If you're like most property owners, you like being on top of your investments and may believe self-managing is your best option. You might also believe this route helps you avoid paying unnecessary management fees and keep more money in your pocket.
However, it may become difficult to handle everything independently as your portfolio grows. This blog post will look into when it's recommended you find yourself a property manager to help take some of the load off your shoulders! Read along to learn how much do property managers charge and why you need to employ one to take care of your rental property.
Self Managing Your Investment Properties
Many investors choose to self-manage their rental properties, thinking it will be a walk in the park—but there's more than meets the eye. While it's true that it's possible to self-manage up to a point, it's essential to understand that as your portfolio size increases, the level of difficulty in daily operations will grow as well.
Here are some reasons why property owners choose to self-manage.
They Wish to Save Money on Repairs and Maintenance
A property owner might believe a DIY approach to maintenance and repair will save them money. However, if you're not experienced or don't have the time to dedicate to fixing things around the property, it can cost you more money in the long run.
In addition, do-it-yourself repairs can put your tenants at risk if something goes wrong. For example, if you fix a gas line and don't do it right, your tenants could be in danger, putting you in a potential legal bind. This is why it's crucial to have someone with the experience and knowledge to handle these situations.
They Believe Property Management Is Too Expensive
At 8-12 percent of a property’s rent amount in monthly fees, paying for property management may seem like a lot. However, a good property manager will more than make up for those costs by taking care of the day-to-day tasks of running your rental property. This includes marketing your property, screening tenants, collecting rent, handling maintenance and repair issues, and more.
They Fear Giving up Control
Some investors may fear giving up control when hiring a property manager. A good property manager will take the time to understand your goals and work with you to create a management plan that meets your needs. However, you are still in complete control of your rental properties. The right property managers will only make things easier with their experience and resources.
So, What Does a Property Manager Do?
A Tacoma property management company can offer various services, from finding and screening tenants to handling repairs and maintenance. They will also be responsible for collecting rent and deposits and dealing with any tenant issues in most cases.
Why Is Hiring a Property Manager Your Best Option
While self-managing may seem like a good idea at first, there are several reasons why you may want to consider hiring a Tacoma property management company. Many investors agree that the following perks more than justify the monthly costs of professional property management services!
Added Value to Your Rental Properties
When your properties are in good condition, you can charge higher rental rates—leading to increased profits! A property management company can help you keep your properties in top shape to help improve returns and property values.
Improved Efficiency With Reduced Costs
A property management company has systems and processes to ensure that your properties operate efficiently. This can lead to significant cost savings and a higher tenant retention rate. In other words, you’ll experience shorter vacancy periods and a better cash flow for your properties.
No After-Hours Headaches
When you trust a property manager, you won't have to worry about being woken up in the middle of the night to deal with an emergency at one of your properties. This peace of mind is invaluable and can help you get a good night's sleep!
Enjoy More Free Time
Hiring a Tacoma property management company to take care of your rentals frees up your time so that you can enjoy the passive income they generate. Instead of being bogged down with daily tasks, you can use your newfound free time to grow your portfolio further or spend time with your family and friends.
Grow Your Portfolio Faster
By taking care of the day-to-day tasks associated with running a rental property, property managers free up your time so that you can focus on finding and acquiring new properties. This is a great way to grow your portfolio while reducing your workload!
Knowledge of Local Laws
When investing long-distance, you have to be aware of compliance with all local, state, and federal laws. Hiring a property manager gives you the peace of mind of knowing that your property operations follow all the necessary permits, regulations, and laws.
Partner With the Best Property Managers in Tacoma
If you're looking for a property manager that can help you maximize your returns and take on the details and hard work of managing profitable rental properties, look no further than The Joseph Group. With years of experience in the industry and this market, we know what it takes to make your rental properties successful.
Contact us today to learn more about how we can help you reach your goals!