Think You Don't Need Realty Property Management? These Are the Risks

January 11, 2018

Risks of Not Using Realty Property Management

Being a landlord doesn't seem all that difficult, right? You might want to think again. Here are the top risks of  skipping realty property management.

With homeownership rates currently at the lowest that they've been in 50 years, there's never been a better time to buy an investment property to rent.

But a mistake that many first time investment property owners make is to assume that managing a rental property is as easy as owning one.

The reality is that being a landlord is far from easy.

Luckily, realty property management can take the stress away from owning a rental property. You'll get to enjoy a passive income without the stress of becoming a landlord.

Still not convinced? Keep reading to learn a few of the risks of not using realty property management for your investment property.

 

You May Choose the Wrong Tenants

When you're sitting on an investment property and a mortgage that needs to be paid, it can be tempting to take the first tenants that come your way.

But choosing the wrong tenants can end up costing you far more than you'll make.

The wrong tenants will damage your property, leave it in need of professional cleaning, break your appliances, and skip out on rent. They'll move out without notice. When you try to track them down to make them pay for damage or missed rent, they'll disappear.

But realty property management will screen tenants, choosing only those that fit their strict qualifications.

 

You Could Put Yourself at Risk of Legal Problems

When you're managing a property on your own, you'll be responsible for making sure that everything is up to code.

There are tons of legal requirements that you'll need to meet. You'll also need to draft contracts for your tenants, and prepare yourself for accidents that could occur on your property.

You could try to learn the requirements and tackle these legal hurdles on your own. Or you could protect yourself by leaving this to property management professionals.

 

Your Tenants Won't Stay as Long

Just as landlords want great tenants, tenants want great landlords.

If you don't have the time or experience to meet your tenants' needs, they won't stick around for long.

Realty property management professionals know what it takes to satisfy tenants, and will help you keep great tenants for longer.

 

Being a Landlord Will Become a Full-time Job

Bad tenants or a rental property with a lot of problems can quickly turn your passive income into a full-time job.

You'll constantly have to visit your property for repairs. You'll be left calling repairmen, plumbers, and other services on a weekly basis. If you choose to do it all on your own, you'll also have to mow the lawn, shovel snow, and more.

When tenants fail to pay their rent on time, you'll have to track them down to try to get your money.

 

Choosing the Right Realty Property Management

Now that you know the risks of trying to manage your rental property on your own, it's time to start searching for the right property management.

 

Check out our rental property management options today to learn how we can take away the stress of being a landlord and help you make the most of your investment property!

 


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