Are you trying to juggle a bunch of different rental properties at once right now? If so, you might be finding that it’s almost impossible to keep tabs on all your properties and give your tenants the attention they need.
You might also be struggling to collect rent payments from tenants on time, which could be impacting your bottom line. This can take a huge toll on you and could end up hurting you financially in the not-too-distant future.
Rather than continuing to try and manage your rental properties on your own, you should hire a property manager to help you. A good property manager can take care of everything from collecting rent to making repairs for your tenants.
Here are 7 signs that will let you know it’s time to hire a property manager.
1. You Don’t Live or Work Near Your Rental Properties
Ideally, the rental properties that you own will be situated somewhere in the general vicinity of your home or place of work. It’ll allow you to stop by the properties and address any issues that might come up easily.
If this isn’t the case, though, you will find it difficult to travel to and from your rental properties when problems pop up. You’ll also struggle to keep an eye on your properties to make sure everything is OK with them.
If your rental properties are more than 10 or 15 minutes from your home or business, you should hire a property manager that can manage your properties for you when you aren’t around. It’ll cut down on the number of long-distance trips you have to take to respond to issues at your properties.
2. You Don’t Have Enough Time to Devote to Your Rental Properties
Do you have other things going on in your life that are zapping you of your time and making it almost impossible to manage your rental properties?
Maybe you have a demanding job that is taking up most of your time. Or maybe you’re a very involved parent who is always on the go and taking your kids here and there.
If you’ve found that you simply don’t have enough hours in the day to devote to your rental properties, you should hire a property manager that has the time to do it for you. It’ll allow you to free up more time for work and your family, and it’ll give you a piece of your life back again.
At the same time, you’ll still be able to enjoy the income your rental properties provide. You just won’t have to feel like you’re always on the clock when it comes to managing them.
3. Your Rental Properties Are Causing You Stress
Chronic stress can literally kill you. It can also lead to a wide range of diseases that can affect your health and overall well-being.
If your rental properties are causing you stress for any number of reasons, you should hire a property manager who can take some of the stress you’re feeling off your plate. You won’t have to spend so much time worrying about your rental properties when you have someone else worrying for you.
4. You’re Struggling to Find Good Tenants for Your Rental Properties
One of the toughest parts about owning rental properties is finding good tenants for them. You want to find tenants who will pay their rent on time and take care of your property while they’re living or working in it.
If you find that you are spending too much time searching for good tenants and coming up empty, a property manager can handle this for you. They can find tenants by:
- Advertising your rental properties online and in local newspapers
- Using different marketing techniques to generate interest in your rental properties
- Screening potential tenants for you to make sure they’re a good fit for your rental properties
Finding tenants for a rental property can sometimes feel like a full-time job in and of itself. When you hire a property manager, you won’t have to do it anymore.
5. Your Current Tenants Are Too Demanding for You
There are some rental property tenants who will demand very little from you when you’re their landlord. The only times you’ll hear from them is when they send you a rent check at the beginning of every month.
But there are other tenants who will call you for every little thing. They’ll get in touch with you when the smallest of repairs needs to be made.
If you have tenants like this who demand too much of you, you should let a property manager deal with them instead. They’ll be able to handle tenants’ demands better than you can.
6. You Don’t Know How to Make Repairs to Your Rental Properties
Many landlords know how to make basic repairs to their rental properties. As a result, they don’t have to pay someone else to come in and plunge a toilet or fix a leaky faucet.
If you can handle these kinds of repairs and you have the time to do it, awesome. But if you’re not handy, you should bring a property manager on board who is.
A good property manager will be able to make minor repairs in a rental property. They’ll also have a Rolodex filled with the names of local repairmen who can come in and take care of larger repair jobs.
7. You’re Generating More Than Enough Money to Hire a Property Manager
Are your rental properties bringing in a bunch of money every month? They might be more lucrative than you ever imagined them to be.
If that’s the case, you should continue to let the good times roll by handing the keys to your operation over to a property manager. They will make sure you continue to bring in money month after month.
The last thing you want to do is simply assume that your rental properties are going to continue to generate lots of cash. You want to improve your operations in whatever way you can to keep your tenants happy. And when you hire a property manager, that’s exactly what they’ll be.
Hire a Property Manager Today
When you hire a property manager to look after your rental properties, you will make life a lot easier on yourself. You will also make life easier on your tenants, which will ultimately result in you making more money.
If you haven’t hired a property manager yet, what are you waiting for? You should hire one today and reap all of the benefits that come along with it.
Read our blog to find out other ways a property management company can help you.