With homes selling so quickly these days – and often above the asking price – you may be considering whether or not to put a For Sale sign on your rental property(ies). But before you do, make sure that you consider the pros and cons.
One of the biggest items to think about is how much you could realistically generate from the sale (factoring in the costs that could be associated, too, such as a realtor commission, inspections, and repair expenses).
In addition, the income stream that you are generating from the property could have an impact on your own bottom line – especially if you are netting out a significant amount after the expenses (such as mortgage, insurance, etc.) are all paid.
On the other hand, how much work are you doing to keep that income stream flowing? For instance, do you have to chase tenants around in order to collect the rent money every month? Or is the property in need of some major (and expensive) upgrades like new appliances and a leaky roof? The cost and time involved could make your decision to sell the property(ies) easier – even if it means letting go of one or more income streams.
If you opt to keep your real estate investment(s) but you are looking for a way to step away from the day-to-day maintenance and tenant management, it could be time to consider bringing a property management team on board.
At Central Florida Property Management, we provide a wide range of services – from finding and screening potential renters to responding to emergencies 24/7 – so that you don’t have to (but you can still continue to build equity in your property(ies).