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Blog Post
Renting Out Your Home? 3 Reasons You Do Not Want To Be A Landlord
- By Admin
- •
- 02 Nov, 2017
If you decide to move out of the house you own into a different one, you might plan on renting out your home so you can keep the house and use it as an investment property. This is a great idea in many situations, however, becoming a landlord might not be your best option. Here are three reasons you do not want to be the landlord for this home.
You Are Not an Expert
When you experience a clogged drain, do you hire an electrician to fix it? Probably not. Instead, you hire a plumber, because plumbers specialize in plumbing problems. The same principle is true for renting out a house you own. Why would you become the landlord of the property if you know nothing about managing rental properties?
Property management firms offer services for rental properties, and these firms know the rental-property industry. They know landlord-tenant laws, the challenges of managing properties, and the steps required for success with rental properties.
Landlords Put in A Lot Of Hours
While managing one house might not require working on it 24 hours a day, it will require being on call 24 hours a day. When you are the landlord of a property, the tenant will call you when he or she has problems, and problems rarely occur during normal business hours.
Managing one home still requires a lot of time and effort. You must prepare the home for a tenant, find a tenant, show the unit, screen tenants, and sign paperwork with them. You must also make repairs and complete maintenance on the property, and you must deal with any problems the tenants have.
If you end up with a bad tenant, you would have to complete the evictions process, clean the unit after he or she moves out, and start the process all over again.
These things take time, effort, and knowledge. Do you have the time and energy needed for these things? If you do not, you could face a lot of challenges as you set out to manage your own property.
You Could Make More Money In The Long Run
The final thing to consider is the money you stand to make from this rental property. It might seem like paying someone to manage the property would cut into your profits; however, this is rarely the case.
Instead, people who hire property management firms for this purpose tend to make more money on their rental properties. This occurs for a variety of reasons, but one of the top reasons is that property management firms know how to find good tenants.
The person that rents your house can either help you succeed with your rental or hinder your success. The tenant you choose is one of the most vital aspects of success in this business, but do you fully understand what a good tenant is and how to find one?
When you hire a property manager, they take over all the duties and offer expert services. They will send you a report each month so you know where you stand financially, and they will keep you informed of problems, repairs, or maintenance your home needs.
If you want to make money on your property without having to spend a great deal of time on it, hiring a company to handle the duties is the best option you have.
Renting out the home you own is a great way to make money on the house, but managing it yourself is not the best route to take. Instead, contact Wilson Property Management. We offer excellent property management services for all kinds of rental properties, and we will help you with every need you have.