Of whatever people imagine about retirement, they probably don’t envision collecting rent and dealing with other people’s maintenance issues. For seniors who manage their rental property themselves, these details are part of everyday life. But they don’t have to be, according to Donna Palecki, broker and director of sales for Hometown Property Management (HPM). “We can help seniors and their family members navigate the process,” she explains.
HPM offers several types of services, ranging from à la carte management and partial to full property management. Seniors can choose the one that best suits their lifestyle. “A lot of times people want to go and enjoy their retirement,” Palecki notes. “When they go on a trip, they don’t want to have to worry about a leak in the middle of a Sunday night at one of their properties.”
In some cases, seniors are ready to downsize, but are not ready to abandon the family home. Renting instead of selling can be an effective way to keep the property in the family and create passive income while moving to a more suitable situation. “We will evaluate the house to find the best decision for them,” says Palecki.
Another benefit of using a property management company is that most older landlords charge rent well below market rate. Even a small increase in rent for the tenant will pay for management costs while reducing stress and headaches, especially in the digital nature of modern industry. “Times have changed,” notes Palecki. “It’s all online, and a lot of these owners don’t know how to handle online payments.
Some might be interested in selling their home and earning a lump sum, but with today’s market, renting is a better way to provide financial security not only for themselves but also for their family in the long term. As housing prices and rents continue to rise, real estate is an asset that will continue to pay dividends. “You don’t necessarily have to give up that house that you’re so attached to,” says Palecki. “You can still profit from it and keep this asset in your family.”
To learn more, visit the Hometown Property Management website or call 360.456.7368.