More than 43 million households in the United States are renting today. If you're a person interested in beefing up your real estate portfolio, it's not something that you have to do alone.
Property managers make life easier for investors like you and have an entire team at their disposal.
When should I talk with a property management company? We will explain the main points to consider below.
Learn What Property Managers Do
The industry of property management is set to grow at a 9.8% rate in the next few years. They're widely available and serve a variety of niches.
What are some roles they play for the average real estate investor?
- Property marketing and managing listings
- Handling rental leasing agreements
- Tenant screening and background checks
- Litigation and evictions
- Upkeep and maintenance
Owning property is just the beginning. It takes a skilled property manager to make sure you're getting peak value from the real estate so that your equity continues to work for you.
Consider the Type of Property Management
Is it time to talk to a property management company? That depends on what services you need. There's no minimum requirement for hiring a property manager.
The principles of renting property apply whether you're renting a room in your house or own numerous 100+ unit apartment complexes all over the United States. The key is finding a property manager that fits what you need since some work with smaller clients and others specialize in large-scale real estate portfolio management.
They make life easier for investors since not having to handle property maintenance, and lease enforcement lets you focus on the profits and acquiring new properties.
Assess Your Number of Investment Properties
Knowing whether it's time to hire a property manager also depends on the number of investment properties you have. Some people are more than capable of managing their properties when there are one or a few of them.
However, there always comes a time when you'll need help. Understand when you're stretching yourself too thin so that you don't wait too long and mismanage your property in the meantime.
Some property managers might also have minimum requirements on how many properties you should own before they'll take you on as a client. Find this out in advance so that you're making an informed decision for your portfolio.
Chart Your Goals
Knowing whether it's time to hire a property manager also depends on your goals. Set quarterly and annual goals for all of your investments and figure out what it'll take to reach them.
Investment savvy property managers can help you chart these goals and surpass them.
Work With a Property Management Company
Having the help of a property management company can be so invaluable. They're often the missing puzzle for investors who want to reap the benefits of their real estate without having to be as hands-on.
Wolfnest is proud to help with your property management needs. Request a free rent analysis on our website, or give us a call at (801)523-4230.