Your portfolio is growing, and that's exciting. More rental properties in the Salt Lake City area mean more money, and each new property gets you one step closer to your long-term financial goals.
How are you handling the additional work?
- While the extra income is certainly nice, each new Salt Lake City rental property also means more work for you as the property owner.
- Everything required to make your first property successful is also necessary to make every property successful.
- Passive income becomes less 'passive' when you spend all of your free time managing properties and renters to support your growing portfolio.
While a do-it-yourself mentality might be the way you started as a real estate investor, it doesn't have to be how you continue as your portfolio grows.
What do investors need to consider to sustain profits and growth? Consider the following points posed by the experts in Salt Lake City property management services.
More Rentals Means More Renters
The idea of a bigger portfolio and more income seems nice—until you realize that more rentals also means you have to deal with more renters.
- Sometimes, managing the working relationship you have with your renters is the most challenging part of being a rental property owner.
- Adding more residents to your plate can test your patience and strain relationships: when your working rapport with your renters suffers, you lose money.
Most rental homes provide housing for more than one renter. Families and roommates are a significant part of the Salt Lake City rental market. Every new property could mean you must screen and manage several new residents to generate a profit from your investment.
If dealing with people isn't your favorite part of being a rental property owner, turn this crucial element of a successful rental property over to a full-service Salt Lake City property management company.
- We manage every detail of tenant screening to place only high-quality residents.
- Then, we work hard to maintain positive relationships and hold residents accountable.
- Enforcing the rules of the lease is one way we serve you as your professional buffer.
Available Time Can Affect Profitability
If you have a full-time career, managing multiple rentals can be challenging with nothing left but your 'free' hours. Nights and weekends quickly become overbooked when you spend time:
- Addressing maintenance issues
- Showing empty properties
- Managing renter requests
- Conducting inspections
And handling every task required to operate a legal (and profitable) rental property portfolio.
Some investors enjoy the work and the profits of a significant portfolio: they quit their full-time jobs to devote more time to managing their rentals and supporting that income stream. However, if quitting your job or changing careers isn't an option, you'll need help to manage a growing real estate investment portfolio in the Salt Lake City rental market.
The profits won't stick around without a team devoted to the daily, year-round tasks required for managing rentals and residents.
You Have Options—but Choose Wisely
When you can't be everywhere at once or handle everything on your own, you need more people. What's the best way to do it?
Build a Team
You could build your own team and network of contractors to manage your Salt Lake City rental properties. Some investors choose this option and create a team that includes:
- Contractors to handle maintenance requests: You'll need several options to handle specific needs, like plumbing, electrical issues, painting, and general repair work.
- Employees to respond to handle everyday tasks: These people must understand how to show properties, manage rent collection, screen renters, handle leasing, enforce the rules, manage difficult renters, and coordinate contractors.
- Legal help for all the paperwork: Managing rental properties requires following the law—and these laws can change without warning. Unless you have the time to learn the regulations and stay up to date, you'll need help to navigate legal business operations.
- An accounting expert to manage finances: Tracking expenses, income, and managing your budget is critical to success as an investor.
Along with these employees and contractors, you'll have to manage your team. Becoming an employer requires overhead costs, time devoted to management, and providing benefits. If that sounds like more work than managing properties on your own, there is an easier solution!
Hire a Property Manager
Save yourself the hassle and overhead costs of building your own team. Hiring a professional Salt Lake City property management companymeans you get everything you need for success—without the expense and headaches that come with assembling a team on your own.
You'll find a property manager is also better for your budget—and profits! When choosing the best Salt Lake City property manager for your growing portfolio, make sure they specialize in maximizing ROI for portfolios with intent to scale.
Expert Property Management Is Best for a Growing Portfolio
Don't let time constraints or a lack of dedicated help keep you from growing your real estate portfolio and experiencing more wealth in the Salt Lake area! Hiring an expert property manager in Salt Lake is the best way to support a growing portfolio and maximize your profits.
We know the excitement of building a rental property portfolio and the challenges of keeping up with the work to enjoy the income. That's why we do what we do now! The Reeder Asset Management team enjoys helping investors grow their real estate wealth without losing their time, freedom, or dealing with the headaches that come with more properties.
We provide full-service property management—including rent collection services, professional rental property maintenance, and budget management options for growing investors.
To learn more about how the right property management services can help you grow your portfolio, download our free resource, Real Estate Investing: How to Grow Your Portfolio!