Owning rental property is a dream come true for many Americans as it is the perfect way to invest your hard-earned money – until the responsibility of managing that property becomes a burden!
The truth is, every property, be it residential or commercial requires routine maintenance. Not to mention the unique complications that come with having tenants. It is no wonder that many property owners get tired of being a landlord sooner or later, and find that it’s not worth the effort that’s needed to keep up with the property.
Why You May Become Tired of Being a Landlord
Here are some of the reasons why you may find it too taxing to stay a landlord:
The expenses may be greater than profits.
When you bought your rental property, you probably already knew that regular maintenance was going to be a part of the whole deal. However, many landlords never factor in all the unexpected damage that comes with it, such as fire, leaks, or defective appliances.
This can not only reduce the profit but also make it more challenging to justify the effort and time it requires.
Property managers can be unreliable.
Some landlords rely on property management companies for maintenance and dealing with tenants, thinking it will lower the burden. But sometimes, this can lead to even more headache if you accidentally hire someone incompetent.
Hiring a property manager is additional expense that will cut into your profits, but that’s not the only issue. Most property management companies are not very selective when it comes to approving tenants to live in a rental property. You may not have the time to manage your property but you may also have grown frustrated with the company you hired to do the job.
You live far away from the rental property.
If you are one of those landlords who live far away from your rental property, it will be harder for you to manage it and keep an eye on it. In case of unforeseen events, like a fire, you may not be able to respond in time or in person.
Rental property does not provide steady cash flow.
Contrary to popular opinion, rental property doesn’t always provide a steady stream of income each month. Almost every landlord has gone through this situation where they have to incur unexpected expenses that can occur from month to month, making it tough to estimate how much profit will be made during that time.
Whatever the reason might be, if you are tired of being a landlord, selling your property might be a great option for you. But keep in mind that selling a rental property is different than selling your own primary residence. You will need to respect the rights of your tenants while making sure the sale goes through.
In addition, if you decide to sell the property through traditional means, i.e., a real estate agent, you will have to ensure that the realtor knows the tenant-landlord laws, then notify the tenants who can refuse to cooperate for showings.
This is why a growing number of landlords now prefer to sell their rental property to a professional home buyer agency. By going this route, you can skip repairs, showings, and potential conflict with your tenants altogether and complete the sale in as little as a week!