The real estate market has been exploding for the entirety of the 21st Century. Owning a property or multiple properties has become a mandatory asset in an investment portfolio. It's a solid investment as people will always need someplace to live.
Challenges brought on by the Coronavirus are making these trends even more pronounced. September 2020 saw the single highest rise in home prices since 2005. These trends are causing many to hold off on buying or building homes which means they'll need a rental.
Owning a rental property is an excellent investment but it can be a lot of work. Professional property management reduces that workload, making your rental property more of a passive income generator than a second job.
But do you need a professional property manager? We've compiled some questions to help you decide if professional property management is right for your needs.
How Far Is Your Rental Property From Your Home?
The first question to think about when deciding if professional property management is right for you is how far your rental property is from where you live. The answer to this is going to play a huge part in answering that question for you.
For example, imagine that your rental property is half a mile from your home. Now imagine one of your tenants has a water pipe burst unexpectedly. If you were at home, you could be there in less than 20 minutes.
Now imagine you own rental properties in Oxford, MS but live in Washington. What are you going to do if one of your tenants needs something? Or you need to stop by to drop off a notice about rent?
If you live far enough from your properties, professional property management becomes nearly mandatory.
How Many Properties Do You Own?
The next consideration to keep in mind is how many properties are you tending? Having more than one rental property might mean that professional property management is almost necessary.
That means that if you're planning on adding additional rental properties due to the rising demand, it'd be a good idea to get a professional property manager before you put those wheels in motion. That way the transition will be as smooth and painless as possible for both you and your tenants.
How Much Experience Do You Have?
The third and final question to ask yourself is how much experience do you have as a property manager. This is also going to make an enormous difference on whether or not you need real estate asset management.
Someone who's been running a large apartment complex in Brooklyn for several decades is obviously going to be a lot more comfortable being a landlord. A first-time investment property owner is going to have a much steeper learning curve when they're first starting out, however.
Securing professional property management sets you up for success no matter how much experience you have in real estate. It ensures that you and your tenants have as pleasant of a situation as possible.
Are You Looking for Professional Property Management in Oxford, MS?
There's never been a better time to own real estate as an investment opportunity, provided you go about it the right way. Professional property management sets you up for success, combining world-class service with in-depth knowledge and expertise in the real estate industry.
If you're looking for real estate management in the Oxford, MS area, contact us today to set up a consultation!