Being a landlord can be a dream come true for many people. However, many landlords will tell you that their lives are not always full of roses. Sometimes, there are thorns that they have to deal with and they found out that the property that they have is not so profitable as what they have originally thought.
Some of the benefits of having your own rental property can be passive income, real estate appreciation, inflation protection and a lot more. However, these can backfire if you don’t have a real estate property manager that can help you manage several properties at a time.
Here are several reasons why managing several properties on your own can be a problem:
You Won’t Be Able to Have Time for Yourself
Forget about that dream vacation that you are planning in the Bahamas. Instead, you need to answer to tenants from hell why there’s no internet connection in their room. You need to accept phone calls in the middle of the night from some strangers who are just curious about what it feels like to own property. The list can be endless and you might not even have enough time to comb your hair before you hear another complaint from one of your tenants.
You can be a Jack-of-all-Trades
Being a landlord to multiple properties requires you to be the inspector, the handyman, the bookkeeper, the customer service, the marketer, and the plumber rolled into one. This can be difficult especially if one of your tenants in Vancouver called saying that there’s a gas explosion inside their room while the other one is calling from Surrey saying that they “accidentally” cut the electrical wire which resulted to the blackout of the whole neighborhood.
It is Stressful
Every person has their own set of dramas on why they can’t pay you on time. There are some people who can abuse the goodness of your heart just because they know that they can. They will demand that you fix something on their toilet, they will call for you to say that they want to have kitchen extensions, and so on. All of these can drain you and make you more stressed at the end of the day.
See also: The Mistake Smart Landlord Never Makes
You Don’t Tend to Be Objective
There are situations where you need to let go of a tenant because they already became a freeloader and you have tolerated them for 6 months. However, you just can’t because they have a baby and they don’t know where else to go. There are times when you need to renovate a property because it is already old but you don’t because a lot of people will be homeless. These scenarios can be seen objectively by property managers. Have the time to look for one that won’t let their emotions cloud their judgments.
You Invite a Lot of Risks
You might be bitten by a tenants’ dog while you are on site. On the other hand, you might have to face some of the dangers on your other rental property that you did not see coming. In this case, it is better to let experts handle your negotiations so you can walk away stress-free and safe.
See also: How to Be a Successful Landlord
Do you need help or learn more information about the management of your property?
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Because with Bolld Real Estate Management being a landlord has never been easier.