What's your investment motivation? Most investors don't want to spend all of their free time looking after properties and residents. However, even for new investors, the passive investment income from rental properties is too good to give up a property or the dream of building long-term wealth from Rent Estate™!
Unless you love the daily tasks involved with being a good property owner and the hard work that goes into building consistent long-term income, you should be motivated to do less work while enjoying the profits from your Virginia Beach investment property!
Professional property management Virginia Beach investors need can keep you in the investment game while minimizing the time you spend on your properties. Plus, your long-term wealth continues to grow! Is property management right for you? Here are a few things to consider if you're thinking of doing less—while earning more money.
Do You Live Nearby?
It's tempting to want to continue as a DIY property owner when you live in the same city as your properties. However, if you are a long-distance investor, managing your own properties is nearly impossible without frequent trips to Virginia Beach and coordinating local help to keep up with properties and residents!
Even if you're local, do you really have the time to spend on everything involved with being a successful property investor? It's more than collecting the rent or fixing the toilet when a renter calls about a problem. Being a property owner is a full-time job! If you find yourself spending nights and weekends on your "passive" investment property, it's time to consider a property manager.
Whether you're nearby or far away, your expert property management partner keeps an eye on your properties and residents. At Renters Warehouse, we do everything from screening residents to collecting rent and handling all maintenance—so you don't have to find your plumbing tools on the weekend to fix a problem at your property.
Do You Have Multiple Properties?
Starting with one rental property is an excellent way to learn what's required to generate a profit. Jumping into property maintenance, dealing with resident calls, and learning the rules for operating a Virginia Beach rental from the ground up will help you to understand the rental property business.
However, as investors experience success (and income) from one property, they often want to add more properties! Having more rentals means more revenue—but it also means more work. The time and energy you spend on solo property management, Virginia Beach investors, will become overwhelming as your portfolio grows.
Unless you want to make running your rental properties your full-time job, you'll quickly see the benefits of a professional property manager when you're ready to add more properties to your investment plan. With professional property management, you can easily add new properties to streamlined management processes. You'll see your income grow while staying hands-off with each property—while you actually sit back, collect, and enjoy your free time! That's the heart of what passive Rent Estate™ investing is all about!
Does Your Budget Allow It?
When you're a DIY property investor, you watch your budget and look for ways to save money. Doing your own repairs and managing your renters yourself can feel like you're saving money over paying someone else to do it—but what if you were losing income while you focus on saving money?
The kind of professional property management Virginia Beach investors need can seem like an unjustified expense—until you look at the numbers. Most property investors experience a boost in their net income when working with a trusted property management partner! That's because property managers bring industry experience and local expertise to help investors get more out of their properties.
It's not that you aren't doing a good job managing your property. However, your property manager can identify places where you're losing income—and put solutions in place to help you see more profits! Property managers:
- Use rental market analysis to make sure you set the best monthly rental rate for each property
- Apply a thorough screening process to find better quality renters
- Reduce vacancy time between residents to minimize lost rental income
- Provide professional repairs and maintenance to help you save money on expensive repairs
- Follow the law to protect your investments from lawsuits while maintaining the legal operation of your business.
The value that skilled property managers bring to your investment portfolio far outweighs the cost of such services. You'll see a boost to your bottom line when you choose the right property management! Plus, property management services are a tax deduction.
Successful Investors Choose Property Management!
"Some" success is good—but "more" success is better! You're probably doing just fine managing your Virginia Beach properties on your own, but with some expert help, you could generate more income—and enjoy more free time!
Renters Warehouse Hampton Roads knows how to help DIY investors enjoy the benefits of professional property management. We know it can be hard to trust someone else with your rental properties, but with our team of skilled Rent Estate™ Advisors, you'll enjoy more income from your properties! Let's get started with a Free Rental Analysis to make sure you aren't losing the monthly rental income you deserve!
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