Maybe you got into real estate investment strategically. You planned to grow your personal wealth with a property (or multiple properties) that will provide a return on your investment for years to come. Or, perhaps you got into real estate investment on accident. You personally owned a great property that you no longer wanted yourself but also knew would be foolish to let go.
No matter what kind of investor you are or how you got into the business, chances are you have seen the numerous day-to-day tasks that go into managing a property, whether it’s a simple duplex or a 40-unit building. And, those tasks can certainly be overwhelming and require help from a property management organization. But what kind of property management services do you truly need?
There is not a one-size-fits-all approach to property management. A good property management company assesses the individual needs of the investor and tailors their services to meet those needs. At the very least, management companies will work directly with tenants, saving you time and effort when marketing and leasing your property. They’ll also handle the day to day tasks like collecting rent and maintenance and repair issues.
We all know that time is valuable, which is perhaps the biggest advantage of using a property management service. The peace of mind that comes with having a professional, versed in the latest landlord-tenant laws and who knows your local market is also a huge bonus.
When deciding what kind of property management services you might need for your investment, it’s important to consider the following:
- Do you have multiple properties or units? The investment in a good property management company will cost you far less than the time and stress of managing all of them yourself.
- Do you live far from your rental property? Not only will you not have to travel to handle emergencies and issues that arise with your property, a local team will know best how to market your property in that area.
- Is your time limited? Even if you may like handling the daily tasks of managing your property, imagine how you could spend that time further growing your investments if you had someone else handling it. You could be spending your daily time looking for your next investment or figuring out renovations for your current.
Really, the best way to figure out what a property management company can do for you is to have a consultation. Everyone’s investment is unique, and some may benefit from full service while others may prefer leasing only services.
Auben Realty can handle everything from leasing-only services to full service property management. Get in touch with us so that we can discuss ways to help manage your investment.