An investment property is a great addition to your diverse portfolio. But, being a landlord goes beyond purchasing a property. Indeed, Thousand Oaks, CA property management is a full-time job that you may not be prepared for or want. If this is the case, you may want to hire a property management company. Keep reading to know the reasons you may want to do so:
You Don’t Have Time to Manage Rentals
Managing rental properties every day is time-consuming. As a landlord, you are responsible for everything from listing your property, finding tenants, maintaining the property, and others. This requires a serious time commitment which tends to grow the more property you own. Thus, if you cannot dedicate time to manage your property effectively, you should hire a professional property manager.
You Want to Maximize the Profitability of Your Investment
Typically, experienced property managers charge between 7% to 10% of your monthly rental income, which can cut into your yearly profits. But, this fee is well worth it due to the value it offers. As an investor, you should always weigh the cost.
You Live Far from Your Rentals
If you are far from your rental property or not familiar with the local area where the property is located, you could face some issues. This will add time and effort to handle emergency tasks, maintain compliance, complete inspections, and target possible tenants.
You are Not Prepared to Deal with Tenant Issues
If you manage your property yourself, you will have to deal with tenant screening, showings, late-night calls, complaints, maintenance needs, concerns, and late rent payments. Dealing with tenants can be exhausting and consistently interrupts your day. Also, remember that communication is not limited to phone calls. You should also respond to texts and emails as well as send and receive written notices.
Managing your own rental properties may only work if you make your rental property business a full-time affair. But, property managers are worth the cost if you value your time and peace of mind. Although turning over the reins to an investment portfolio is not easy, it is worth considering. As a landlord, you should be realistic about your experience and ability to deal with different tasks that will come your way. An experienced property management company provides the expertise to make sure your business is always compliant with regulations and profitable. Although a property management company can make all the decisions for you, they can offer a buffer so you only have to pay attention to the most pressing issues.