First of all, congratulations on making the decision to buy and hold real estate as an investment. Holding long term real estate is a great wealth building strategy, however, it can come with some challenges. One of which is rental property management.

If you own an income property you may have considered whether you want to self-manage or hire a property manager. The best way to assess how to manage your property is to ask yourself the following questions:

• How many properties do you own?
• Do you have great, reliable tenants?
• How good are you at dealing with people?
• Do you have a flexible schedule?
• Do you have working relationships with trusted, reliable contractors?
• How often do you travel?
• How often are you willing to replace tenants?
• Do you know where to find and how to place good tenants?
• Do you have reliable sources of income for unexpected damages costs?
• Do you know how much you can rent your property for, unfurnished or furnished?
• How much time are you willing to invest on a regular basis on maintaining your property?

These are just a few things to ask yourself to gain a better understanding of how you see your involvement in your property. While some people find they prefer high involvement from every aspect, others have decided they would rather their property act as a piece of their overall investment portfolio and outsource its management.

If you do decide to manage your own investment properties be sure to speak with a lawyer to familiarize yourself with landlord and tenancy laws, compliance in fair housing practices, gather legal leasing agreements and forms, and generate policies like late rental payments and fees, payment plans, etc. If you choose to do everything yourself, be sure to put all these required documents together and be prepared to distribute at a moment’s notice.

If you think you might spend a couple hours a month accepting rent payments or answering the odd phone call, this may not be the case. While the advent of technology allows for ease in transferring funds, not all tenants are comfortable with this method and you may find dealing with cash and receipts as well as coordinating pick up times eating up more time than you would like. You will also need to build a network of trusted and reliable contractors and vendors who are bonded, qualified, and prepared to work during emergency situations (like a pipe bursting or rodent invasion).

Infrastructure that is already in place

Rental property management services have policies and staffing in place to handle receiving rent, leases, applications, notices of entry and all other documents, screening procedures, and knowledge of the landlord and tenancy laws in your area. Property management companies will also have an extensive list of trusted and reliable contractors and vendors that they have built a solid rapport with.

Save valuable time

Property management companies are skilled professionals who not only know how to efficiently deal with little nuances but have an understanding of how things add up and become time-consuming. Finding a quality management company can save irreplaceable time. This service simplifies investment property ownership by allowing you the freedom to enjoy life, work, or buy more rental properties to add to your portfolio!

Save valuable time

Property management companies are skilled professionals who not only know how to efficiently deal with little nuances but have an understanding of how things add up and become time-consuming. Finding a quality management company can save irreplaceable time. This service simplifies investment property ownership by allowing you the freedom to enjoy life, work, or buy more rental properties to add to your portfolio!