Owning rental properties is a fantastic way to make passive income when you have another job. Owning rental properties is also a fantastic way to increase your overall assets should you need to borrow against them later in life. However, owning rental properties is not as simple as some might imagine. There are some ways that you can make owning rentals easier, and the most important is to hire a responsible and reliable property manager.
It is helpful first to learn just what a property manager is. Property managers are the proxy by which your tenants can lodge complaints, get things fixed, pay rent, and communicate if you are not on the premises. For those rental owners that do have other jobs, a property manager is going to make your job as a landlord far simpler. Property managers can help reduce the workload for you and can help make the lives of your tenants far easier and more enjoyable as well.
Doing it all yourself is certainly doable, it is however very difficult and can cause stress and make owning rentals harder than it has to be. The first reason you need a strong property manager is that if you own tons of rentals in different locations, it might not be possible for you to make the rounds and visit each property every time there is an issue. A property manager can work as a proxy between you and your tenants so that you can get your work done and keep your tenants happy as well. Instead of having to worry about things like collecting rent, you can focus on other aspects of your life.
Another benefit to a property manager is the presence of an authority on site at all times. In most cases, things are not going to happen all at once and having a property manager on site from 8 am to 4 pm allows your tenants a chance to talk with the manager over a larger span of time to resolve issues. Having a manager on site or close also makes it far more likely that your tenants will come to you in the event of an issue rather than letting it go until late at night when repair is not possible.
The last benefit to a property manager is that you do not have to micromanage your properties. With a property manager, you know your properties are safe and being managed wells so that you can focus on your other job if you have one or on improving your rental properties for the future. A property manager will also know the ins and outs of rentals so if you are new to the game you may be able to learn from your property manager. Overall, a strong property manager can make the rental games easier, more enjoyable, and more profitable in the long run. Visit AZ Residential Management to read more of our blogs full of useful tips to help you get the most from your investment.