We’ve met some rental property owners who do an excellent job of leasing, managing, and maintaining their own investment homes. It can be done, especially if you have the time that’s required and some knowledge about the local, state, and federal laws and regulations that govern rental housing.
However, professional St. Louis property management has a lot of benefits, even to an owner who is effectively managing their own property. For many investors, professional management is absolutely essential in order to keep incomes up and expenses down.
If you’re wondering whether it’s time to hire a property manager for your St. Louis rental property, consider some of these points.
Are you a Landlord or an Investor?
Think about your investment goals and how to best serve them. If you consider yourself a landlord, who is renting out one or two homes, you may not feel like a property manager is necessary. However, if you have elevated your ideas about why you own rental property and what you want to do with your portfolio, a property management partner can help you achieve your investment goals faster.
If you’re an investor who is treating your rental property like a business and you want to grow your portfolio and maximize what you earn, property management is essential.
Are you Increasing your Assets?
It’s also important to think about how many properties you own and how many more you’re thinking about acquiring.
As you increase the number of properties you own, your time commitment and your responsibilities also increase. You’ll have more tenants, more maintenance requests, and new complexities with every new rental unit. Managing the accounting, avoiding vacancies, and the marketing can become a full-time job.
Extra income with a growing portfolio is fantastic. Extra items on your to-do list can be a hassle. Hiring a management company will be a good idea to ensure emergencies are responded to in a timely manner and important details don’t get forgotten or delayed for too long.
Are You Running Low on Time and Experience?
Some owners are lucky enough to own properties that require very little time. However, this is usually the exception and not the rule. Time is money, and managing a rental property effectively takes a lot of time. The marketing, showing, and screening process alone can swallow up an entire week. Then, there are the day-to-day obligations of property management. This time could be better spent on your own career, or on finding new investment opportunities. You could be spending that time with your family or pursuing your passions. When time is valuable, hire a property manager.
There’s also the question of experience. Many rental property owners don’t know what they don’t know.
Are you familiar with fair housing law? Do you know how to properly return a tenant’s security deposit? Can you identify a pet versus a service animal versus a companion animal? There are a lot of compliance issues to work around when it comes to renting out a property, and mistakes are easy to make. If you don’t have the time or the interest in staying on top of all the laws and best practices, you’ll want to find a St. Louis property manager who can help.
Every investor and landlord has a situation and a portfolio that’s completely unique to them. If you’d like to talk about whether property management may be a good idea for you, contact us at Amoso Properties.