When you get a taste of the many benefits of property investment, you understand how rental properties can help you build significant income over time. Whether you're looking for "fun money" to travel or you're putting money away for retirement, growing your rental property portfolio can help you live the life you want—now and in the future.
However, adding properties comes with the painful side effects of growth. The money will come, but you might struggle to manage multiple properties. More properties mean more tenants, property maintenance, and tasks on your plate—a plate which might already be full!
Expert property management helps you to avoid the top four pain points of managing multiple properties on your own.
1. You Can't Be Everywhere at Once
If you've handled a few properties on your own, you've probably found a routine to take care of your landlord tasks on top of your day job. However, adding more new properties means you're adding more of the same landlord work—without having more time in your day.
- Imagine if your tenants in multiple properties have emergencies on the same day. How do you serve them well?
- What happens when it's time for seasonal maintenance for all of your properties? How do you prep your properties before the season changes?
- When one or more properties are vacant, how do you find the time to market and show the properties?
- How do you screen and choose the best tenants for multiple properties?
- If your tenants are late paying rent, you have to track them down to get their late payments. Do you have time to do that throughout the year for multiple properties?
With expert property management, you have a skilled team tackling these tasks for you—with no delay. You don't have to find more time in your day for more properties: your property manager is everywhere you need to be.
2. You Lose Track of Details
A single rental property comes with considerable paperwork. From tenant applications to background information and lease agreements, you have to file sensitive documents according to the law for a variety of rental property tasks.
There are receipts to track, mileage to log, and income to report for taxes. This paperwork continues to grow with each new property in your portfolio.
Expert property managers handle the paperwork for all of your rental properties to keep you informed and on the right side of the law. They will take all of the paperwork off of your plate, including:
- Monthly financial reports for each property
- Document tracking for income and expenses
- Preparing and filing the required paperwork for each property, including lease agreements
- Secure filing of private tenant information
- Year-end backup and statements for your tax paperwork
You benefit from your investment property income while your property manager keeps track of the details.
3. You Fail to Replicate Success
The things that go well with one property are the things you want to go well with all of your properties. Growing a profitable portfolio is much easier when you can replicate your processes and services across multiple properties.
An expert property management company makes replication a standard operating procedure. While every property and tenant has unique aspects, you don't need—or want—to reinvent the wheel each time you purchase a new rental property. Investing in new properties is simple when your work with a property manager. Each time you invest in a new property, your property manager gets your property ready for tenants, listed, and occupied right away. This all adds up to monthly rental income—without the wait.
4. You Lose Money from Your Properties
What are your goals for your investment properties? If you have retirement or other financial plans in mind, you know that each investment property needs to generate the best possible return to keep you on track.
If your properties or tenants suffer under the effects of stretched-thin management, you'll lose tenants and deal with costly mistakes.
- Unattended repairs become significant, expensive problems to fix.
- Neglected tenants file costly lawsuits for landlord violations.
- Choosing the wrong tenants leads to expensive damage and lost rent.
With a poorly-managed property, it's hard to generate the income you need from your investments. If your eye is on the bottom line, investing in rentals without expert property management for your properties is an expensive risk to take.
Preventative Treatment Means Rapid, Healthy Growth
Successful property investors know that expert property management is a critical part of the formula for maximizing income from your portfolio. You don't need to deal with the problematic side effects of growing your investments when you have the "treatment" in place for every new rental property.
The Peak Group is your best solution for treating the growing pains of a booming investment portfolio. Our turnkey investment processes create long-term wealth while making it simple for you to invest in even more rentals. Let us show you how convenient generating wealth through turnkey investing can be!
Posted by The Peak Group on September 19, 2019