Owning a rental property is a great way to either supplement your income or earn a living. However, there’s a lot that goes into managing a rental, and if you have another job or are balancing life with a family, it can quickly feel overwhelming. Thankfully, we make owning a rental property easy with property management services from Gateway Realty.
What to Know Before Investing in a Rental Property
If you are new to being a landlord, or are considering becoming one soon, it’s important to evaluate what’s to come to make sure it’s right for you. You need to plan out what will be your expected income, expenses, return, and weigh the risks and rewards. Analyze your operating expenses – which includes things like property taxes, insurance, and routine maintenance – as well as possible expenditures that may arise, like replacing a furnace, damaged roof, or repairing plumbing.
The Risks of Owning a Rental Property
When you own a rental property, it does not come without risks. Understand up front that you will probably experience some vacancies between renters, so be prepared to cover those costs. While there are many great renters, you could potentially end up with a bad tenant, resulting in possible legal expenses and even property damage that would come out of your expenses. If you didn’t do the math right or plan properly, you could potentially end up spending more than you make back, leading to negative cash flow.
The Benefits of Owning a Rental Property
Don’t let the potential risks turn you away, though; there are many great benefits to owning a rental property. One of the greatest advantages is that you are earning money without necessarily having to do any work. Also, depending on where you purchase your property, you have the potential to profit even more if it appreciates in value. There are also tax deductions you can take advantage of with the property, including your operating expenses. Plus, the diversification of real estate in your financial portfolio helps you during the ups and downs of the stock market.
Make Property Management Simple with Gateway Realty
Many of the backend processes in managing a rental property can take up a lot of time. Don’t spend your days sifting through paperwork or worrying about your property. Gateway Realty Property Management offers landlords services to fit your needs. In our office, we have three full-time property managers as well as an insured maintenance staff to help you with repairs when you need them. Our full-time management package includes:
- Collecting monthly rent: We provide a convenient, secure drop-off location at our Gateway office to help you collect the rent on your properties.
- Arranging for required maintenance or repairs: Our trusted, quality contractors will provide the work you need at reasonable prices, helping you maintain your investment.
- Monitoring your property’s condition: We’ll perform regular, thorough inspections to help identify and repair potential problems.
- Generating monthly & yearly income and expense reports
- Conducting move-out and move-in inspections
- Advising on current market rent value: Our professional real estate team will help assess your property’s market value to ensure its rented quickly.
- Conducting showings: We’ll plan the showings and perform them for you.
- Screening prospective renters: Let us help find reliable tenants that will pay rent on time and rent for longer periods.
- Generating leases
If you have most of the tasks handled, we’re still happy to take some of the work off your hands with our leasing only service, which includes:
- Advice on current market rent value
- Conduct showings for your property
- Screen prospective renters
- Generate leases
- Conduct move-in inspections
Owning a rental property can be a rewarding experience when done right. Let Gateway Realty help make it simple for you. Contact us today for more information, or to get started with our property management services.