If you own several rental income properties, there will come a time when you will find it difficult to manage the affairs of your tenants as well as properties. Some investors feel even 2-3 properties are too much for them to handle whereas other investors are comfortable with 7-8 or even more. There can be no doubt that going to your tenants for rent collection and attending to their requests for repairs can be troublesome at times. But this is just the start of the kind of work that is involved with being a landlord. There is so much of paperwork and legal formalities that you start to feel overwhelmed. If you have some bad quality tenants causing headache for you, you start to wonder if there was someone who could take over all the responsibilities of your properties from you. There will come a time sooner or later when you give a serious thought to hiring a property manager for your properties.
Property manager can do this and much more
Before you think about hiring a property manager, it is pertinent to know what all he can do for you in lieu of commission. Well, to start with, you can forget all your worries about the maintenance and upkeep of your properties. He will market your properties and see to it that only good quality tenants get entry into them. He will make sure that tenants are well behaved and pay their monthly rents on time. He will also collect late fees and deposit the money in your account. He will handle requests for repairs and complaints to allow you total peace of mind. He will also make sure that your properties have high occupancy rates to earn a high rental income.
If after reading all this, you have started to think about hiring services of a property management company, it is not your fault. More and more landlords are today enjoying their lives and in fact earning more from their properties with the help of professional property management companies.
Know when it is time to get a property manager
Now let us come back to the point. When is the time you start to realize that you need help to look after your properties and tenants? Well, if you are an investor and your aim is to build your portfolio, you will not be able to focus upon your business even when you must look after the affairs of 1-2 properties and tenants. Being a landlord is a full-time job and you know you need professional help when you are unable to attend to requests for repairs from your tenants on time. You find that your app has dozens of complaints and repair requests and you are finding it hard to keep the tenants satisfied.
Another sure sign that it is time to hire the services of a property manager is when you are not able to visit your tenants for rent collection on scheduled days. There are so many tenants that you cannot remember their names, leave alone having good relationships with them. If this has started to happen with you and you also have a feeling of giving up on being a landlord as you are fed up with all the responsibilities, it is high time you got yourself a honest and reliable property manager.
Finally, if you are not able to maintain the condition of your properties, you should not think twice before hiring the services of a property management company. You know you have taken the right decision when you hand over the responsibilities of your properties and tenants to a good quality property management company.
Property Management Service Areas