Over forty years ago, my grandmother on my mom’s side decided to invest in real estate. She purchased 1/3 of a large family home, and the house was picked up and moved to Rehoboth Beach Delaware. It was a three story house, and the bottom two floors were split into two homes, and the top floor became its own studio apartment. This ended up working out really well, because not only can my whole family stay at the beach for free, she can also rent it out during the summer to make money.
Having a family beach house is an amazing opportunity, especially if you live close to the beach, and have a hard time finding the motivation and finances to go on a long vacation. My entire childhood was full of impromptu beach trips with family and friends, and I loved it. We are also able to rent out the house to families that we know, and give them a discount.
As my grandmother gets older, it is getting harder for her to deal with the rental season all on her own. There’s seasonal cleaning, washing all of the windows and floors, and making sure the utensils stay stocked. There’s making sure both parking passes are in the right spot, getting several copies of the front and back door keys, and so much more.
While I try my best to help out with the renters, there just isn’t enough time for one person to get everything done. My grandmother also travels a lot during the summer, so if there is issues with the renters, sometimes they will not be able to reach her. Luckily, my grandma looked into and hired a property manager to do all of this for her.
Commercial property manager
Property management companies take a lot of the stress out of renting your home. Maybe you are ready to move, and found a new home, but still haven’t sold your old home. This is when a property manager would step in and figure out all the little details for you. They work with the renters, so you don’t have to.
Instead of having renters pay you, a property manager can collect rent from tenants, and then give it to you. If a toilet is clogged, or the dishwasher broke, someone from the property management office will come out and take a look, rather than the renter having to call you, then you having to call a repair man.
Say a window breaks in a storm, or a renter leaves a mess at the home. Some property managers can even do repairs themselves, or hire the correct person to do it. If there is a mess, property managers can schedule a cleaning service to come and fix up the house to look nice for the next visitors.
Property managers can be costly, but with enough research, you can find the perfect company to suit your needs, and work with your budget. You do not have to break the bank to find a property manager that can help you.
Commercial real estate
If you rent out commercial real estate, you most likely have a lot on your plate. When it comes to businesses, offices, and warehouses, you need to make sure you are all up to current code and regulation for the state you reside in. Property managers are fluent with the regulations for the state they work in, and can do checks and inspections to make sure you are not in violation of any laws. They can also provide legal counsel if you are being sued over an issue with your property.
A lot of the times, tenants will be late with rental payments. There are all kinds of excuses: “oh, it got lost in the mail”, or “I swore I sent it!” When you hire a property manager, you no longer have to chase down renters for money that is owed, they will do it for you.
Real estate investment
Real estate investment can benefit you and your loved ones in many ways. You can earn some extra income, and have a backup place for relatives and friends to stay in. If you need to save up for kids going away to college, or another big expense, rental properties area way to do that.
How do you go about this? If you are someone who does not know much about real estate, you probably want to hire a property manager for marketing purposes. They can advertise for you on social media platforms such as Facebook and Instagram, as well as add your home to all local and national renter websites.
They can place signs in the yard of your home announcing rental availability, create flyers for people to pick up if they are interested, and post on local forums such as Nextdoor and Craigslist. A property manager is trained in being extremely efficient at getting the word out about your property, so why not enlist their help?
The income potential that can arise from investing in real estate is infinite. Not only will you be making money, you will be diversifying your portfolio, making connections, and providing your loved ones with a free vacation home. Depending on the size and location of your rental property, you can charge as much as you want, by the week, month, or year, and someone out there will pay it.
If you are looking for new ways to increase your income, try looking into real estate. It is risky, but the benefits largely outweigh the costs. And also, who the heck doesn’t want a super awesome beach house that they can go to whenever they want?