Like other investments, a rental property needs to be managed effectively to maximize investor returns. If your goal is a "passive" way to invest and enjoy the income, have you considered a property manager?
Leaving property management to professionals is the best way to maximize returns and enjoy investment income without doing the work yourself! Is it time to hire a Palm Springs property management company? Ask yourself these four questions to make the best decision about professional management or handling rentals on your own!
1. How Available Are You?
If you live close to your rentals or in the Palm Springs area, you may be able to manage it yourself. However, if you live nearby but are busy with work or other obligations, a property management company could be the best solution to free up some of your time.
Long-distance investors who choose Palm Springs often find it difficult to manage their rentals effectively. Unless you have the time and resources to visit frequently and take care of renters and maintenance issues while you're in town, it's challenging to provide the quality of service your renters and properties need. Coordinating vendors from out-of-state or while living in another city can be frustrating, too.
A local property manager handles every aspect of your rentals for you! From rent collection to screening and managing tenants and delivering prompt quality maintenance services, your property manager makes it easy to invest from far away.
2. How Many Rentals Do You Own?
The number of units you own may be small enough for you to handle as a DIY landlord. However, sometimes just one property (and a couple of renters) are enough of a handful to prefer the help of a Palm Springs property management company.
If you're an investor with big goals for a significant real estate portfolio, consider how owning multiple properties will affect your time and availability to each rental when managing them yourself. Often, investors who own multiple rentals find it more profitable (and less frustrating) to let experts handle keep up with the demands of more than one renter and multiple tenants.
The right property manager can also take on any type of property in your real estate portfolio. Whether you own single-family homes, condos, townhomes, or vacation rentals, the best property manager has the experience to maximize your returns for each property.
3. Do You Work Full Time?
What are your goals as a real estate investor? Many property owners consider rental income an additional source of income to build retirement funds and long-term financial security. If that's consistent with why you own investment properties, you have a couple of options to reach your goals!
If you have the time, energy, and expertise—and enjoy the work—managing rentals on your own can be a reality. However, many investors also have full-time careers that make it challenging to handle rental properties and tenants during the week. Spending nights and weekends dealing with maintenance issues or managing tenant requests while juggling a full-time job can quickly become overwhelming. Even with every free moment spent managing your rentals, it might not be enough time or attention to building the long-term income you want.
Working full-time and focusing on your career, family, and hobbies should be a priority—but you don't have to trade your real estate investment goals to stay focused on the important things in your life. A Palm Springs property management company manages your rentals to meet your goals while staying engaged in your career and everyday activities.
4. Can You Afford It?
You might want a property manager to take on your rentals, but can you afford them? Sometimes the decision to hire experts versus continuing to manage properties yourself comes down to dollars and cents.
Most property management companies charge a percentage of a rental's monthly income in exchange for their experience and services—and most investors find that it's worth it! When a professional property manager takes over rent collection, tenant screening and management, maintenance, marketing, and more, investors see improvements to their bottom lines and more income!
The cost of a property manager is a small investment compared to the benefits of expert management. When you're able to enjoy your passive real estate income without spending every waking moment dealing with tenants or property issues, you'll agree that a property manager was the right choice!
Experience More Income (and Free Time) With Palm Springs Property Management
If your answers to any of these questions indicate that it's time to hire a property manager, McLean Company is here to help! We serve investors who choose the greater Palm Spring area by delivering the highest quality property management services that maximize returns (and give property owners back their free time). When you're ready to partner with a Palm Springs property management company, let's talk about how we can serve you and your rentals!
Learn more about finding the best property manager! Download our free guide to finding the best property management company (and saving your sanity).
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