Of all the things people imagine about retirement, they probably don’t envision collecting rent and dealing with other people’s maintenance issues. For senior citizens who manage their own rental properties, such details are a part of everyday life. But they don’t have to be, according to Hometown Property Management (HPM) broker and sales manager Donna Palecki. “We can help seniors and their family members navigate the process,” she explains.
HPM offers several types of services, ranging from a la carte and partial to full property management. Seniors can pick whichever one is best for their lifestyle. “Often, people want to go and enjoy their retirement,” Palecki notes. “When they go on trips, they don’t want to have to worried about a leak in the middle of a Sunday night at one of their properties.”
In some cases, seniors are ready to downsize but aren’t prepared to let go of the family home. Renting instead of selling can be an effective way of keeping the property in the family and creating passive income while still moving into a more suitable situation. “We’ll evaluate the home to find out the best decision for them,” says Palecki.
Another benefit of using a property management company: most older landlords are charging well below market rate rent. Even a small rent increase for the tenant will pay for the management fees while decreasing stress and headaches, especially when it comes to the digital nature of the modern industry. “Times have changed,” Palecki notes. “Everything is online, and a lot of these owners don’t know how to manage online payments.
Some may be interested in selling their homes and gaining a lump sum but with the current market, renting is a better way to ensure financial security not only for themselves but for their family in the long term. With housing and rental prices continuing to rise, real estate is an asset that will continue to earn dividends. “You don’t necessarily have to let go of that home you’re so attached to,” Palecki explains. “You could still make a profit from it and keep that asset in your family.”
Learn more by visiting the Hometown Property Management website or calling 360.456.7368.
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