You’re an investment property owner, congratulations! Owning property is a great way to generate passive income streams, build wealth, and secure a healthy financial future. But what about the day-to-day business of rental management? Is that something you should tackle yourself or does it make more sense to hire a management company? Self-managing a property can come with challenges, so here are the top three reasons it’s a great decision to hire a professional property manager to manage your investment.
Self-Managing Takes Time
In addition to basic upkeep, preventative maintenance and emergency repairs, managing a rental property involves screening and selecting tenants, handling security and pet deposits, rent collection and accounting, pre- and post-lease inspections, regular check-ins of the property, filing year-end tax forms, renewing rental licenses, and handling evictions. It can be a full-time job that takes you away from the other priorities in your life.
Self-Managing Takes Skills
If you self-manage a property, you need to be prepared to be a Jack of all trades. You’re an accountant, bookkeeper, housing inspector, handyman, and you need to be familiar with all tenant/landlord laws and requirements in your city. No one is an expert in every area, which can lead to loads of problems if even one item on your to-do list slips through the cracks. Professional property managers work with trusted vendors to ensure reliable, expert service—all for a reduced cost.
Self-Managing Takes Commitment
Broken water heaters or frozen pipes don’t care if it’s 2 am, a holiday, or a weekend when you have other plans. Home management means you need to be on call for every repair—big or small—and be ready 24/7/365 to tackle emergencies. Most investors are looking to their rental property to reduce their stress by providing a path to long-term financial security, not increase their workload as they spend years building the knowledge and experience it takes to successfully manage a cash-flowing property.
When you work with IDEAL, you can turn your property into a true passive investment with our Rental Management Program that takes away all the hard work that comes with property management, so you can sit back and enjoy watching your investment grow.