Real estate investments offer an opportunity to nearly anyone to create wealth and secure passive income for their retirement. And, as housing rates increase, more and more younger people are renting for more extended periods, more than a third of the country rents their homes, and of those, most are under 45 and have attended college. However, juggling a landlord’s duties can become overwhelming and might not be as passive as you thought. You’ll be responsible for organizing your documents and creating systems for every responsibility, from bookkeeping to taxes, maintenance, and tenants. In addition, you’ll need the ability to remain neutral in stressful situations; a landlord’s duties require the ability to put yourself in your tenants’ shoes when responding to their needs.
In addition, the business of real estate investment and property management requires your dedicated attention, swift response times and that you remain on top of all laws that may affect your day-to-day activities and interactions with tenants, which can become overwhelming. Read on as we explore the three signs you need to hire a property management company for your Wichita investment property.
Maintaining The Property
You should make yourself aware of the laws that govern your response regarding necessary repairs, and it’s always recommended you work with a pro to handle electrical, plumbing or structural issues. You’ll be fielding midnight calls from your tenants when something is wrong such as a leak in a busted pipe, electrical shortage causing damage, the toilet broke, etc… There are countless reasons why tenants need to call, and if you’re not ready to take care of the problem right as they come up, it could cost you. If you’d prefer to sleep soundly at night knowing your property is in good hands, this is another sign you need to hire a property management company for your Wichita investment property.
Marketing For Rentals
So you’ve dedicated yourself to attain the financing, purchased your investment property, readied it for tenants, and now it’s time to put up your for rent sign. However, technology has changed how landlords attain new tenants, everything is online, and your rental needs to be too. There are countless websites that you can market your property on and we recommend the two that most people go on already, Zillow.com and Apartments.com. Suppose you’re overwhelmed by everything it takes to market your rental property. In that case, this is a sign that you need to hire the best possible local property management company for your Wichita investment property to assist you with this task.
While the location of investment in Wichita real estate will determine the property’s long-term value, property management quality and tenant placement will determine your investment outcome. When reviewing the financial records during your due diligence process, remember that the return on investment shows their skill, which you’ll need to match for an equal return. While there are costs involved in completing a thorough and systematic tenant screening process, you’ll avoid needless stress and financial losses. You also protect your tenants and property with fewer complaints. A unique option could be holding an open house for your potential tenants and then without wasting your own time you can narrow it down to the top two or three within just a few hours.
The bottom line? The returns you earn on your investments reflect your success or failure as a property manager.
Why not talk to one of the professionals at Wichita Home Link today with no obligation about your investment property? Find out how Wichita Home Link can help improve your numbers when all signs point towards hiring a property management company for your Wichita investment property. The team at Wichita Home Link can handle everything from single-family homes to large complexes. We’ve spent years at Wichita Home Link assembling an in-house full-service team of the most sought-after local property management professionals. Call Wichita Home Link at (316) 258-0650.