Smart investors know that professional property managers are experts in their industry and in the local markets they serve. If you own a rental property and you have some strong ideas about how it should be managed and maintained, who you want your tenants to be, and what kind of systems to put in place, you might want to consider becoming a property manager yourself.
If you’d rather focus on what you do best – which is identifying real estate opportunities and investing in properties – leave your assets in the hands of the experts and spend your time earning more money on your investment activities.
A successful hands-off real estate investor in Idaho Falls will treat a rental property like a business.
Being a Landlord vs. Being an Investor
Decide if you want to be a landlord or an investor. There’s a difference.
The challenge of being a landlord is that you’re committed to doing everything yourself. You are at the front lines of marketing the property and screening residents. You’re managing security deposits and lease agreements. You have to maintain the home and respond to tenant issues and conduct routine inspections. You have to collect rent and figure out what to do if it’s late. You have to know the rental laws and ensure you comply with them.
All of this work takes time and knowledge. You run out of time in the day. If you have two rental properties, managing them on your own might seem completely possible. If they’re low-maintenance and you have great tenants, it’s probably possible. If you’re growing your real estate portfolio and you have 10 or 15 rental homes, however, you’re not going to have enough hours in the day. You will always have one property with a vacancy or a maintenance emergency or a resident who needs to be evicted.
This is not passive income.
Move from the mindset of a landlord into the mindset of an investor. This will allow you to be more hands-off when it comes to the leasing and managing of your rental property.
Rely On Your Idaho Falls Property Management Professionals
When you partner with professional and experienced Idaho Falls property managers, you don’t have to worry about being hands-on with your rental property. It’s already getting the attention and the service it needs. A good property manager will:
- Find a better tenant
- Reduce vacancy loss
- Accurately price your property
- Market your investment and screen tenants
- Execute a lease agreement and enforce that lease
- Respond to routine, emergency, and preventative maintenance needs
- Handle accounting and bookkeeping
- Negotiate lease renewals and the move-in and move-out process
You won’t have to worry about any of those things.
To be a successful investor in Idaho Falls, let your professional property managers do what you hired them to do. Put together a smart team of experienced professionals to give you advice, resources, and support. And remember – you’re running a business.
If you want to learn more about investing in our market and you’d like to hear about how we effectively management investment properties like yours, please contact us at Jacob Grant Property Management.