Once you move beyond the basics of saving accounts and retirement accounts, the options for investing multiply pretty fast. One option that many people prefer is real estate, specifically rental properties.
While it might not seem like it, almost three-quarters of all rental properties are owned by individuals instead of big companies. Of course, owning rental properties comes with a lot of headaches for landlords, such as lease management, property maintenance requests, and other admin tasks.
Those activities can soak up more and more of your time with every additional property. Not sure if you need help? Keep reading for five signs you need pro help with leasing management.
1. It Takes Up Too Much Time
For most landlords, this is a big sign that you need help from a professional property management service. Many people invest in real estate to generate passive income. Yet, managing things like leasing turn into a second full-time career for them.
If that's your situation, getting help from a company or even a dedicated property manager can make your life easier.
2. It's Out of State
One of the more common ways that people end up with a rental property is that they inherit property from someone. At that point, most people either sell it or rent it out.
Of course, it's a lot more work to deal with things like lease management from another state. While doing things remotely is much easier than it was ten years ago, handling paperwork remotely is still a pain.
3. You Don't Enjoy It
The reality is that a lot of people, maybe even most people, don't enjoy juggling paperwork. Lease management is nothing but paperwork.
If you'd rather get a papercut than deal with paperwork, you definitely need a pro property management service dealing with that for you.
4. You Don't Understand Real Estate Laws
There are a lot of laws out there about rental properties. While federal laws hold true everywhere in the country, state laws can vary. If you don't know those laws, you can find yourself in trouble for violating those laws in your leases.
Property management services will understand those laws and behave accordingly.
5. You Aren't Organized
It might seem trivial if you only have one rental property, but disorganization can prove an anchor around your neck when you have several multi-unit rental properties.
For example, if you're not organized, keeping track of when you must get lease renewals will prove challenging. Handing that headache off to someone else is often the best fix for the problem.
Leasing Management and You
Leasing management is an unavoidable task if you own rental properties. It's also a task that many landlords hand off to property management services for a number of good reasons.
It can soak up your time. It can prove wildly inconvenient if your property is out of state.
You can accidentally break the law. Plus, some people enjoy dealing with paperwork or lack the organizational skills for it.
Remax Haven Realty offers property management services in the Cleveland, OH area. For more information, contact Remax Haven Realty today.