Managing your investment property is a personal decision. Time, budget and experience all come into play when making a decision to hire a professional to help you. Here are some things to consider:
Investment Property Location
The farther away you live from your property, the harder it will be to manage and quickly respond to emergencies, maintenance issues and collecting rent on time.
Number of Units
The more properties you own, the more your responsibilities increase. Also, the more tenants you have, the more challenges you will have to face such as maintenance issues, complaints and vacancies and your time will be spread across multiple properties.
Experience with Rentals
You may be savvy with the purchase of properties than you do maintaining them. Fixing leaking faucets may not be your thing. Hiring a professional to take care of issues as they come up will help you in the long run.
Time is money and managing your property takes time. If you have a full time job and a family, your time will be limited. With restrictions on your time, you cannot give the property the attention it deserves.
When the Market Slides
High vacancy rates will be difficult to endure unless you have a steady cash flow. Hiring a professional property manager will be experienced in finding the right tenant to fill the vacancy fast. They also have a network of experienced repairmen to help fix an emergency fast.
Dealing with tenants may not be your cup of tea. In fact when difficult situations come up, so does stress. Stress dealing with evictions, maintenance issues and regulations will be difficult unless you have the background and experience. With a professional management company, they are experienced with landlord-tenant law and can act more professionally as well.
Let Kodiak Property Management manage your rental property today! Contact us by calling 306-522-6080 or email [email protected].