high or too low compared to market standards. You could be sitting on an empty property for a long time, without any return on investment due to you overpricing yourself out from prospective renters. On the other hand, if you’re low-balling yourself, then you’re simply losing out on potential income right there.
📍 With an experienced property management company managing your investment property, you can avoid the hassle and stress that come with being a landlord – that is, make money and have less worries.
For more information, contact @aandaconsulting today on 0704 623 1476 or email email@example.com