Moving? Selling Vs. Keeping Your Rental Properties

Investing in real estate is a wise move, as real estate generally increases in value. Additionally, real estate produces revenue, especially when you have rental properties. Unfortunately, rental properties require management duties. So what should you do if you decide to move away from your rentals? Should you sell or keep them? You can choose either option, but keeping them is generally a smart idea. Here are several things to know as you decide. 

Selling them might result in a loss

The downside to selling your properties when moving is the price. You might have to rush through the process if you want to sell them before moving. Rushing might mean sacrificing the price. If you need to sell them now, you might have to accept a lower offer. Unfortunately, you only get one chance to sell them. Losing money on them isn't beneficial, so selling might not be the best option. The benefit of this option is you won't have to worry about managing the properties.

Owning properties requires management duties

The downside to keeping your properties when moving is the work they need. Do you currently handle management duties? If so, you won't be able to do this after moving. Yet, your properties will need someone to manage them. This problem has an easy solution: hire a property management company. A property management company takes over the duties of rental property owners. They can handle every task or only some tasks. The benefit is you can live far away while the property manager handles the duties for you. This option lets you keep your rental properties.

How to hire a property manager

You'll have to hire a property manager if you decide to keep the properties when moving. But how do you hire one? You begin by evaluating your options. Look into all the companies that offer services in your area. Next, talk to a few companies. When talking to them, ask about their services, costs, and results. Then hire the best one.

Visit the properties

One additional step to take if hiring a property manager is to visit the properties. The best way to do this is to make unannounced visits to the properties every few months. By doing this, you can see the properties and ensure the company is doing its job.

Call a property manager

Start looking for a property manager today. Contact a local property management company to learn more.