Owning rental properties in Fort Collins could be profitable. But it can also be challenging. Being a landlord means you will take care of the bills, upkeep, collections, and more.
If managing your rental properties becomes overwhelming, consider seeking a trusted partner. Consider getting expert help from Faith Management Company when you see these signs.
Landlording is Not Your Main Job
Being the landlord means you’re willing to entertain tenant concerns 24/7. It’s not unusual for a tenant to call you at wee hours, during holidays, or in the middle of a workday.
Marketing units, collecting rent, accounting, and taxes could take up a lot of your time. If you have a day job, juggling different hats can be stressful and overwhelming.
You Own Multiple Properties
The time you have to spend on landlord duties will increase as your rental units grow. When issues crop up, it’s easy to miss things and deadlines. At some point, you may need help from professionals if you want to manage all your rental units properly. As your rental income increases, hiring property managers also becomes more practical and affordable.
Hands-on Management Is Not For You
Some investors invest in rental properties to receive passive income. If your goal is to take a hands-off approach, you need to hire a property manager to perform the role of landlord. Even if you hire employees, you would still be the one making big decisions. By hiring a property management company you can take this burden off your shoulders. Professional managers will take over all the duties of the landlord.
You Don‘t Live Locally
How often could you visit the property?
If you live out of state or far from the property, some issues may be harder to deal with. Some emergencies may require your presence. You need to drop by the property for required inspections.
Then there’s maintenance and collecting rent.
The farther you live from the property, the harder it is to perform your landlord duties. And if you slack off, your properties are more likely to fall into disrepair without your
Cost is Not an Issue
Using a property management company is an additional expense. Managers take a 5% to 10% cut of your rental income. In exchange, you can pass off the duties of being a landlord and free up your time. If you can afford to pay the fee without being in the red, it’s time to consider a property management company.
Being a successful property investor can be hard when you do everything yourself. Growing your rental properties come with unique challenges that property managers can solve. If you need expert property management in Fort Collins, get in touch with Faith Property Management. Schedule a comprehensive consultation to discover how property managers can save you money.