When you invest in real estate, you’re building wealth and a future of truly passive income, allowing you to live out your golden years enjoying the activities you wish on your terms. However, purchasing the best deal in Kansas City doesn’t guarantee continued success with the property. And inheriting a property and deciding to become an “accidental landlord” could be a costly mistake.
The calculations for your returns on the investment, or ROI, are based upon results created by the previous management policies and systems.
While property management fees are easy to compare, the costs of poorly managing your real estate investment are a little harder to nail down.
Read on as we explore how much it costs to manage a property in Kansas City.
One downfall of owning rental real estate is having to take the time out of the day to carry out all of the duties to manage a property in Kansas City. A significant part of investing is keeping abreast of local economic changes, zoning plans, and significant market trends. You also need to dedicate time to further your education in real estate, so you can become an expert in renting out property.
It isn’t always as easy as just allowing the tenants you prefer to rent in your vacant units. When you are a landlord that manages property in Kansas City, or anywhere really, you need to know the law. There are laws governing the marketing of the rental property and laws governing the treatment of potential tenants at local, state, and federal levels. Therefore, when you wear the hat of a landlord, you must keep abreast of these laws and any subsequent changes.
When you professionally manage a property in Kansas City, you should have a system to screen tenants that you follow to ensure the best experience and highest returns on your real estate investment. Tenants are the backbone of your real estate investment business, and poor tenant screening equates to poor returns. (Be the way, we really like RentPerfect and can get you a discount on their services)
Regular maintenance and immediate attention to repairs are required to protect your asset when you manage a property in Kansas City. Otherwise, what may begin as a minor fix, like a roof leak, could become a series of highly costly repairs from the damage that spreads with the water across the roof, walls, flooring, and possessions, not to mention the dangers and expense of remediating mold.
Understanding the importance of building a solid team of industry pros to fulfill the needs of managing property and meeting you cannot understate the needs of your tenants. Otherwise, the outcome of unattended repairs and maintenance issues will become glaringly apparent. In addition, if a landlord should fail to manage a property in Kansas City to the tenants’ satisfaction, your turnover rates will be high and out of sync with the market average.
Regrettably, when you manage a property in Kansas City, you may find yourself with tenants that you must hunt down to retrieve your rent payment or deal with the stress and legal red tape of evictions.
Help For Accidental Landlords
If you find yourself as an accidential landlord, spending your valuable time managing property in Kansas City, we recommend joining the local real estate investor associate to learn your craft or to consult with them on hiring the best property manager. If it is no going so well and you are considering selling the property, a quick consult with the team at kcmoHomeBuyer can help you figure out your options.
- Hire a qualified property manager
- Learn your landlord’s craft
- Sell the Property
- Do something else with the property.
The pros at kcmoHomeBuyer and their team of service providers have years of experience creating an environment of trust and can help you navigate your options.. Call kcmoHomeBuyer at (816) 408-3600.
Request a FREE, No-Obligation ConsultationYou can trust our firm offer will not change before closing, and you won’t be hit by any of those surprise fees. We’ll be there to walk you through each step of the sale.
Fantastic Experience . . .
..Scott was great working me through the entire process. His patience, availability and willingness to answer my questions were greatly appreciated.