One of the safest ways you can earn passive income is by owning a rental property. The problem is, before owning a property, you think that it’s going to be passive. If you’ve ever owned a rental property in Buffalo, you probably know property ownership is anything but passive!
You may or may not have considered hiring an apartment management company when you decided to rent out your property, but there seems to come a time in every owner’s journey when it’s time to hire someone. There will be signs it’s time to start looking.
You’re finding it To Be Too Much Work
Rental properties are a lot of work! Trust us, we understand. We created this company here in Buffalo because we found it tedious to manage our own properties and couldn’t find a solid company in Buffalo that we felt covered all bases. When you consider things beyond maintenance, and think about all the tasks that are required to make money on your property, you realize why not everyone chooses to do this. If it were that easy, everyone would! An apartment management company might be right for your property if you are realizing this isn’t what you got into the business to do. You got in the business to make money, not lose it.
You Are Losing Too Much Time.
Money is one thing, but time is another. Well, of course, they do say time IS money, but time to one person is different to another. If you are in a position in your life where time is valuable to you, perhaps you have a new kid on the way, or your wife is starting a new job that will require you to be more available, time can be crucial to a happy life and a happy family. We all had more time at one point in our lives, but if all of your time is being wasted on your rental property, that leaves no time for enjoying the fruits of your labor, and that means it could be time to hire an apartment management company.
You’re Ready to Sell.
Losing time and money isn’t easy, and at some point, it could lead you to feel compelled to just call it quits on the whole rental property lifestyle. This is an unfortunate example we see all too often. A perfectly good rental property, and a potentially profitable business for someone, is being passed off due to the frustrations of property ownership. Tracking the money, keeping the building upright, communicating with tenants, dealing with changing laws, it can all seem so overwhelming at times. This doesn’t mean you can’t make money or fulfill the passive income stream you sought out when buying the property. It might just be time to sit down with someone to see what their services can provide to make your life A LOT easier…
You Can’t Seem to Keep Tenants
There is no revenue without a happy, paying tenant in your property. The economy hasn’t been easy on anyone the last few years, and it can be difficult to find AND KEEP quality tenants. It requires time, money, and patience to keep the money flowing, and without a proper tenant acquisition strategy and workflow, you might end up wasting money on an empty property. Charging too high a rent (or too little) can also be problematic for ROI. We recommend checking out our blog series “Steve Knows Property Management” by following us on social media to learn more!
If you’re considering whether or not an apartment management company is right for your property, here are a few things to look at:
Communication: Are they professional, smooth, and easy to communicate with?
Reputation: What do their reviews say about how they treat tenants & owners?
Expertise: Do they know the Buffalo market?
Experience: Do they have other rental properties like yours?
Relationships: Who do they work with?
Compliance: Do they have a keen understanding of the legal system?
We would love to sit down for a cup of coffee if you or someone you know is considering turning the keys to their rental property over to a management company. Our owner, Steve Kottakis, has been successful in helping other Buffalo property owners to feel free from the burden of ownership, while maintaining their income stream without the headaches. If you’d like to learn more, just reach out via our contact form or by phone to set something up with Steve today!
