While earning passive income through real estate investment opportunities sounds great, being new to the business can be intimidating. Managing your own investment holdings can mean full-time work, in addition, to round the clock availability for emergencies. Without focusing intently on property management and a thorough understanding of everything involved, your new business may seem very confusing. You may find yourself overworked, overwhelmed, and out of time. This can severely impact the things that really matter in life, like your family, friends, and enjoying the fruits of your labor for years to come. Your first step should be to weigh the pros and cons of hiring a property manager for your investment property in Philadelphia.
Pros of Hiring a Property Manager
Stress can induce health problems as well as interfere with your performance at work, home and in every other arena of life. If you are ready to invest but concerned about increasing the stress level you are already dealing with, you may benefit by hiring a property manager for your investment property in Philadelphia.
The Experience Factor
If you have done your research on real estate, you understand there are many risks involved. These risks range from not understanding the issues with a property before you purchase by having a thorough and professional inspection and appraisal. Other roadblocks could be lack of funding to complete projects, dealing with high vacancy rates, or even worse bad tenants. Legal issues could also arise from the missteps made by newcomers to the business. Knowing the market well and years of experience allow experts to select the best properties within your budget. They understand the importance of location over the long term and are familiar with a variety of financing methods, providing access to a greater income stream for your investment business. If you’d like to avoid the risks and pitfalls of glaring red flags, easily recognized by professionals, it may be wise to hire a property manager for your investment property in Philadelphia.
Not only is Property Management a full-time job, being on call 24 hours a day to handle any emergency with your properties is imperative. It doesn’t take long for a leaky roof or burst pipe to wreak havoc on a property and could quickly cause literally thousands of dollars worth of damage. If the idea of jumping up at 3 am to handle yet another problem doesn’t sound appealing, a property manager for your investment property in Philadelphia may just be the answer.
Don’t forget the most important aspect of owning any business is the bottom line. While you may have an income goal in mind, as you enter your new venture, an experienced property manager can see a much bigger picture. Through their expertise, expanding your future income potential far beyond any limits you have placed on yourself, often deeply set in your mind through your life experience without your even realizing it. Avoid limiting yourself by using a property manager for your investment property in Philadelphia.
Cons of Hiring a Property Manager
After examining all of your data and deciding on a game plan, it is easy to determine if the income from your investments will outweigh the costs of working with professionals. Be certain you’re realistically analyzing both short and long-term layout and income differences with or without hiring a property manager for your investment property in Philadelphia.
Do you love interacting with people? It takes a special person to be a natural at customer service, after all, your tenants are your customers. It cannot be overstated that building a good rapport with your tenants brings many benefits. If the phone goes unanswered when they Do you have the time to be there for your tenants and the motivation to be a landlord round-the-clock? If so, hiring a property manager for your investment property in Philadelphia may not be the best choice.
Without taking the time to do a background check on the company you hire to manage your investment property in Philadelphia, you may find them severely lacking in many of their duties.
Would you rather do everything yourself? Having a realistic understanding of how much time must be devoted to your business, can help you decide if you can balance your current lifestyle and property management. If you prefer to manage your own Investments, carefully consider if using a property manager for your investment property in Philadelphia is right for you.
Philly Off-Market Deals will help you weigh the pros and cons! We’ll help you determine if hiring a property manager for your investment property in Philadelphia is right for you! We can aid you in finding the right properties and evaluating the amount of time you will need to spend managing those investments. Send us a message or call (215) 322-1648 today to learn more!