People invest in rental properties because it can be a lucrative business. However, it’s important to keep your expectations as reasonable as possible. For instance, don’t expect that by the end of the year, you will be able to buy that yacht you’ve been dreaming of, or that you’ll be able to fund your trip around the world. There are many requirements and responsibilities expected of a landlord and sometimes it can be a gruelling, thankless job. The question is are you up for it?
If you already have a full-time job then you might not have the time and energy to become a hands-on type of landlord. For instance, do you have the time to do necessary repairs, entertain tenants’ concerns, collect rent every month, advertise for new tenants, etc.? If you handled all these concerns by yourself then chances are you won’t have time for your primary job. Extra earnings are not worth it if you have to slave away in return.
The solution? Consider hiring a real estate property manager. A property manager will handle all these concerns for you for a fraction of the rent income. Since most of your business will be handled by the property manager, it’s extremely important to choose the right management company.
At SMART Property Management Inc., we offer a full complement of residential property management services. Whether you're a property owner, investor, or absentee owner, worry-free management of your property is our promise to you.