It's a great time to be a real estate investor in the D.C. area. As you get acclimated to the rental market and learn what kind of properties work best for you and your long-term success as a rental property owner, you'll eventually ask the question: 'Can I do more?' That question often leads to another question: 'When should I hire a property manager?'
Doing 'more' in real estate creates a lot more work for investors, but the payoff is worth it. 'More' means adding properties to your portfolio, managing rentals to profitability, and working with a growing number of residents who live in an increasing number of rental homes.
Doing it all on your own—even from the start—can be overwhelming. Keeping up with requests from your renters and the various demands of your rentals as you build a portfolio is almost impossible to do without help.
When is it time for successful investors to hire professional property management D.C. offers? EJF Real Estate Services has the answer.
There's No 'Wrong' Time for Property Management
Real estate investors can stress about the 'right' time to hire a property manager, but there's really not a 'wrong' time to do it. An expert property manager can help you at any time in your real estate investing career. The best companies offer a range of property management services to help you a little—or a lot—depending on what you need and when you need it.
When You Get Started
First-time investors can benefit from the experience of professional, full-service property management as they take their first steps towards growth. Professional guidance in the early stages of your real estate portfolio helps you:
- Avoid rookie mistakes
- Find the best investment property to start your success
- Handle paperwork and follow the laws you don't yet know
- Conduct tenant screening fairly and legally
- Handle routine maintenance issues and emergency requests
- Manage finances and reporting to stay above board.
A rental property requires considerable dedication. Many pressing legal tasks aren't evident without the guidance of professional property management D.C. investors need. Getting their help from the start means new investors can learn the ropes early and experience success right away.
When You're Ready for Change
Seasoned investors enjoy the income and tax benefits of rental properties, but the work can become overwhelming after a while. If you routinely add new properties to your portfolio, the work quickly multiplies to ensure profitability for every property in your portfolio.
Being a seasoned investor with some success doesn't mean you can't change course towards efficiency. When you're ready to let go of the work, regain your free time, and focus on other things that are more important to you, a professional property manager can take on every task required to keep your portfolio profitable.
In many cases, when they turn their portfolios over to expert property management, D.C. investors see better returns—and more profit. If you've been in the real estate investment game for a while—but you're ready to stop working so hard to generate passive income—it's the right time to hire a property manager.
Timing Isn't Everything
While there's no perfect time to hire a property manager, the longer you wait, the more money you could lose over time. Inefficiencies, lack of renter renewals, overpaying for the wrong property upgrades, and the wrong rental prices will take their toll on your bottom line without expert insights into improvements.
Investors with large portfolios of both single-family homes and condos can save money when outsourcing the daily management of multiple properties to professional property management services. The best property management companies allow investors to benefit from:
- Processes that streamline routine tasks like rent collection, property listings, and encouraging lease renewals
- Bulk pricing by using a vetted list of contractors for routine maintenance and emergency repairs
- Scheduled inspections and seasonal maintenance to prevent costly fixes
- Appropriate recommendations for renter-friendly property upgrades.
If you're waiting for a sign or the ideal timing to hire a property manager, you could be losing money without realizing it. It never hurts to look into property management D.C. offers and start researching the best professionals before you require their aid.
Make Sure It's Affordable
Before you overpay for property management services you don't need, there's also no need to rush into hiring a property manager. Choose a company that can grow as your portfolio grows and your needs change.
If a company can offer guidance and a few services that fit your budget, when it's time to add more properties, they're already your partner for expert help to support your growth.
Now Is the Time to Protect Your Portfolio
Partnering with full-service property management means you're ready for anything—including more properties, more renters, and more long-term wealth. You also have protection in place to mitigate market changes, potential disasters, or difficult renters.
A professional property manager like EJF is the best way to support your growth, build your long-term wealth, and protect your income and assets. When you're ready, we're here. Learn more about the benefits investors enjoy from a professional partnership when you download our complimentary Real Estate Investing Guide.