Own An Old Rental Property? Hire A Property Manager Before Repairs Are Needed

Posted on: 9 August 2017

Owning a property that you rent out puts major responsibility into your hands, but it also provides you with an opportunity to generate income. You may have bought an older property with aging features because it was affordable and allowed you to start renting out the place almost immediately. It is important not to underestimate how much work is involved with maintaining a rental over the years. Before you start having to do all this work, you should consider hiring a property management company.

Assess the House

An old house is going to have problems over time and they will likely happen in the near future. When you have little to no experience with managing a rental, you may find that it is fine as long as the property is in excellent condition. But, once you start to have plumbing, electrical, heating, and cooling issues, your stress level may increase and you may not know how to handle the problems in an ideal manner. A property manager will make sure to perform a thorough assessment to determine the condition of just about everything so that they can repair issues, replace parts, and take notes on aging features.

Avoid Repairs

A huge benefit that you will get when a property manager comes on board is being able to avoid repairs. If you are not adamant with checking on the property and knowing what to look for, you might end up in a situation where the electrical system stops working or a pipe bursts and needs immediate attention. A property management company can help you avoid this by catching it before an issue happens. While you may learn over time, this on its own will likely save you thousands of dollars over the first few years.

Handle Replacements

When it does come time to replace a part or appliance, you may not know how to handle it quickly to prevent it from becoming a major inconvenience for the tenant that lives in the home. Luckily, you do not have to worry about scheduling or who to hire when a property manager cares for your rental property. If you give them a considerable budget to work with for repairs, you can enjoy an almost entirely passive revenue stream while also knowing that the rental is being maintained with efficiency in mind. 

Handing over an old rental property to a property management company is a smart move when you do not like the idea of having to repair or replace parts of the home as they start to wear down.