Real estate has become a successful way to invest money, as the rate of return over the long-term usually exceeds other types of investments, and is often a good source of passive income as the investment matures. The problem is that managing a portfolio of investment properties isn’t for the faint of heart, as it requires advanced organizational skills and the ability to intervene when serious issues arise. The following is an overview of just three of the many reasons more investors are hiring an outside firm to assist with Real Property Management.
Maintenance Issues
One of the most time-consuming aspects of managing a collection of rental properties is making sure that any routine and emergency maintenance issues are addressed. Rather than attempting to coordinate the repair of items alone, let a property management company handle most day to day problems that arise. Most have a maintenance professional on staff, who will perform basic work orders and will contract with outside vendors if a unique situation arises.
Collection of Monies
It is a hassle to track down tenants and make sure that they make their required rent payments promptly. A property management firm will have a physical location where tenants may pay in person or mail a check to, which ensures that getting rent monies is a quick and streamlined process. Property managers will also enforce any fees associated with lease violations or damage to the property.
Tenant Issues and Vacancies
Most tenants are relatively low-maintenance, but some are more demanding and will prove to be challenging when issues arise. Between dealing with aggrieved tenants and finding new ones when a vacancy occurs, attempting to oversee multiple properties quickly becomes overwhelming. A firm that offers Real Property Management will address tenant issues and advertise a property and screen potential renters on behalf of the property owner.
Investing in real estate doesn’t have to lead to headaches and stress. The expert property management team at Red Realty helps investors of all backgrounds manage and maintain their investment portfolio. Check out website to learn about the benefits of hiring a professional manager, and make owning rental properties as stress-free as possible. You can connect with them on Facebook for more updates!
