Being self-reliant is a good quality. In fact, our cultural ideals are based on the very idea of pulling ourselves up by our bootstraps. But sometimes the best way to become a “self-made” real estate investor is to ask for help.
To be clear, help comes in many forms. Sometimes all we need is information to forge ahead with our decisions. Other times, we might stand to benefit from enlisting the services of another person.
If you’re at a crossroads trying to determine if you should continue to self-manage your real estate properties or hire it out, consider these questions.
- Do you enjoy managing your rental properties? For a lot of people, they like getting into the weeds of managing their investments. They are happy to manage the books and the people. If this is you, no need to change what’s working.
- Are you ready to scale? If you’re looking to grow your investment portfolio, continuing to self-manage may become unsustainable. An experienced property management company can help you scale with ease and ensure a high level of customer service for both you and your tenants along the way.
- Are you happy with your property’s performance? Property owners sometimes mistakenly believe that it will be cost prohibitive to hire out their property management responsibilities. In fact, hiring a property management company can help you improve your revenue and increase the value of your property significantly without incurring any other additional expenses. Take a look at this case study to see how we helped improve a property’s market value and performance in short order.
As you reflect on your investment goals and where you can devote time and resources, you may want to consider if hiring out some of the property management responsibilities for your units may be a practical solution. Our team at RL Property Management is always standing by to help – even if it’s just to offer our insight and information on the Franklin County market.