Many people love DIY projects. In fact, they live for the weekends, going to the local hardware store and stocking up on all that they will need for their next home improvement project, such as painting their kitchen or installing a new toilet. DIY projects are so popular that entire TV shows are now dedicated to them.
This can apply to property ownership as well. Many people love to be in charge of managing their investment properties. They like to personally pick out their tenants, respond to all maintenance calls, and stay on top of rent payments. If you are on the fence about whether to hire a property manager to help with your residential or commercial real estate investments, then continue reading this blog post by Archer Investors. We specialize in helping real estate owners with 1031 Exchanges and with real estate investment strategies, such as Delaware Statutory Trusts (DSTs). Contact us today to see how we can help you diversify your property investment strategy!
THE DRAWBACKS TO HIRING A PERSONAL PROPERTY MANAGER
Many people like to make the decisions about their personal properties. However, when you partner with a property management company, they are empowered to make all of the decisions regarding your property. That being said, most major decisions are consulted with the property owner first. For example, if your commercial property needs a new roof, that’s obviously a decision for you to make. If your home needs a new furnace, that decision as well will most likely require your approval. Most property management companies set a dollar limit as to costs, meaning if something costs more than X dollars, you will be called.
Many people don’t like paying the money for property management services. Most property management companies charge a monthly fee for ongoing services, such as 24-hour maintenance calls. Some will charge a leasing fee when you have a vacancy. Others have a computer fee and the list goes on. The simple solution is to find out the fees before you sign a contract. That way, everyone is on the same page.
Many property owners like to be involved in the tenant process, which is understandable. After all, these are the people who will be the primary caretakers of your property for the term of the lease, which is usually a year or more. You want to ensure that they will care for your property in the manner you desire, as well as make on-time rent payments. Property managers tend to be less picky than property owners. That being said, property managers have an eye for tenants since they have years of experience screening them. Background checks are pretty standard now in order to protect everyone involved.
DIY Your Property Management or Outsource?
For most people, the decision to DIY their property management or not comes down to time versus money and deciding how much their time is worth. It also boils down to control. Some people, no matter how busy they are, can’t let go and have to have their hands in the pie at all times. However, for the vast majority of people, time is the issue. And as you get older, you realize that your time is much more valuable than when you were younger. You can think of the decision to outsource your property management this way: would you rather spend an afternoon dealing with broken pipes at your commercial property, or would you rather spend that same afternoon at your son’s basketball game, on the beach, or having coffee with friends? The choice is yours.
ARCHER INVESTORS IS HERE TO NOT ONLY MAXIMIZE YOUR ROI BUT ALSO TO ELIMINATE HEADACHES
Most people today do everything they can to avoid hassles. In today’s world full of busyness and non-stop errands, activities, and places to be, hassles can cause frustration and headaches, from standing in line at the grocery store and coffee shop to dealing with middle of the night phone calls from your renters. Even though Americans are living longer, we are definitely living fuller lives due to the convenience of technology, which can make our spare time even more packed.
Archer Investors has been helping people for years with their 1031 Exchanges and DSTs. We believe by helping you save money on capital gains tax and diversity your portfolio by offering a hands-off commercial property investment that we can help you avoid hassles and more effectively maximize your free time. We do all of the hard work for you, doing the due diligence on our properties so that you can invest worry-free. We handle all of the decisions of our commercial properties, including the maintenance and upkeep. Our mission with DSTs is for you to invest, and let us do the rest. We want your commercial property investment to be worry-free and hassle-free, because we believe you’d choose a beach day over a broken pipe day.
With limited liabilities and a protection against bankruptcy, all that is on the line with our DSTs is your initial investment, which is true for most other investments. DSTs are for those who own property or who are looking to get into the commercial property business, but don’t want the hassle of tenants and who want a greater upside in returns. Our fractional ownership properties can provide monthly cash flow and give you access to properties you wouldn’t have on your own. By joining forces with Archer Investors and other investors like yourself, you can grow and diversify your portfolio. We believe you’ll appreciate our “hands-off” approach. Contact us today to get started!