If you own rental properties, you likely know that each property you purchase requires maintenance, advertising, and tenant management. These requirements can quickly multiply as you purchase additional properties, making management difficult.
As a rental property owner, you should consider hiring a property manager if the following situations apply to you:
Extensive Marketing and Advertising are Necessary
If you own multiple properties and are having to devote a large amount of time and energy to keeping them occupied, it may be time to consider working with a property management company. These skilled professionals can manage the ongoing advertising and marketing that are necessary to keep your properties occupied and generating cash. If you find that you’re having trouble finding the time to handle marketing and advertising for your units, you may be pleasantly surprised at the results a property management company is able to generate for you.
Tenant Management is Becoming Overwhelming
When you manage multiple rental properties, by extension you have to deal with numerous tenant requests. However, if running a rental agency is not your full time job, you may find that it’s difficult to manage then needs of multiple tenants outside of your work hours. If you’re overwhelmed by the needs of your tenants and find that taking care of their basic communication needs, maintenance, and collecting rent payments is becoming overwhelming, it may be time to hire a property management agency. Property management companies will handle the day-to-day details of owning rental properties for a monthly fee, allowing you to focus on your full time job, your family, and your other responsibilities.
Scheduled Maintenance is Essential for Multiple Units
If you own multiple rental properties that are slightly older, you may find that they need ongoing maintenance. Even newer properties will need lawn care, pest control, and other upgrades fairly regularly. While you may be able to handle these issues on your own, do you really have the time to? If not, it may be time to consider working with a property management company. These professional agencies typically have contacts with a wide variety of local contractors, and may even have several contractors on retainer or on their own staff. These connections make it incredibly easy for the companies to handle most basic maintenance issues quickly and conveniently. If you’d prefer not to get a call at 3 am for a broken heat pump, it may be time to outsource this aspect of owning rental properties. A skilled property manager can handle all the maintenance for your properties with ease, so that you have more time to devote to your priorities.
If you’re struggling to maintain the responsibilities required for multiple properties, it may be time to consider working with a property management company. A skilled property management company can lower your stress by managing the day-to-day details of owning rental property. If you’re ready to own rental properties without adding to your stress, it may be time to consider hiring a professional.