Choosing to work with a professional property management company can be a great way to take your rental business to the next level. Expert management services can also be a tremendous asset when your property is located within a larger community structure. However, while there are certainly a plethora of advantages to working with property management, D.C. investors, it isn't necessarily the right call for every investor or community. Ultimately, it comes down to the care and services you need—so it becomes crucial to carefully weigh your options.
If you're on the fence about whether property management is right for your rowhome, condo, or single-family property, we're here to help you make an educated decision. These are the questions you should ask yourself before you jump to working with a property manager in D.C.
Where Are YOU Located?
It's one thing if you rent out the second floor of your live-in duplex and can easily make repairs, take care of maintenance, and handle emergencies at a moment's notice. It's quite another if you own a condo across town (or you live completely outside of the district) and have to navigate long-distance emergencies every time a problem comes up. One of the exceptional benefits of working with a professional property management partner is that you are freed from the demands of this scenario.
For most property owners, it breaks down simply: if you’re close to your property, you may be able to manage it on your own if you have the right skills. However, long-distance investors will find that working with a local property manager can save them the expense and difficulty of self-management. Of course, how far is too far is a matter of preference and something you'll have to decide on your own.
How Large Is Your Portfolio?
The benefits of hiring a property manager become clearer when you own a considerable number of rental units in D.C. The responsibility of being the owner of a single property with only a few renters isn't too much for most people to handle. However, suppose you're overseeing multiple condos or rowhomes that require detailed attention (or are under the thumb of community guidelines). In that case, the amount of time and energy you need to invest can quickly begin to snowball.
If you own just one rental in the D.C. area, it's also worth asking yourself if you want your business to grow. Not everyone does. However, for anyone who wants to expand and profit more from their rental business, property management helps make that growth more manageable. The more properties you own, the more you can benefit from professional property management, D.C. investors.
Is Being an Investor Your Career?
Some property owners end up being investors not because it's their career choice, but because they "fell into it." Others think of themselves as property investors first and foremost, and take on the responsibilities of being a rental property owner because it's a necessary part of the job.
It's worth asking yourself which lifestyle you pledge your time to: if your real interest is investing in rental properties, then hiring property management can be a great way to eliminate your responsibilities. It's also an excellent opportunity to increase your ROI and fine-tune your focus on growth.
Do You Enjoy Investing?
This is a related but equally important question. Some people genuinely enjoy digging deep into real estate and the art of the deal. Others, not so much. Dive in, and ask yourself if the work that goes into being an investor—collecting rent, handling maintenance, screening renters, and researching new investments—is something you really enjoy.
If it is, then there may be no reason to hire a property management company to do these things for you! However, if you decide that these aren't really jobs you want to be doing, then hiring someone else to handle it makes a lot of sense. Being an investor in D.C. is more challenging than ever in the age of COVID-19, and a great property manager can help you navigate these uncertain waters more effectively.
Can You Afford a Skilled Partner?
It's always important to weigh the costs of property management, and ask yourself whether your business is at a stage where those costs make sense. If you do decide the extensive benefits of working with professional property management is right for you, be sure to choose a company that is transparent and upfront about their costs.
It's also worth noting that property management, D.C. investors, might be more affordable than you think. Even with the perceived cost, property management can increase your revenue and even save you money in other areas. Quality marketing, professional rental analysis, streamlined maintenance, timely rent collection, and reduced likelihood of legal fees are all benefits of property management that can boost your profits.
Are You Ready to Learn More?
Choosing a property management company can be a big step in growing your rental business! If you have rental properties in the district, it's important to learn all you can about deciding if property management is right for you and how to choose the right company to work with.
The first thing any reputable company in D.C. will do is offer you a free rental analysis of your current properties to determine if they're operating at maximum profitability. With that in mind, we're proud to offer investors in D.C. access to our rental research resources. You can get started today with a free analysis!
