A property manager—especially in a market as fraught with legalese as DC—is an investment every property owner needs, even if they don’t realize it. Having a trusted, experienced professional by your side right from the beginning ensures you can build a strong, successful business from the ground up. However, if you've already developed a portfolio of your own, that doesn't mean DC property management isn't right for your needs!
Here are some of the most critical times in the development of your Rent Estate™ portfolio when hiring a property management company can prove to be vital to your success!
You’re a First-Time Investor
Deciding to buy an investment property right now is a big decision—especially during a pandemic when market conditions are always changing.
If you were to live in that home, you could ride out most storms when it comes to financing and other concerns. However, if you are buying that property to rent it, that’s an entirely different focus! If you’re a first-time investor, a DC property management company like Renters Warehouse can provide you with outstanding insight and a clear view of the current market conditions within the neighborhood you plan to buy in.
Having a professional to guide you during this first brush with investing creates clear opportunities:
- You'll know how much to spend based on what the market will pay in rent.
- You'll have guidance when exploring which types of property are rented faster.
- You'll have insight into expectations for maintenance costs based on accurate figures.
The right property management partner should be able to provide answers to the unspoken questions we just listed above. Plus, they're able to provide solutions long before you invest any money into a rental property! In fact, your first stop before you make a purchase should always be to your trusted property manager to run a rental price analysis on a prospect.
You Want to Scale Your Business
Another key time when you simply must consider the value of having a property manager is when you plan to scale your growth. You could be adding that second property to your portfolio—or your 10th. The larger your holdings get, the less time you have to manage these properties well on your own. You'll also need more insight and better management of your capital and resources.
A property manager ensures you have good oversight over each one of your investments! You will also find the insight and support they offer as you are expanding, even down to finding the right next investment for you to equate to savings in time and money.
You Want to Save Money Managing a Large Portfolio
The larger your portfolio gets, the more people you need to run it profitably. Yet, adding people on payroll becomes expensive and—in some cases, can cause your business to be less profitable overall. Many property owners in this scenario with several properties benefit from outsourcing management.
A DC property management professional like Renters Warehouse can resolve many of these concerns for you! It tends to be less expensive to outsource these tasks to someone who has made property management their full-time career. Even if you do not plan to grow any time soon, having a professional step in can often create opportunities for you to save money.
Outsourcing parts of your business—especially those time-consuming tasks that do not lead to expansion or growth—is often the wise thing to do when you want to trim overspending. A property management company simply makes it easier for you to accomplish more of what you want to do with your properties and meet your financial goals.
You’re Ready to Live Your Dream Life
Think about the pain points of operating your business right now: What tasks are the most time consuming or hardest for you to complete when it comes to managing your rental properties?
- For some, it's working with residents you never seem to have enough time to interact with on a regular basis.
- For others, it's handling evictions or dealing with finding new renters after others move on.
What if someone else could do this work for you instead? Our Rent Estate™ Advisors minimize the work of investing for you and take strenuous or outright exhausting tasks onto our own shoulders! In many ways, property owners can find value in hiring a skilled team like Renters Warehouse DC/NOVA, even if they have just one property. There’s no bad time to reach out for support!
With that in mind, perhaps the most important time to hire a property manager is when you are ready to live your life to the fullest. You have worked hard to get to this point of financial stability, and you’re ready to turn the page and stop having to pick up the phone to answer questions about the garbage disposal. You want to retire—or just want to step away from the day-to-day tasks of managing your portfolio or screening renters.
Once you decide to hire a DC property management partner, it opens the door for you to achieve more of what you desire from life. Even if you do not want to retire right now, this choice still returns your valuable family time, opportunities to enjoy Saturday afternoons at home, and the freedom of not have to worry about your properties.
At Renters Warehouse DC/NOVA, we want you to dive into the life you want while letting our team take off some of the pressure. To reach the lifestyle you're aiming for, you need to know how to grow sustainably. That's why we're offering investors access to our Guide to Real Estate Investing: Grow Your Portfolio for free! Get started by downloading your free copy, and if you have any questions, reach out to the experts at Renters Warehouse DC/NOVA!