In the world of real estate, having a rental property is an excellent investment. You will benefit not only from long-term investment returns but also from interim income. This is why many investors are looking for rental opportunities. However, being a landlord is not an easy job. It can be pretty demanding at times because it requires many skills and knowledge about real estate. So, if you're having a hard time being a landlord, you should definitely consider hiring professional help. Read this article to find out about 5 signs that show it's time to hire a property manager!
You don't have time to manage
One of the main reasons landlords choose to hire a property manager is they simply don't have enough time to manage their investment. More often than not, being a landlord is not a full-time job, but it sure is time-consuming. It comes with regular responsibilities and requires total commitment. This being said, if you have a full-time job, managing your rental property as a side job can become an issue.
Another problem can appear if you have multiple rental properties. The more properties you're leasing, the bigger management needs you'll have. It's hard to keep up with one; imagine with two or more! Therefore, it's highly beneficial to hire a professional in situations like this.
You have a problem with tenants
Being a landlord means choosing reliable and responsible tenants who will be respectful of your property. Unfortunately, this is harder than you think. As a landlord, you might face a lot of unpleasant situations. Here are the most common examples:
You don't live nearby
Not living in the area of your rental property can turn into a problem when it comes to being a landlord. The distance can intervene with your management obligations. For example, even if the property is in excellent condition, there will be times when you need to drop by and pick something up or inspect the building. You will be unable to respond to these emergencies if you don't live nearby. As a result, anyone who lives far away from their commercial property should think about contacting a professional manager to keep an eye on it. Hiring a property manager eliminates the need for you to commute back and forth every time your tenants need something. You'll be able to rely on the manager and their expertise when it comes to managing your property without your supervision.
You're struggling with leasing
As an investor, you want to make the highest possible profit from your investments. If you're renting a commercial property, this means you'll have to have tenants at all times. To make this happen, you have to meet the tenants' needs and keep up with the current real estate trends. Learn about what's hot on the market at the moment, how you can interest potential tenants for your apartment, what you can do to improve it, etc.
Every good property manager has this kind of knowledge, so it would be a good idea to hire one for some expert advice on the matter. Tenants may relocate for a variety of reasons, but the property managers can assist in lowering turnover. They know how to make tenants happy and keep them from looking for a new place to rent. Additionally, they will definitely have good marketing strategies and a network of interested tenants to occupy your property. All things considered, hiring a property manager is a win-win situation.
You don't know anything about rental laws
Every successful landlord should know the local landlord-tenant laws. Every municipality has its own regulations when it comes to the relationship between the landlord and their tenants. In a nutshell, these regulations are the guidelines on what your obligations and responsibilities are as a landlord, and they apply to tenants as well. So, before renting a property, you should get to know these regulations very well. If you don't have time for this, or you're having problems with understanding and applying all the rules, you should definitely consider hiring a professional property manager. They will know these rules by heart, and they'll take care of everything you are having trouble with.
Additionally, property managers can help you with getting all the legal documentation you need for your rental property. As a landlord, you'll have to get a few licenses and follow proper regulations when it comes to your property. All this can be a bit overwhelming, so it's a good idea to have a professional take care of it. They know every code and regulation, and they can help you obtain every license you need. It's also convenient because the property manager will make sure everything's done according to law, so you won't have problems in the future.
Are you ready to hire a property manager?
Based on the above mentioned information, we can all agree that being a landlord is a demanding and time-consuming job. It requires a diverse skill set and proper knowledge of the real estate market and its constantly changing trends. Therefore, if you're struggling with any of the things we mentioned in this article, it's time to contact a property manager to help you take the management obligations and stress off your plate. This would allow you to continue expanding your business without dealing with minor problems that can quickly escalate into major headaches. So, don't hesitate and make that call!
If you’re about to put your house on the market, you should first consider a few updates that will make your home more attractive to potential buyers. In order to maximize your profit, stay away from big-ticket items unless they’re absolutely necessary. They key is to focus on smaller, quick wins that will make a big difference. Here are a few ideas to get you started.
First, consider paying an inspector to examine your house and report on any issues he finds. You probably already know of a few minor things that need to be fixed, but a certified inspector can give you peace of mind by letting you know if the big things are in good shape. If he does find a major problem, you’ll get a jump start on determining your strategy for fixing it. To ensure a quality inspection, only hire an inspector with an InterNACHI (International Association of Certified Home Inspectors) membership.
Unclutter Your House
When you’re preparing to sell your home, here’s a idea to add to your checklist that won’t cost anything — get rid of the clutter in your house! uncluttering can make your home feel larger, cleaner, and airier, all of which make it more attractive to buyers.
Below are a few quick tips:
After you’ve uncluttered, you might notice all that open space looks a little grungy. Guess what? It’s time to start cleaning. Scrub areas that haven’t seen the light of day in a while, and use a handheld vacuum to easily reach those tricky corners without having to rely on your heavy-duty cleaner. Handhelds are also good for quick clean-ups and are easily stored away once you’ve finished tackling whatever problem fell into your lap.
Fix or Replace Leaky Faucets
Prospective buyers will instantly notice and be turned off by leaky faucets in your home. If your faucet is newer and just has a leaky valve or connection, take a few minutes and fix it. If, however, your faucet is older and needs to be replaced, it’s not a difficult project and will noticeably improve your bathroom or kitchen. You’ll likely want to replace the supply lines under the sink at the same time as the faucet. One quick tip: You will have cut-off valves under the sink to turn the water off, but make sure you know where the whole-house cut-off valve is in case of emergency. This could save you some water damage!
Spruce Up Your Landscape and Yard
Improving your curb appeal will add to the attractiveness of your home as well. Take a weekend to knock out several of these improvements.
These updates are inexpensive, quick fixes that will help you obtain a higher price as you sell your home. Take a few days to implement them and you’ll be surprised how different your house feels. Prospective buyers will be impressed as well, and that’s your goal — so get to it!
Clark Real Estate
305 W. Moana Ste C
Reno, NV 89509