This blog is written by Jen Josey, Real Estate Investor, and REIGN Coach. She is not a professional writer and writes as she talks so put your red pen away. Jen is extremely opinionated but reserves the right to change her opinion at any time because, well, that's the way she rolls. She may also use colorful language so don't be offended. Jen does not claim to be an expert, she is just sharing her personal thoughts and adding a perspective on investor topics that may benefit her readers. Jen also finds it strange to write in the third person. Enjoy!
Our first experience with a property manager was when we bought a 12-unit in Southern Virginia. We had no idea what we were getting ourselves into. We drove from Raleigh, NC just over the Virginia line to our recently acquired property to meet Stacy, our new property manager. I'm not gonna lie, the place was ROUGH! When we pulled up, I was so fearful she was going to break up with me before I even had a chance.
We enter the first unit and I immediately want to run in the opposite direction and throw the keys back at the previous owner. But not Stacy. While I tried not to stare at the tenant's face tats, oversized pit bulls, or massive candlewax alter, Stacy started a light "twangy" conversation with him. She had us all relaxed within a few minutes, mesmerized by her Southern Sorcery. If none of this bothered Stacy, well, I could stop clutching my pearls.
As we exit his unit, I have to duck beneath his Confederate flag which makes me notice two perfectly potted marijuana plants next to his front door. Since we are all BFFs now, I jokingly say, "I see you're an avid gardener!" Face Tat Tenant laughs and Stacy very matter-of-factly says, "In Virginia, every household is allowed two pot plants for personal use." Now THAT is something I wouldn't have known without a trusted property manager.
We continued our tour of the units, including some vacant ones that needed repairs. I was so focused on what this was going to cost us until Stacy pointed out each vacant unit also had it's own pot plants.
At least Face Tat Tenant knew to spread them out.
Investing in real estate can be a lucrative venture, but it's not as simple as just buying a property and sitting back while the money rolls in. In order to truly maximize your investment, you need to have a qualified property management company in your corner. Sure, you could try to handle everything yourself, but do you really want to deal with the headaches and stress that come with managing tenants, maintenance, and all the other responsibilities that come with owning rental properties? Trust me, you don't.
Here are five reasons why you should find your own Stacy:
They Know the Laws
If you're a real estate investor, you know that the laws and regulations surrounding rental properties can be complex and ever-changing. A qualified property management company will have a deep understanding of these laws and regulations, so you can rest easy knowing that your investment is in good hands (with green thumbs for pot plants). They can help ensure that you're in compliance with all relevant laws, help you navigate any legal issues that arise, and keep you up-to-date on any changes that may affect your property.
2. They Handle Tenant Issues
Dealing with tenant issues can be a major headache for landlords. Whether it's late rent payments, noisy neighbors, or maintenance requests, it can be a real challenge to keep up with all of the demands that come with managing rental properties. A qualified property management company can take care of all of these issues for you, allowing you to focus on more important things (like finding your next investment property). They can handle rent collection, enforce lease agreements, and handle all communication with tenants on your behalf.
3. They Handle Maintenance and Repairs
Keeping rental properties in good condition is essential for maintaining their value and keeping tenants happy. But who has time to handle all the maintenance and repairs that come with owning rental properties? A qualified property management company does. They can handle everything from routine maintenance tasks to emergency repairs, ensuring that your properties are always in top condition. Plus, they often have relationships with trusted contractors and vendors, so you can be sure that the work will be done quickly and to a high standard.
4. They Maximize Your ROI
At the end of the day, the ultimate goal of any real estate investor is to maximize their return on investment (ROI). A qualified property management company can help you do just that. They can help you set the right rental rates for your properties, keep your vacancies to a minimum, and ensure that your properties are always in top condition. Plus, they can provide valuable insights into market trends and other factors that can affect the value of your investment.
5. They Save You Time and Stress
Perhaps the biggest benefit of working with a qualified property management company is the time and stress it can save you. Managing rental properties can be a full-time job, and it's not for everyone. By outsourcing this responsibility to a qualified property management company, you can free up your time and energy to focus on other things. Plus, you can rest easy knowing that your investment is in good hands.
In conclusion, as a real estate investor, you owe it to yourself (and your investment) to work with a qualified property management company. They can help you navigate the complexities of rental property ownership, handle tenant issues and maintenance, maximize your ROI, and save you time and stress. So, the next time you're thinking about going it alone, remember: investing in real estate is hard enough. Don't make it harder than it needs to be. Find your Stacy...
If you would like to listen to some blogs narrated by Jen herself, search for "Real Estate Investor Growth Network" anywhere you listen to podcasts.
Now go out there and make it a great day!