Do you own one or more rental properties in the Central Valley and are planning on adding another property to your portfolio of investment properties?
Even though you may have gotten used to self managing 1-2 rental properties in recent years, your responsibilities will only grow when you add an additional property to your portfolio.
Here are several reasons why you should consider hiring a property manager as your portfolio of investment properties grows.
1. Time Commitment
If you are going to self-manage your own rental property portfolio, you can go ahead and kiss your time goodbye. Forget occasionally going on vacation, taking the weekends off, booking dates that you can stick to, or getting plenty of sleep. Be ready for the phone to ring with incoming tenant and prospective-renter inquiries. You will have to be on call 24/7/365.
2. There Are Too Many Roles to Master
Being a property manager involves mastering a whole team of full-time roles, including:
- Customer service representative
- Marketer, designer, and copywriter
- Leasing agent and tenant screening professional
- Bookkeeper
- Handyman
- Property inspector
- Property manager
3. Mental Drain
Being busy is one thing. Though in this job, you’ll also have to deal with a lot of stress. It doesn’t matter how good your properties are or how nice of a landlord you are. You will eventually have some tenants who are very demanding.
You’ll get tenants who bring their drama with them. Everyone has a story for why they can’t pay the rent—and it can be draining.
4. You Can’t Be Objective
When you are that close to selecting investments, supervising rehabs and improvements, accepting tenants, and managing your properties, emotions can come into play. When you allow your emotions to influence your decisions to buy, lease, renovate, manage, and sell, you run into risking financial results.
It’s often better to just stick to looking at the numbers, without even seeing the property. One thing I always work to avoid is falling in love with a property. This can severely cloud judgment.
5. It’s Risky
From the physical dangers of being on job sites and dealing with tenants, to collecting rents and dealing with angry tenants and dogs, to the financial liability involved in being too close to it all, signing on as a DIY landlord is risky.
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Contact 36 North Property Management
At 36 North Property Management we will save you the time, money and hassle of managing your rental property yourself. To learn more about the property management services we can offer you, contact us today by calling (831) 484-4604 or click here.