Have you recently invested in an income property in the Windsor – Essex County area? Congratulations! A rental property is a great source of passive and predictable income, and can also offer financial stability in the form of a diversified portfolio. Most people who choose to invest in property find that they receive a solid return on their initial investment – if they can keep it occupied by good tenants.
Choosing tenants and making sure your rental is well maintained is one of the most difficult parts of being a landlord. If you have no knowledge of tenancy law and don’t know how to effectively market your property, you could wind up under-charging for rent, or renting to tenants who cause headaches and problems that persist long after they’ve been evicted.
Choosing a Property Manager for Your Home
To avoid this hassle, many property owners choose to hand the day-to-day management of their property over to a Windsor property management company. Often, this is dictated by their own inexperience, but it can also be a wise choice even for an established landlord. It all depends on the property you’ve purchased.
Anyone who has ever done maintenance on an older home will tell you that while you can try and plan ahead, the condition of the home ultimately dictates how it can be used, and what it will need before it can be used to its full income-earning capacity.
Here are some signs that your home would benefit from being managed by a professional property manager.
1. Your Property is Far from Home
If your property is far enough away that getting there regularly is a hassle, you may need to hire a property manager. A local property manager can check in on the house regularly, and take care of maintenance requests that can come in at all hours of the day.
Even if you live 45 minutes away, that’s a minimum of 90 minutes on the road every time your tenant loses their key or needs a leaky faucet fixed. If you have a full-time job and a family, that’s time that could be better spent at home.
Hiring a property manager also gives you the freedom to invest in property anywhere in the world. Depending on that area’s rules on foreign investment, you can even purchase properties in another country, secure in the knowledge that a qualified local property manager can handle all the rules and regulations, leaving you to reap the rewards.
2. Your Property Needs Repairs
If your property is older, and in need of repairs, that’s an extra level of hassle and risk that doesn’t necessarily excite every homeowner. Wouldn’t it be great if you could hire someone to oversee the repairs who knows the area, has a rapport with local carpenters and contractors, and knows how to ensure everything goes smoothly?
Most Windsor property managers have experience working with older properties, and know what repairs and maintenance are needed to prepare it for tenants. They can help you maximize your investment by making strategic choices that will save you both time and money.
3. It’s a Multi-Unit Building
Managing one tenancy is complicated enough for most beginner landlords. If you’ve recently invested in a multi-unit building or bought a multi-use property, it gets even more complex. Managing the needs of multiple tenants can eat up a huge amount of your time, and if you have overlapping vacancies, it can quickly turn into a full-time job.
Instead of devoting all of your time to managing your units, turn day-to-day oversight of your building over to a professional property manager. They can make sure all of your tenants are supported, deal with maintenance requests, and keep the units occupied so you can enjoy the income without making oversight your full-time job.
4. You’d Like to Do Vacation Rentals
If your property is rich in amenities or located in a particularly lovely area, you may want to think about renting it out as a vacation home. Outfitting a property for short-term rentals requires some thought and preparation, as the needs of vacationers and tourists are quite different than tenants who intend to make it their permanent home. You’ll need to provide furniture, linens, appliances, and more. You’ll also need to have a system for inspecting, cleaning, and resetting your property in-between rentals.
A property manager can help manage these details and keep your vacation rental property running smoothly. Typically, managers who are dealing with these types of units will require a larger fee, but it’s well worth it when you consider how much income you can generate from a property that’s spotlessly clean, well-advertised and marketed, and kept in pristine condition by a dedicated property manager.
Does Your Property Require a Property Manager?
Whether you’ve recently purchased a new property or have a unit that’s been passed down in your family for years, the time may be right to consider hiring a property manager. If you’d like to speak to someone about the options that are available to you in the Windsor-Essex area, contact Goldmar Property Management today.