Real estate investing offers an opportunity to virtually anyone where they can create generational wealth and secure passive income for their retirement. And, as housing interest rates increase, more and more younger people are renting for extended periods of time. Over a third of the country rents their homes right now, and of those, most are under 45 and have attended college. However, juggling a landlord’s responsibilities can be overwhelming; you’ll be responsible for organizing documents and creating systems for every responsibility, from taxes, tenants, bookkeeping, repairs, etc. In addition, you’ll need the ability to remain calm and neutral in stressful situations; a landlord’s duties require the ability to put yourself in your tenants’ shoes when responding to their needs (even their 2 am phone calls).
The real estate investment and property management business requires your dedicated attention, a swift response time, and that you stay in compliance with all laws that may affect your operations and your interactions with tenants, which can become overwhelming. Sort of like walking on eggshells! Read on as we explore the three signs that say you might need to hire a property management company for your Knoxville investment property.
Be sure to make yourself aware of all laws that govern your response regarding necessary repairs, and it’s always recommended you work with professional contractors to handle electrical, plumbing or structural issues. You’ll be fielding midnight calls from tenants when something inevitably goes wrong, and if you don’t respond right away, you put your investment at risk, they may neglect to call, believing you’ll do nothing, and something minor may become extreme such as a roof leak. If you’d prefer to sleep soundly at night knowing your property is in good hands, this is another sign you need to hire a property management company for your Knoxville investment property.
So you’ve dedicated yourself to attaining financing, purchased your investment property, fixed it up nicely for your new tenants, and now it’s time to put up your for rent sign. However, technology has changed how landlords have to attain new tenants, everything is online, and your rental needs to be too! Marketing rental properties requires understanding your target audience and what it takes to compete and use the right apps and top websites where your renters hang out, while following all local, state and federal advertisement guidelines of course. Maybe you’re overwhelmed by what it takes to market your rental property in 2022. In that case, this is a sign that you need to hire the best possible trusted local property management company for your Knoxville investment property to assist you with this task.
While the location of investment in Knoxville real estate will determine the property’s long-term value, property management quality and tenant placement will determine your ultimate investment outcome. When reviewing financial records during your due diligence process, remember that the return on investment shows the property managers skill, which you’ll need to match for an equal return. While there are costs involved in completing a thorough and systematic tenant screening process, you’ll avoid needless stress and financial losses. You also protect your tenants and property and field fewer complaints.
The bottom line? The returns you earn on your investments reflect your success or failure as a property manager.
Why not talk to one of the professionals at Southern Sky Home Buyers today with no obligation about your investment property? Find out how the Southern Sky Home Buyers network of TN professionals can help improve your numbers when all signs point towards hiring a property management company for your Knoxville investment property. The team at Southern Sky Home Buyers can handle everything from single-family rental homes to large apartment complexes. We’ve spent years at Southern Sky Home Buyers assembling an in-house full-service team of the most sought-after local property management professionals. Call Southern Sky Home Buyers at (865) 410-8326.