You know there’s a risk involved in owning residential real estate and renting investment properties out to tenants. It’s rare that this happens, but you might end up with thousands of dollars in damage left behind by a tenant who seemed reasonable and responsible.
If you’re wondering whether it’s time to hire a property manager for your St. Louis rental property, consider some of these points.
For some St. Louis rental property owners, the turnover process between tenants can take as little as 24 hours. For others, there are weeks and even months of repairs and renovations necessary in order to return the property to rent-ready condition.
Most St. Louis real estate investors know that vacancy can cost a lot of money. When your property isn’t occupied, you’re not earning any rent. You’re also paying for maintenance, upgrades, cleaning, landscaping, and extra security.
Every St. Louis rental property goes through a turnover process where one tenant moves out and the property is prepared for the next tenant. During that turnover period where the property is vacant, you’ll take care of repairs and maintenance. You might even make some updates and upgrades so you can attract high quality tenants or earn more rent. Part of getting your rental home ready for a new tenant is cleaning.
There are dozens of excellent reasons to hire a professional St. Louis property manager. One of the best reasons is when you’re living outside of the area. It’s difficult and stressful to manage an out-of-state investment property. You can’t run over there to respond to an emergency maintenance issue. You can’t drive by once in a while to ensure everything looks okay. Showing the home when it’s vacant is complex, and you’ll find it difficult to keep up with all the local and state laws that pertain to rental property.