Is managing your rental property causing you undue stress?
It’s not hard to find real estate investors who ventured into the activity under the assumption that this would be a neat passive income stream.
This is thanks in part to how many of today’s self-proclaimed investing gurus describe real estate investing.
Sadly, many would-be investors often discover the brutal reality of actually owning property – there’s a whole lot more to being a landlord that just collecting the rent!
The reality on the ground for rental property investors
The current failure rate for real estate rental investors is quite high at 95%.
This is caused in part by investors who approach investing as a part-time side job or worse yet, a hobby.
This isn’t to say real estate investing is a terrible idea. No, on the contrary, borrowing 20th century billionaire industrialist Andrew Carnegie’s words, “90% of all millionaires become so through owning real estate.”
It’s still true even today. In fact, we have more real estate investors than ever before – at least 7 million – and over 48.5 million rental units across the country.
Clearly real estate investing isn’t going away anytime soon.
However, what’s also true is that it is not a one-person team sport. If you plan on succeeding, here are five signs that prove you’re ready to partner with a rental property management professional.
- You have little to no time to handle maintenance issues
- You have no desire to screen and deal with tenants
- You have no expertise in tenant-landlord law
- You want to scale your real estate investing business
- You want more freedom
Let us look at each one in greater depth.
Sign #1 You have little to no time to handle maintenance issues
Do you have a 9 to 5 job while also trying to manage your rental property at the same time? While it’s not impossible, it’s not an easy thing to do.
Particularly when you have to tend to maintenance issues – which as you probably know can happen at the most inconvenient of times!
If you find yourself with little time to commit to handling this mundane but very important property management task it’s a clear sign you definitely need someone else to take over.
Sign #2 You have no desire to screen and deal with tenants
Are you tired of spending countless hours screening clients in order to find suitable tenants? Stressed out from having to chase tenants for rent month after month?
If this aspect of rental property management is causing burn-out, you would do well to delegate to a rental property management professional.
Sign #3 You have no expertise in tenant-landlord law
Mistakes are costly and you may be making quite a lot of them because you’re not well versed in tenant-landlord rights and laws.
When it comes to real estate investing you have to either learn as much about rental property management yourself, or outsource to a qualified management professional.
Sign #4 You want to scale your real estate investing business
Perhaps you’re thinking of growing your business and buying rental property out-of-state? Scaling is great, however, with scale comes more responsibility.
As a one-person team, it becomes incredibly difficult to manage numerous properties by yourself, especially those that are out-of-state.
With the support of a rental property management professional you’re not limited in your scaling efforts.
Sign #5 You want more freedom
Does passive real estate investing sound appealing? Honestly, managing your rental property by yourself can be tedious.
If you’re looking for more freedom and more of a passive investment then having a property management agent take over tasks associated with managing your investment will give you the freedom you seek.
Conclusion
Fortunately, you don’t have to look far for a qualified rental property management professional in Longmont, Colorado.
PMI Colorado Front Range boasts one of the finest teams in the city.
Contact us today for a consultation.
