When is it Time to Hire a Property Manager?
Being a property owner can be a rewarding experience. Home ownership brings along the potential for an additional source of income through renting your property. However, with that lucrative option comes the challenges and headaches associated with property management. Sure, you may be able to address all of the concerns raised by your tenant. There may be very little in the way of repair requests if your rental property is well maintained. Despite proper maintenance, that doesn’t necessarily mean there won’t be other sources of landlord-related headaches. Emergencies and vacations come up. Handing over the day-to-day landlord responsibilities to a property manager can free up some of your valuable time.
Spread Too Thin?
Owning one or two rental properties can be relatively easy, barring any unforeseen events. However, if you are managing several rental properties, it can be a difficult task to undertake. With the ownership and management of several properties or rental units comes additional responsibilities. If your personal life requires a significant chunk of your time, you may want to consult a property management company.. You might find that you now have the time to invest in that new hobby you’ve been thinking about starting!
Out of State
Whether out of city, state, or country, operating a rental property from afar can be a challenging task. If a tenant contacts you regarding a broken toilet, conveying that valuable information to the plumber can be tricky. If you lived close to your rental property, you could stop by to see if you could fix it. This can be nearly impossible if you live out of the area. Hiring a local property management company can help to provide an eyes-on approach to managing your rental property from afar. Likewise, the property management company you select can also be invaluable when it comes to finding and screening tenants! With so many responsibilities that accompany being a landlord, property managers can also help to prevent landlord burnout.
Time is Money
Unless you plan on making property management your full-time job, it can be easy to become overwhelmed. Being on call 24/7 can be taxing on just about everyone. After factoring in family and professional obligations, there is only so much time left. In a recent survey, over half of landlords identified maintenance calls being one of the most time consuming and stressful parts of being a landlord. If you are scrambling for time, it may be beneficial to look into hiring a property management company.
Hands Off Management
Some rental properties may experience a high rate of tenant turnover. This can bog landlords down with repairs and making the property ready for the new tenant. Even if you live near your rental property, it can still be quite a time consuming process. Property managers can help to lighten the load by handling not only the day-to-day issues that may come up. Property managers can also assist in the screening process for new tenants. If you want a more hands off approach to property management, consulting with a property management company may be a step in the right direction when it comes to making your life a bit easier.
Conclusion
Operating rental properties can be a rewarding and lucrative experience. However, it can also bring stress, headaches, and take time away from other endeavors you are thinking about pursuing. If this sounds like a good idea, it would be worth the time to consult a property management company such as The Property Manager to tend to the needs of your rental property. With over three decades of experience, the professionals over at The Property Manager can help your landlord dreams come true!
References
Appfolio. (2019, March 15). Hands-On vs. Hands-Off Property Management Style
Forbes. (2018, November 14). Is It Time To Hire A Property Manager For Your Single-Family Rental Investments?
NOLO. (2011, October 10). When Should a Landlord Hire a Property Management Company?
The Property Manager. (2018, December 2). How to Avoid Landlord Burnout
The Property Manager. (n.d.). About Us
