Should you hire an Edmonds property management company to manage your real estate portfolio? The answer is: it depends.
Many investors support the use of a property management company. While no real estate investment rules state that property owners must hire a property manager to manage rentals, many property owners choose professional management for many excellent reasons.
There is no doubt that property management companies offer several advantages. Does it make sense for you to hire a property manager for your Edmonds rentals? Here's what to consider.
1. You Intend To Acquire Multiple Rental Properties
Do you intend to own more than one rental property? Do you have dreams of being a real estate mogul?
Then it pays to invest in more rental properties. They are an excellent investment. However, the more rental properties you acquire, the harder they will become to manage with consistent quality across all properties. There is only so much you can do as a stand-alone investor on any given day. If you have a full-time job, you'll struggle to find enough hours during evenings and weekends to tackle routine property management tasks.
When growing a portfolio with more than one rental property, a property manager is the best way to tackle every detail and meet your financial goals.
2. You Are Far From Your Real Estate Assets
Washington State offers real estate investors plenty of opportunities to own and operate rental properties. With a decent cost-of-living, a thriving job market, natural attractions for nature lovers, and no state income tax, renters love living in Edmonds and nearby areas.
However, if you're not a local investor, managing your rental properties can be difficult when living far away. Partnering with an excellent local property manager is a smart way to keep tabs on your investments. With the right Edmonds property management company, you don't have to worry about your properties or income—no matter where you live.
3. You Don’t Want To Manage the Property Actively
If you want to generate passive income using your investment property, you must adopt a hands-off approach. Income isn't "passive" if you're doing the work to bring it in!
Partner with a property management company to oversee routine maintenance and daily operations for your rental properties, so you don't have to do the work to get paid from your investments.
4. You Don’t Want To Be an Employer
The more rental properties you have, the more help you will need. That means you have to employ other people to perform some of the business tasks—or outsource the work to a property manager. Hiring a team means you have to keep track of legal requirements and payroll, plus manage your employees to manage your rentals and meet your goals.
One of the best perks of hiring property managers is that they are not your employees. They are a company hired for professional services to manage your renters and properties expertly.
5. You Don’t Have Extra Time or Energy
Managing your investment property is easier if you have the time to do it. What if you have a separate business to run and a family to take care of? Property management companies make it possible for you to focus on your career, family, friends, and free time while maximizing the returns on your investments.
Property managers will take over the daily operations of your real estate business so that you don’t have to run them. You can concentrate on achieving an ideal work-life balance.
6. You Have a Property in the Affordable Housing Program
The affordable housing program helps low-income tenants access good-quality housing. As a Washington property owner, you can take part in the affordable housing program.
You may receive tax credits, low-interest loans, and grants in return for renting your property to those with low income. However, being part of this program also comes with its own set of challenges, including complicated rules that you must follow.
Rather than engage in guesswork concerning these rules, hire professionals familiar with the program. A reputable Edmonds property management company is better positioned to help you navigate these challenges than you are. Partnering with one can safeguard your legal interests.
7. You Can Afford To Get Help
Being a landlord comes with its fair share of headaches, including troublesome tenants and the need for emergency repairs.
If you have the budget to hire a property manager, trade in those headaches for peace of mind! Consider it money well spent to outsource property management tasks that add to your stress.
Hiring an Edmonds Property Management Company is Smart
Being a rental property owner can be challenging, but it's also rewarding! Hiring an Edmonds property management company is a smart way to enjoy the financial benefits of owning an investment property without the stress (or work) associated with managing rentals and tenants.
RentWatch is here to make it easier (and affordable) to partner with professional property management to get the specific services you need for success! If you've considered any of the seven tips above, let's talk about how we can help you!
Learn more about property management when you download our free Guide!
