If you own income properties, then you are truly enjoying a rare treat when it comes to financial prosperity. Properties tend to hold their value over time, or even grow in value, so they’re typically safe investments on that front alone. They preserve your wealth.
Investing In Mutual Funds Or Stocks
On the other hand, if you rent them out, you also generate income from them at the same time. This is different from investing in many stocks or mutual funds. You expect either growth or dividend income, but not both.
For all the advantages though, it’s not like you can sit back, kick off your shoes, put your feet up, and just crash while the checks roll in every month. Someone has to find residents or businesses that rent or lease your properties and buildings. Someone has to collect the rent. Someone has to make sure the properties are well-maintained and that tenants are abiding by local laws and the rental agreements.
You could do that yourself, but the more properties you own, the more that becomes a full-time job. Is that what you were really looking for? Probably not. However, if income properties are all you do, and you have no actual career or job taking up your time, maybe you can handle it.
Property Management Services
If you don’t want to, then property management services are who you would call to take care of all this for you. They could then handle advertising your openings, interviewing possible clients and running background checks on them in order to find out if they’re a good fit. They would serve as the primary point of contact for questions, complaints, maintenance issues, and other concerns. They would also handle collections and evictions when need be, which is never fun for anyone.
Find the real estate advisors could even mean a layer of anonymity. A determined renter would find out the owner of their property eventually, and in many cases, they are legally entitled to such information. But they might not get your address or phone number, so it’s not your phone that’s going to be ringing in the middle of the night when a pipe bursts or the people downstairs are being too loud.
You invest in income properties for peace of mind and easy money, but if you have to spend your free time managing those properties, then you don’t get to enjoy what you’ve got happening for you.