The foreclosure crisis of the recent past has given many of us a true picture of our finances. This is why many families now consider single family homes instead of living in high maintenance condos and big homes with bigger rental payments. This has paved the way for many single family homes to enter the rental market.
If you have also invested in single family home for investment purposes, then may we tell you that you are in for a totally new experience? Managing single family residences is completely unlike managing apartment buildings, condominiums and community housing. Here are the answers to some of your burning questions!
What’s Involved In Managing A Single-Family Home?
On-site visits are fewer and far in between because of the time and costs involved. Travelling to one apartment building requires a one-time effort, but single family properties may be scattered all over the place and can’t be visited in one day. Similarly, maintenance and inspections are time consuming as well as expensive. Economy of scale doesn’t really work with single family rental management. Painters charge less for apartment buildings then they would for single family homes because they also factor in the expenses of showing up on different sites to get the job done.
How Is It Possible to Effectively Manage Scattered Sites?
Property investors interested in single family rental properties usually team up with property management firms. But even if you have 2 or 3 rental properties, you can’t depend on having an onsite manager to keep things running smoothly.
As the landlord, it becomes your responsibility to ensure that the trash is chucked out, security ensured, heating and plumbing maintained and laundry machines repaired on all these houses. That’s a lot of work. But if you can figure out how to manage successfully, you are perfectly poised to make a lot of money.
Is Single Family Property Management Actually Affordable For Me?
Yes! Not only is it affordable but it may even increase efficiency and profitability for you in the long run. Their rental management services also include finding the right tenants, screening them, handling emergency repairs and maintenance, collecting the rent on time, account keeping and keeping you up-to-date with the latest about your single family rental residences.