The rush of starting your first rental property investment can get you excited about the future. After all, the possibility of side income or growing rentals into a full-time job can be thrilling. As the dust settles, the rental property investment you've made becomes more like regular work: you must advertise for tenants, get them moved in, collect rent, conduct maintenance, and handle any of their requests along the way. The weight of even a few units of housing can become quite heavy on a landlord's shoulders, especially if they have other holdings or work.
Property managers recognize that our background is one of the keys to how we help landlords. However, there are many reasons why investing in a property management solution for your landlord work is one of the savviest moves you can make.
1. Time Savings
First off, a landlord who is successful at finding and renovating properties to make them ready for the rental must start thinking about where his or her unique value-add is.
- Do you effectively "make the most money" when you are letting the ink dry on a new real estate deal?
- Are you at your best when you are managing big-picture operations and ordering supplies at scale?
- Are your shining moments unclogging a toilet at 2 a.m.?
For landlords—like the rest of us—time is money. If you must devote many of your hours to day-to-day property management work, you don't have as much time to expand your business.
DIY landlords end up picking up landlord duties at a time when they hope to spend more time with friends and family, such as retirement. It can be a real shock to expect to spend more time with your grandchildren and instead feel like the people you see the most are your tenants! A property management company allows you to steer the ship of your landlord business without devoting all your waking—and sleeping—hours to it. You can participate as much as you want to, but you have a designated team to handle the daily tasks while you enjoy making memories with those you love.
2. Stress Reduction
While some of us are detail-oriented, many big-picture thinkers are easily overwhelmed by all there is to remember as a landlord. Combine these many tasks with the worries of tenants that cause problems or don't follow the lease agreement, and you have a recipe for stress. When individuals get too stressed, they may lose sleep, take it out on their families or friends, or need professional help to decompress—which can be expensive. Stress reduction, however, is as simple as a call to an expert property manager.
Rather than viewing one's tasks as set in stone, you can notice the elements of being a landlord that cause you anxiety and discuss how your property manager can take those tasks over. When they do the work, you experience the relief and mental positivity of not holding all of those worries yourself.
As your property manager continues to prove their reliability and professionalism, you experience more and more stress reduction. Many landlords eventually can devote most of their attention to the parts they love—including the hunt for the next rental property—rather than to elements of property management in which they don't have expertise.
3. Professional Experience
Speaking of expertise, consider this example: Imagine that you've been doing a great job at work, but there is a particular skill that you just learned. You accomplish tasks at a rate of one every four hours. Now, imagine that your boss says, "if you'd like to do more of what we hired you for, we'll hire an experienced person to take on your new-skill tasks. They can finish those tasks in one hour because they've been doing them for so long!" The company saves money because they pay less for that task, and you get the benefit of working on what you enjoy. It's a real win-win!
The same is valid with experienced, professional property managers. We've learned how to be the most efficient advertisers for tenants, for example, by going straight to the places with the best payoff—rather than advertising widely or randomly in areas that don't yield applicants. We work with trusted vendors for repairs and maintenance, so we don't have to start from scratch with every repair. You, I'm sure, could become truly adept if you managed properties as long as we have—but why become an expert when you can hire one and save on years of learning the ropes? Professional experience is one of the most significant benefits of hiring a property manager.
No matter why you ultimately choose a property management company, Verandah Properties is ready to exceed your expectations of how helpful we can be in your landlord ventures here in Central Florida. It's why we offer our helpful Make-Ready Checklist to prepare your rentals for free! Our resources are just one way we add value when growing your long-term wealth.