In the dynamic world of real estate, I often find myself not only helping clients buy and sell properties but also guiding them through the various aspects of property ownership. Recently, I had the privilege of assisting a wonderful couple in their real estate journey, and their story sheds light on why property management can be a game-changer for landlords.
The Story of a Growing Family:
A couple, whom I helped purchase a charming three-family property three years ago in Providence followed by another multi-family last year, reached out because they were struggling with the stress of managing multiple properties while also balancing work, two toddlers, and personal relationships. The two-family they moved into offered a larger yard, it was closer to their work, and it has a larger layout to accommodate their growing family but it had a growing list of maintenance needs as does the other three family property that they own. They’ve settled in and are happy but now, with two little ones running around, they wondered if their goal of owning multiple properties was stretching them too thin. Should they sell their first property or were there other options?
I get this question a lot–and I love it–because I don’t feel like I had the proper support in place to help me when I faced similar issues. And that meant there are properties that I sold that I now wish I had held onto. Had someone mapped out the options for me I may have made alternative decisions and that’s what I work to do for my clients (or really anyone that asks for my help!).
Recognizing the Need for Support:
During our conversation, they expressed the overwhelming nature of managing tenants in their original three-family property. It was clear that their current life stage required a shift in priorities. That’s when the idea of professional property management entered the conversation.
Insights into Property Management Benefits:
Here are some key insights I shared with them, and which might resonate with other landlords facing similar dilemmas:
1. Tenant Management Expertise:
Property management companies excel in handling the nuances of tenant relationships. I explained how their personal connection with tenants might be affecting their ability to make necessary business decisions, and how a property management company can maintain that balance. I can speak from experience as a landlord who has made many mistakes over the years! I don’t like confrontation or difficult conversations and I am a tenderhearted person who is easily swayed. Unfortunately, there are people that will take advantage of that. A property management company removes that component–that’s not to say that you can’t still cut someone some slack if needed, but having another person in charge of the communication—in charge of collecting late fees, imposing rent increases, and having uncomfortable conversations– is worth paying for.
2. Time Freedom:
Time is a precious commodity. I highlighted how property management allows for more time to focus on their growing family, career commitments, and personal well-being, rather than being bogged down by day-to-day property management tasks. Is the investment working for you or are you working for the investment?
3. Stress-Free Property Maintenance:
Parenthood comes with its own set of challenges, and managing property maintenance issues only adds to the stress. I emphasized how property management companies proactively handle maintenance, ensuring a worry-free investment experience. Most landlords that self manage are only dealing with issues as they come up whereas a management company has a schedule for routine maintenance. They also have trusted contractors in place to be able to quickly manage emergencies as they arise. Murphy’s Law—there’s never a good time for emergencies but you can bet that they will arise on the most inopportune time!
4. Maximizing Your Investment:
As I delved deeper into the conversation with the couple, I highlighted another crucial aspect of why a property management company could be a strategic move: maximizing their investment. I explained that property managers implement strategies to optimize rental potential, making certain that every aspect of their investment was working in their favor. This includes staying abreast of market trends, adjusting rents accordingly, and avoiding potential financial pitfalls that can arise from undervaluing rental properties. It’s about making informed decisions that contribute to the long-term success of their real estate portfolio while avoiding unnecessary financial drains.
Connecting Clients with Property Management:
Understanding their unique situation, I took the initiative to connect them with a reputable property management company. I helped them to weigh the pros and cons so that they could decide if they should continue to self manage or hire a property management company.
In the ever-evolving landscape of real estate, my role goes beyond transactions; it’s about guiding clients through the various phases of property ownership. The story of this couple highlights the importance of recognizing when to seek support, and how property management can be a strategic solution, especially during significant life transitions. As a real estate agent, I am committed to the well-being and success of my clients. If you find yourself at a similar crossroads, considering property management might be the key to unlocking a more balanced and fulfilling real estate journey. Reach out! I’m always here to help.