About 50% of landlords outsource their duties to a property management professional or company. Outsourcing is an efficient option, especially if you're a busy or new landlord.
Your property manager can take over some or all of your duties, including property maintenance. Although a hybrid approach, where only a few functions are outsourced, is ideal in certain situations, going for full service property management is the best decision you can make for your rental property. It will come at an extra cost, but the benefits you'll reap are worth it.
Read on to learn why hiring a full-service manager is the way to go:
1. Avoid Compliance Troubles
As a landlord, you have rights that are protected by the law. You also have responsibilities that are required by law.
For example, when you're vetting renters, you cannot reject an application because of the renter's sexual orientation, gender, or other characteristic that is protected by fair housing laws.
There are several laws to keep tabs on, and most landlords aren't very familiar with these laws. This means you're at a high risk of unintentionally breaking the law, and you could find yourself in court facing a lawsuit.
When you have a full-service property manager, that is low. These managers have an intricate understanding of the relevant laws and are not likely to make a mistake that'll land you in trouble.
2. Maximize Your Rental Income
After spending a fortune on purchasing or building a rental property, you can't wait to start earning rental income. And nothing short of the maximum possible income is going to satisfy you.
Unfortunately, maximizing this income requires you to set optimal rent and keep the property fully occupied throughout. Both of these tasks are easier said than done!
In a tough Wichita rental market, for example, finding reliable tenants will be a challenge.
The best way to maximize your income is to outsource everything to a full-service manager. You can rely on this professional's expertise and knowledge of the local market to price the rental unit competitively and keep it occupied.
3. Keep Landlord Stress on the Low
If property management was an easy job, we wouldn't have landlords struggling to sleep at night!
The job comes with several challenges that can make your life miserable. For example, chasing rent payments from elusive tenants can make you question your decision to invest in a rental property.
Being a landlord is already hard enough. Don't make it any harder on yourself by taking a DIY approach.
When you take a hands-free approach, you'll rest easy knowing that a competent full-service property manager is taking care of everything. You can focus on other aspects of your life, like pursuing your passions, while you smile at the bank.
Full Service Property Management Is the Way to Go
As a savvy real estate investor, going for full service property management firm is a no-brainer. You'll give yourself the best chance of maximizing your income while keeping stress low.
In Wichita, Kansas, you can count on PMI Wichita for full-service property management services. We're a family-owned firm that's part of a larger property management franchise, but our local focus makes us uniquely qualified to serve you.
Call us for more information.
