Do you want to build up your finances so that you never have to worry about what to do if the roof springs a leak, how to afford family vacations, or how to keep up with car repairs?
While an emergency fund has always been a must, over one in three Americans have racked up more credit card debt than they have put into their emergency savings accounts.
How can you grow your wealth? Aside from saving, you should consider investing in stocks and bonds, putting money in mutual funds and cryptocurrency, and buying investment properties. Buying a rental property requires planning, of course. But it can be a godsend if you want monthly rental income, investment diversification, and other benefits.
But if you buy a rental property or even several of them, should you manage them yourself or find a reputable property management firm to do some or all of the heavy lifting on your behalf?
Continue reading to learn about three ways a property manager can ensure that owning a rental property doesn’t mean you can’t have the time to live life to the fullest extent possible.
- You Won’t Have to Be on Call 24/7
Do you fancy having to field phone calls from tenants in the wee hours of the morning to report? They might call in the morning, when you’re at the dinner table, or when you’re fast asleep to report that their air conditioner or furnace has gone kaput.
Are you interested in having to wear the hat of a customer service representative? Hiring a property management firm can make a big difference if you’d rather not have to be on duty around the clock. If you hire a property manager, you can delegate tasks.
- You Can Spend Time Doing Things You Enjoy
Rental property owners who decide to manage their rental properties have a lot on their plates. In fact, wearing the hats of owner and manager means they’ll always be pressed for time. And how can you enjoy your life if you don’t have time for yourself, family, for others you care about?
Do you want to have a good work-life balance? According to one source, 77% of workers have experienced burnout at least once in their jobs, 72% of employees say work-life balance is something they weigh before selecting a job, and 57% of people seeking work say a bad work-life balance is a dealbreaker when they’re mulling over a new job.
So, you need to be asking, how important is a good work-life balance to you? If you want time to eat dinner every evening with family, hang out with friends, enjoy hobbies and special interests, and do other things that bring value to your life, you have decisions to make. Buying a rental property doesn’t mean having to stop enjoying life. With the right help, there’ll be enough hours in the day for you to achieve a good work-life balance.
- You Won’t Have to Spend Time Doing Things You Don’t Want to Do
Sometimes people underestimate how much work it takes to properly manage a rental property. What follows is a list of the sorts of things you’ll need to do if you manage your rental property:
- Find suitable tenants
- Collect rent
- Handle maintenance and repairs
- Advertise vacant units
- Set rental rates
- Initiate evictions as required
- Handle customer service
That’s enough responsibility to get anyone’s head spinning. If you’d rather not take on the headache of doing it all on your own, hire a property management firm to lend a helping hand.
Whether or not you invest in a rental property is up to you. But if you go that route, consider hiring a property management firm to assist you. Such a service provider will typically charge a specific percentage of the overall rental income for your investment property. You might discover that the fee is worth it if you want to have a life as a property owner.