Investing in property is exciting. Even being a landlord for a short while is exciting. But, the job itself can get a bit overwhelming before too long. Filling vacancies and keeping up with repairs can drain you – and can definitely pull time away from doing the things you love, including investing.
A property management team is a great option to allow your property to be managed while you do what it is that you do best – invest. So, how do you know it’s time to take the leap and hand over your landlord reins?
Extended vacancies. When your properties are vacant, you are not gaining any money. In fact, you are losing money. As a landlord, you may find it hard to get renters in. Maybe you are looking in the wrong place, maybe you are marketing the property in a manner that is not sparking interest, or maybe the rent you are asking doesn’t match the local market.
By transferring your properties over to a property manager, you get their professional knowledge and ability to fill those vacancies. After all, they not only have experience in what they are doing, but they have extensive knowledge in the local market.
Inability to keep up with multiple properties. Inexperienced landlords may be very good at investing in property, but once they get into it they often find that the life of a landlord is not as laid-back and calm as it was once thought. Believe it or not, many new landlords find that they are quickly in over their heads. For those who have invested in multi-unit buildings or multiple properties, the inability to keep up happens fast.
Property managers handle many properties – it’s what they do. And their processes are typically streamlined so they have the means to keep up with the demand of many properties at one time.
No network for certain repairs. Having a network of maintenance workers or repair technicians is important when you own rental properties. You never want to assume that you can handle it all on your own. However, when you don’t know the best place to call or who is not going to take advantage, you find that you are either overspending or stuck calling company after company when an emergency arises.
Property managers have built this network. They know who to call, who is trustworthy, who gets the job done. And, many times, they have someone available 24 hours a day! Knowing this can bring such relief to struggling landlords.
No in-depth or current knowledge of housing laws. Laws change regularly. And, housing laws can come from federal, state, and local laws. And what may be in effect today could be different next month or next year. If you don’t properly follow housing laws, you could land yourself in some seriously hot water.
Property managers are well-versed on all legal aspects of property management. It is their job to know the law – and abide by it. When you turn your properties over to be managed, you can rest easy knowing that property procedures are being followed.
Don’t wait until it is too late! If you are struggling as a landlord, it could be time to hire a property manager.
