If you own rental property, how often do you find yourself overwhelmed? Dealing with tenants, stressing about rent payments, and struggling to keep up with maintenance can cause many property owners to search for help. Hiring a property management company is the best way to reduce the common frustrations and headaches that come with renters. How do you know when it is time to hire a property management company?
Understanding a Property Management Company
Property management companies are one of the best benefits for property owners. Property management companies will handle all the details of running a property that can be challenging. Finding prospects and tenants, making sure tenants pay on time, and responding to tenant complaints are some of the things they deal with daily. Property management companies come with a number of employees and connections to make sure everything is running correctly. Yard work, maintenance costs, and other things like this will be part of the contract with property managers.
When is it time to hire Property Managers?
How do you know when you have hit that wall? If you want to consider hiring a property manager, it is a good idea to make a list of things that will help you see things clearly. Start by listing the following:
- Multiple property units – do you have several units to manage? How many additional units do you have plans to purchase? If you want to keep expanding your real estate investments, getting ahead of the game by hiring a property manager is a good way to stay on pace to expand your investment portfolio.
- You live far away from your property – tenants often need property maintenance and tasks done by property owners in a short amount of time. If you live far away from your property, hiring a property manager is the best way to ensure everything is done properly. If you live out of state, it is critical to hire a property management company to make sure tenants are cared for, and the property is run correctly.
- Dealing with rent payments can be difficult – how often have you handled tenants with late payments? Are you struggling to collect the monthly rent check? When you have payment issues, it places additional stress on you and others. It’s best to leave this stress on another person and team with the expertise in handling rent problems. From collecting the rent to dealing with evictions, send those tasks to a property manager instead!
- You do not enjoy working closely with tenants – some property owners work hard to create personal relationships with tenants, while others have no desire to know their tenants. If you do not want to work closely with tenants, you will want to hire a property manager to handle these interactions instead.
- It is hard to deal with hands-on management – there are a number of aspects that go into effective property management. If you are tired of handling tenant disputes, late payments, and maintenance problems, hire a property manager.
Keyrenter Property Management Premier provides residential property management services to landlords of single family homes, duplexes, condos, and small multifamily units. We are not large apartment managers. Our purpose is to help landlords maximize the return on their investment property while eliminating the stressors associated with being a landlord.