Having a rental property can sound simple enough, but once you get into it you realize there’s a lot you need to manage. Between finding tenants, collecting rent and turning over the rental property can all be exhausting.
Here are a few signs you need a property management company:
You Get Emotionally Involved
As an owner of a property, it’s easy to get too emotionally involved in decisions. It can make it hard to properly manage tenants and accurately set rental prices when emotions are involved. If you find yourself getting upset with tenants because “it’s your house” it’s likely time to hire a property manager. When you have a property manager their fiduciary responsibility is to the owner, not the tenants so you know you will be getting what is best.
Tenants Are Unruly
If you’ve been having trouble with your tenants paying rent or following the rules of the lease, it’s time to bring in a property manager. It’s no fun to hound clients for rent money or remind them they aren’t allowed to have a dog. Hiring a property manager puts those responsibilities on them and leaves you out of it.
You Have Multiple Properties
If you saw success with your first property it’s likely you invested in another one, or maybe a few. Managing one property is much different than managing just one. It’s easy to feel overwhelmed keeping all the details together. A property manager will find tenants for you and make having multiple properties a breeze.
Maintenance Takes a Lot of Time
It’s easy to feel like a handyman until you’re on call to fix a whole bunch of little things in your properties. Your time is valuable and you’re losing out on time with your family and friends every time you need to go into handyman mode. A property manager will ensure the work is done right the first time, at a discounted rate, and in a reasonable time leaving you to enjoy your free time in peace.
You’ve Had Long Vacancies
Vacancies are expensive, but finding quality tenants can be exhausting. If you’re tired of your property sitting vacant while you read through rental applications, it’s time to hire a property manager. A property manager knows the right methods to find tenants and can help you fill your vacancies.
Your Phone Rings All Day
Being a landlord means you’re on call 24/7 for maintenance emergencies. If you find yourself tired of the late night phone calls it might be time to call in some professional help. A property management company will be responsible for the 24/7 calls, leaving you to sleep peacefully knowing any emergencies are being cared for.
You Google Laws Often
Local laws regarding rental properties change often and as a property owner, you may find yourself looking them up often to keep yourself informed. It can be a full-time job just keeping up with local codes and laws, especially if you have properties in different municipalities. A property manager knows all the local laws and will keep your business running smoothly.
You Stress About Emergencies
Natural disasters and emergencies happen and you need to be prepared. It’s hard to know all the vendors you may need. You don’t want to don’t want to be shopping for a water mitigation company after the property has been flooded. A professional property manager has experience and relationships with vendors so you know things will be taken care of quickly.
You Spend Too Much Time on the Details
There are many aspects of being a landlord you may not initially realize. For instance, when is it appropriate to systematically raise the rent, how often do you need to do inspections? A property manager has the answer to all of these questions and will ensure your property is safe, making you money and well cared for.
You’re Not Managing Your Risk
As a property owner, you need to manage the risk on your investment. This sounds simple but can be quite complicated. Hiring a property manager will help minimize your risks. Property managers know what you need from insurance, legal assistance, and vendors. If a tenant needs to be evicted, they will know the proper protocol. When work needs to be done they have relationships with vendors so the work can be done quickly.
If you relate to one or more of these it’s likely time for you to hire a property manager to make the most of your real estate investments. Contact us today to learn about our services and how we can help.