Investing in real estate is exciting and lucrative, but very few property owners will follow up by saying, '...And it takes no time at all!' Realistically, becoming a great real estate investor requires a lot of time spent on both research and on operations once you've got your portfolio up and running. That's why so many investors turn to Chesapeake property management services to lessen the load.
However, you might be wondering whether you've reached the point where you need a property manager in order to achieve your goals and manage your workload. How can you know when the time has come as a property owner?
Here at Renters Warehouse Hampton Roads, we might be a little biased—but even if we weren't the best rental property managers in the area, we'd still see many advantages to working with a property manager at any stage of portfolio growth! With that in mind, we want to share some of the benefits of working with full-service property management with you to help you decide whether it's time to hire an investment property partner.
First-Time Investor? Shortcut to Experience!
When purchasing your first single-family homes, condos, or duplexes, it can be tempting to assume you don't need a property manager yet—you may even feel like 'need' is too strong of a word. You and many other real estate investors can indeed do much of the operations legwork yourself at this stage when you only have a single rental property.
However, one of the ways that a property manager really helps you even on your first few properties is that they are experienced in the field and are ready to help you develop great habits from the beginning.
- They're aware of what renters really value and can help you avoid costly and time-consuming efforts that don't actually help your bottom line or matter much to your renters.
- They can also ensure none of the property-success essentials (like routine maintenance and repairs) slip through the cracks.
Think of hiring Chesapeake property management like Renters Warehouse Hampton Roads as a way to take a valuable crash course or job shadowing experience in what the most well-trained property managers do. You won't be disappointed!
Experienced Investor? See Portfolio Growth!
Now, you might be thinking, 'I'm experienced when it comes to real estate investments, and I've purchased and maintained a variety of properties already. Why would I need full-service property management?' The truth is that you've probably noticed the division of time that you spend on your portfolio isn't ideal if you're handling the work yourself across all of your properties.
- Rather than diving into the research for the next property you want to buy, you're focused on keeping on top of maintenance issues at one property, and that rent collection is managed at another.
- Maybe you still have time to keep an eye out for your next growth opportunity, but you also might be up to your ears in work and maintenance requests the more properties you have.
- Great property investors start to see how having professional property management services on their side can free them up to really pursue growth over time.
After all, finding that 'right' next rental property is time-consuming, and if you purchase an investment property that doesn't really fit your needs for continued diversification, it can cut into your profits.
Working with a Chesapeake property management company is a great way to take some items off your plate, so you can work on scaling your company up to its next heights.
Already a Large Portfolio Holder? Outsource All but Key Activities
If you're already a large-scale rental property owner, you may or may not already have a Chesapeake property management company you work with. If you don't (and you do all your own vendor coordination and employee hiring), it really is worth considering how a property manager could help your bottom line.
- Not having to do the hiring yourself takes some of the risk and responsibility off your shoulders and lets you focus instead on the high-level efforts in your business that involve major decision-making.
- Let your full-service property management team here at Renters Warehouse Hampton Roads prove how we utilize profit-boosting economies of scale that save you money while never compromising excellent service for your renters!
Valuable Assistance for Any Investor, Any Time
When you crunch the numbers and determine that your business can handle the cost of a property manager, you begin to reap the benefits pretty much immediately, no matter the size of your current investment portfolio.
Between assistance that saves you time and the breathing room to expand your holdings to generate more income over time, Chesapeake property management is the secret to many real estate investors' success. What's more is that, when you reach your desired portfolio size, you can also use property management services as a way to scale back your own involvement without losing the profits, enjoy retirement, and chase other pursuits that you most desire.
So, when is the right time to hire a property management company for your portfolio? Starting now! At Renters Warehouse Hampton Roads, we're always eager to show you the ways that our assistance boosts your portfolio's value, offers amazing service, and helps your business grow.
One way you can begin taking advantage of our experience immediately is by downloading your FREE copy of our portfolio-growing resource! It's full of key insights for taking your rental property holdings to the next level.