You’ve decided to take the leap into owning investment rental property. That’s wonderful, and with the right management, you’ll start to enjoy a steady flow of income. However, you’ll quickly realize that owning rental property is a lot of work and can be a significant time commitment.
There are several situations where working with a property manager is the best option. Even with paying their commission, you’ll enjoy increased profits. With their assistance, you’ll have more free time and streamlined processes.
This article will show you five signs that it’s time to work with a property manager.
1. You’re New to Owning Rental Property
If you’ve never owned rental property before, then there are several pitfalls that you can unknowingly fall into. This makes it invaluable to have an experienced team by your side, guiding and looking out for your best interests.
A property management firm can provide you with a legal application form, enforceable lease agreement, and any other necessary legal forms. If you have problem tenants, they can also walk you through the eviction process.
2. The Property is Far Away
It’s hard to manage a rental property that’s far away from you. You’ll either need to travel to your property or do virtual tenant screenings. Then when a tenant moves out, you’ll need to return to inspect and prepare the property for the next tenant.
Then there’s the daily maintenance and management. If you aren’t from the area, it can be tough to find reliable contractors to perform work on the property. A property manager that is local to your rental is familiar with the area, has working relationships with contractors, and is able to stop by whenever necessary.
3. Your Property Portfolio Is Growing
If you only own one or two properties, this may be manageable enough for you to handle on your own. However, it becomes more challenging when you own a large multi-unit building or several properties.
A property manager is accustomed to managing multiple properties. After all, this is their profession. They have the software and systems in place to streamline property and tenant management. This takes the pressure off of you to address several tenant’s needs.
4. Your Time Is Limited
Even if you only own one rental property, you may not have the time to manage it. If you have a family and a full-time career, your rental property is the last thing on your mind. However, your tenants expect you to be ready and able to tend to their needs.
Having a property management firm take over the landlord duties allows you to enjoy the additional passive income without sacrificing your time.
5. High Vacancy Rates
If you find that your properties are vacant often, then it’s time to bring in the professionals. The purpose of owning rental properties is to generate income by having tenants actively paying rent. When your properties are empty, they are costing you money, not making it.
This is a sign that you’re doing something wrong. A property management professional has the experience to know the local market and how to attract long term tenants. They can help you identify potential issues with your property, marketing, or anything else that’s preventing you from renting your property.
Work With a Property Management Professional
If one or more of these five reasons apply to you and your situation, then it’s time to consider working with a property management professional. Start by looking for someone that actively manages properties in the same area as your rental property. Then you can be confident that they have the experience and resources to effectively manage your properties.
Contact our team of professional property managers today and find out what we can do for you.
