Renting a property requires a broad skill set to match an ever-changing set of challenges. What you might have been able to handle at one point in your career as a landlord may alter over time.
Read on for the aspects of property management that might inspire you to call in reinforcements to help you out.
If your stable of properties has grown, you feel like you’re losing money on repairs, or you’re just short on time, you might want help with property maintenance. Consider how a landscaping service might do more work than you can comfortably, saving you hours that could be put to other use.
If you have a number of residents or have your properties scattered throughout the area, collecting rent and dealing with all the issues residents might have can become time-consuming. A reputable property management company can take the headaches away by collecting rent, keeping units rented, and dealing with resident problems. Property managers can also help you stay on top of maintenance, legal issues and affordable housing program paperwork. The peace of mind you get from the help will likely make the service worth every penny.
Housing law is in constant flux. From rent control to changing codes, you need to be on top of it all to stay compliant. If you’re already feeling overwhelmed, a real estate lawyer might make your life easier by making sure you are up to date legally and that your property insurance provides adequate protection, for instance.
If you’ve been brave enough to manage your taxes on your own, hats off to you. With a single rental property, there is a lot to keep track of in terms of deductions and how much tax you owe. With more than one property, the paperwork increases significantly.