How a Property Manager Can Help a Retired Couple Keep Track of Their Assets
Updated: Nov 1, 2022
Investing in real estate can be an excellent option if you want to boost your retirement savings. In fact, retirement planning when it comes to investment properties usually involves hiring a property manager to help couples keep track of their assets and benefit from their property without having to be hands-on. If you’re nearing retirement age or are already retired and want to live an easier life, the following are some of the ways a property manager can help you maintain your investment and keep track of your assets.
How Hiring a Property Manager Can Help Retirees
While earning income from rental properties may seem straightforward, being a landlord is anything but simple. In fact, landlords have many responsibilities, including collecting the rent, fixing property issues, dealing with vacancies, sorting through potential tenants, and checking references before approving them.
When you’re retired, you may not want to or be able to take care of all these responsibilities. This is especially true if your investment property is located far away from your home or even in another city or state. Hiring a property manager ensures a hassle-free experience since property managers undertake duties such as collecting rent, fixing issues, and more, leaving you to enjoy your retirement stress-free.
Finding and Vetting Tenants
Property managers are also experts at marketing a property and finding suitable tenants. In addition to finding tenants, they vet tenants and conduct background checks, and ensure everything is in order before approving them. A retired couple may not want to go through this hassle every time there’s an opening or may not know how to market an empty unit properly. A property manager is not only well-versed in this but is also incentivized not to keep the unit empty for long. Because of this, they will ensure any expired leases are renewed or replaced, and all units are occupied and earning you rental income.
Conducting Property Inspections
A property manager can inspect your property and keep track of any damage or wear. They can then take the appropriate measures to fix the damage and even recommend solutions to avoid further damage in the future. Whether you’re on vacation, live further away, or simply don’t want to or aren’t trained to conduct property inspections, a property manager can take care of this for you. Because they’re trained for this, they can provide you with the adequate information needed, and make decisions on your behalf or after consulting you to ensure your property remains in good shape.
Simplifying Finances by Collecting Rent and Initiating Repairs
Part of a landlord’s job is to collect rent and take care of repairs and renovations. A retired couple may not want to collect rent every week or every month or be unable to take on repair projects. When you hand these responsibilities off to a property manager, you simplify your finances and make managing them much easier.
Instead of doing everything yourself, the property manager can simply send you profit and expense reports and the money your property is generating. Since they will provide you with detailed reports, you can double-check figures and cross-check bills with your bank and stay on top of your finances without having to take on daily responsibilities.
Having Tough Conversations
While investing in a rental property can be financially rewarding, it does come with troublesome responsibilities. One of these is chasing down tenants to collect their rent. Many times, checks are delayed, and you may have to make multiple visits to a single tenant before you see a difference in your bank account. All of this hassle is avoided when you hire a property manager to take care of this for you.
Additionally, tenants often take advantage of landlords’ kindness and ask for extensions. According to LBPM when put in awkward or uncomfortable positions, landlords may agree to this despite wanting to stand their ground. When you hire a property manager, this is taken care of for you. Since the property manager is answerable to you, they can ensure swift payment by being strict with the tenants. This ensures you’ll always get your rental income on time.
When you’re retired, the last thing you want to do is deal with the daily demands of being a landlord. If you want to take advantage of owning a rental property without letting it interfere with your day-to-day life, consider hiring a property manager to manage the rental property for you. This saves you both time and effort, especially if you’re retired or live a distance away. With a property manager, your asset will not go to waste and will continue to earn you rental income.
Whether it’s finding and vetting tenants, taking care of repairs, collecting rent, or handling paperwork, a property manager can do it for you. Because of this, these Jacksonville property managers can help retired individuals and couples keep track of their assets while also taking many responsibilities off their plates.