When you make a few excellent deals and find yourself with a growing real estate portfolio, the first feeling is usually elation. The cash flow of getting those new residents into their new homes is a nice boon. However, you've now got tasks to do all the time to keep your investment properties functioning well—and that includes maintenance and repairs.
While the adrenaline of managing a rapidly growing portfolio can be great, there is a possibility of burnout if you aren't careful. Here are some of the considerations that we suggest you think through from our perspective as an expert Virginia Beach property management company as you continue to grow.
More Growth Generally Equates to More Work
It's easy to assume that one's growing real estate portfolio in the Virginia Beach area would move linearly, slowly ramping up both the number of properties and the amount of work. However, many experienced investors see that the work expands exponentially in a rental market like ours.
There are new considerations when you have more properties; even things like the distance between the properties can suddenly pose a significant challenge for property owners. This can result in some tough choices when it comes to your real estate investments since exponentially more work can often lead to exhaustion and burnout. If you have maintenance issues you need to address at two different rental properties across Virginia Beach, you can quickly see how distances can add up!
The growth itself is excellent, but the growing pains can be an issue. No one wants the work that began as a positive side pursuit into rental property ownership to take over the other things that matter to them. However, when your portfolio grows past a certain point, you really have to face these decisions and make a choice about how you'll conserve and manage your time.
The Challenges of Quitting Your 'Day Job'
The choices available to rental property owners with these growing pains all include a lot of change: you might end up needing to quit your day job to manage your properties yourself full-time, or you might start needing to hire part-time or full-time staff to keep up with communication, maintain the properties, or handle marketing for new residents.
These options involve adding additional complexity to your days since you'll be motivating and supervising staff in addition to whatever aspects of the business you choose to keep on your own plate. It's a lot to consider, and even once you've made your choices, when you continue to add additional properties, you'll face these choices again.
It can become a bittersweet kind of advancement to discover that you won't have time for your day job if you work in a field you really enjoy, and hiring your own staff puts you into the role of manager, which may or may not be your ideal situation. It can also get complicated to manage payroll and tax time if you start adding staff—which means hiring for additional roles in your growing 'company.'
While these choices work for some property owners, many are looking for another way because they have no interest in becoming full-time investors. That's where full-service property management steps in.
A Property Manager Offers Benefits Over Your Own Staff
If you aren't interested in taking all your time to run your rental property portfolio personally, and you don't want the challenges of hiring and managing your own staff, professional Virginia Beach property management services can be a truly ideal solution.
Property managers in Virginia Beach bring considerable experience to the table, as well as discounts on things like maintenance and repairs because they have bulk-buying and bargaining power with their list of trusted vendors. What's more is that they already have a team—taking away the time-consuming tasks of recruitment and hiring.
- Full-service property management experts like Renters Warehouse offer a variety of services to help you to stay involved to the extent that you are most comfortable.
- We maintain high-quality communication, even when you are focused on your day job or other pursuits, such as enjoying travel in your retirement.
- Most property owners find that working with a dedicated team of property management professionals is preferable to becoming a full-service team themselves and having to hire and supervise their own staff.
Want to Maximize Your ROI? Choose Renters Warehouse!
Virginia Beach property management teams come in many types and with many specialties. Still, one of the places where we shine here at Renters Warehouse is in maximizing your rate of return on any size of portfolio.
With our expertise, we can easily scale our practices to fit your needs as a property owner—no matter how large you want your portfolio to be in the Virginia Beach area! Our Rent Estate™ Advisors have great insight into how small changes to your lease or the rental property itself can bring significant increases in value.
We keep the personalized touch that is the standard of all of our excellent property management services while bringing economies of scale and streamlined efficiency to the parts of your work that can be automated, from owner portals for communication to rent collection managed entirely online.
Ready to get more from your experience as a property owner and have the freedom to keep the growth going? Take a look at our free resource, The Real Estate Investing Guide to Growing Your Portfolio With a Property Management Company.