Are you a rental property owner? Whether you own a single-family investment property or a multi-tenant rental unit, consider hiring a property management company. Going this route means paying a relatively small percentage of the monthly rent for all its services. But whatever you pay for help with landlord duties will be a wise investment to protect your real estate.
You might be among the rental property owners who get a rush out of being both property owner and landlord. However, there are some telltale signs that hiring a property manager is the right move. Keep reading to see seven signs you should contact a property manager near you.
1.You Have a Lot on Your Plate
You can’t be two places at once. So, if you have a lot on your plate and can’t be a proactive landlord, it might be time to contact a property manager. Owning a rental property can be a rewarding experience and a way to bring in passive monthly income.
But being a landlord isn’t easy. You’ll need to handle tenant relations, maintain the property year-round, find quality tenants who won’t cause problems, and more. That’s one reason many investment property owners hire property managers to give them a helping hand. Instead of stretching yourself out too thin, you can bring in some help to make your life easier. You can achieve the ideal work-life balance that many people fail to attain.
2. You Want to Provide the Best Possible Customer Service
Tenants don’t just want quality accommodations at fair prices. They also want good customer service. If they have problems or need answers to their questions, they want the landlord to be responsive. They don’t want to wait forever to get a callback.
If you’re handling landlord duties independently, you might not be as responsive as you should be. That’s a huge mistake since tenants who don’t like feeling like an afterthought may decide now to renew their leases. What you need is a dedicated third party that will be the contact person for your tenants. The property manager can provide a phone number that you can pass on to your tenants. There’ll always be someone on hand to handle any tenant issues.
3. You Don’t Want to Be a Landlord
Another sign you need a property management firm is if you don’t want to be a landlord. While many dream of owning one or more rental properties and boosting monthly cash flow, not everyone wants to be a landlord. Serving as a landlord can be time-consuming — and it can also be frustrating. If you’re fortunate, you won’t have any issues with tenants. But all it takes is one problem tenant to jeopardize your experience as a rental property owner. So, if you’d rather not have to be a landlord, find a property manager serving property owners in your city.
4. You Know What You Don’t Know
It’s also a good idea to get some help when you realize there are many things about being a good landlord that you have no experience in. If you’re unsure how to find quality tenants, get some help. Doing it independently could get you into trouble. If you reject applicants on certain grounds, that could open you up to legal action. It makes sense to have a property manager handle the process for you. It knows how to screen tenants within the bounds of the law.
A property manager can also help by recommending an appropriate amount of rent to charge, suggesting upgrades that can make your rental units more attractive, and helping you create compelling ads when you want to advertise vacant units in your investment property.
5. You Want Your Property to Be Cared For
Yet another sign you should call a property manager is if you want help keeping your investment property in tip-top shape. Finding and retaining quality tenants is easier when your rental property is in good shape. A property manager will perform preventative maintenance and make repairs when required. It will also find contractors to do the work. You’ll want to see your property increase in value over time, so keeping it in good shape is a must.
6. You Need Help as You Look to Buy More Properties
Do you envision buying more rental properties and building a real estate portolfio? Being the owner-landlord of one investment property is hard enough. But it’ll be much more difficult if you own multiple rental properties. So, finding a property manager you can count on will make adding more real estate to your portfolio easier. You can even ask for advice if you’d like a professional opinion about a particular investment property that interests you. Hiring a property manager and picking its brains for recommendations can spare you from making severe mistakes. The last thing you want is to do anything that jeopardizes your investment.
7. You Need Help Marketing Your Rental Property
Another reason it pays to hire a property manager is because you’ll get help marketing your investment property. You need a service provider experienced at writing compelling ads and getting them published in the right places so that the ads to reach your target demographic.
A property management firm worth retaining will also offer video marketing so that you can have a competitive advantage in the rental market. Prospective tenants will appreciate taking a virtual tour of your rental property. It’ll be the next best thing to an onsite tour.
Unit vacancies will get in the way of your flow of passive income, so you’ll want to find replacements whenever tenants vacate units at the end of their leases. A property management firm will reduce the time it takes to find new tenants to occupy any vacated rental units.
Consider these seven reasons to consider calling a property management firm near you. Getting help can make owning an investment property less daunting and more rewarding. Do your research and find one serving investment property owners in your area. When you find the right fit, you’ll discover that investing in a property manager pays off in many ways.