A few weeks ago we wrote a blog post about making money in 2012 with rental properties. It is a very popular article that receives hundreds of visitors each week so we decided to do a follow-up story about the next step in your real estate investing plan and that’s what to do after you buy the rental property. In one sentence we can tell you – hire a property manager!
There’s no question that selection of the right rental property is the most important decision to make, but once you buy one it’s now time to make money with it. We won’t lie to you – owning a rental property can be a lot of work. You have to maintain and improve the property, advertise for and then vet tenants, and after all of that you become a landlord. Each of these tasks isn’t too bad on its own, but you will need to do all of them and do them well to be successful and make money which is why you bought the rental property in the first place.
Usually the biggest hurdle for property owners is their lack of knowledge of the area. Unless you buy a rental property in the same town in which you live, it’s likely that you will not have a keen understanding of the best handymen in town, tax and other municipal issues, best places to advertise for tenants, and highest rental rate the market can bear. Property managers know the locals and understand the market.
Hiring a property manager makes sense because the manager will take care of the following duties:
- Inspect and maintain the property
- Advertise vacancies
- Screen prospective tenants
- Handle tenant inquiries/issues
- Connect you with tax and other professionals who will help you with deductions and other property matters
- Help you to set the best rental rate
Here at Mountain Vista Real Estate we not only help homeowners to sell and buy houses but we also offer property management services to our many clients who own vacation rentals here in the land of sun and golf! Owning a vacation rental is an obvious choice for anyone who regularly plays golf and wants to fund their golf hobby by owning a vacation property rental. We work hard to make sure the property is perfect for the owner when he/she visits, and then we keep it well maintained and occupied for those weeks and months the owner is out of town. Yes, it’s a lot of work, but owning a rental property can also make good economic sense. When you’re ready to find your ideal vacation rental property please give us a call. We have a lot to show you!