Owning a rental property is a smart investment, and it seems easy enough: you purchase a single or multi-family unit, fill it with lovely, responsible tenants, and reap the financial rewards. But soon after the ‘For Rent’ sign goes up, the realities of running a rental property can quickly become overwhelming. Marketing the property, accommodating countless showings, selecting tenants, conducting reference and credit checks, ensuring you’re always in compliance with housing regulations and property laws, and that’s all before the tenant moves in!
With all that’s involved in maintaining an investment property, it’s no surprise that most owners turn to established property management companies for help. And a good property management team not only handles the day-to-day challenges of a rental unit, they also have the knowledge and experience to maximize the income potential of that unit.
If you’re currently running your own investment property, here are
4 SIGNS THAT IT MAY BE TIME TO HIRE A PROPERTY MANAGER:
You have a high vacancy rate
Property managers know how to successfully market a property and find the right tenants.
You cringe when the phone rings
Property managers take tenant phone calls 24/7 and oversee all aspects of the landlord-tenant relationship, including conflict resolution.
You spend more than you make
Property managers have strong relationships with maintenance workers, tradespeople, contractors, suppliers and vendors, so they get the best work done at the best price possible.
You have no free time
Property managers are essential to a hassle-free investment property experience. You enjoy the perks. They endure the headaches.