Whether you own one property or several, it might be time to hire a property manager. Maybe you’re finding it’s too hard to keep tabs on all your properties and give your tenant the attention they need. If self-managing your properties is beginning to take a toll on you, it might be time to hire someone to help. Whether you have one property and it’s your first time as a property investor, or you manage a handful and your plate is too full, here are six signs it’s time to consider hiring a property manager.
1. You don’t live or work near your rental properties
Rental properties that aren’t located near your general vicinity make it hard for you to stop by and address any issues quickly. If you find it difficult to travel to and from your rental properties when problems pop up and you’re struggle to keep an eye on them, it might be time to hire a local property manager. A property manager who is located nearby can help cut down on the number of long-distance trips you have to make to respond to issues at your properties.
2. It takes you a long time to respond to repair requests
As a landlord, you have many responsibilities when it comes to the upkeep of your rental property. A backlog of repairs not only makes for unhappy tenants but puts your property value at risk, hurting your bottom line. When repairs are left undone for too long, they’ll likely get worse over time and create more headaches, costing you more money. Bringing on a property manager can help you address repairs quickly and keep your tenants happy.
3. Managing your property is consuming your life
If your role as a landlord is zapping all your time and making it impossible to do other things, you might need a property manager. Perhaps you have a demanding job that requires more of your attention than you’ve been able to give or maybe you’re an involved parent who is always on the go and you simply don’t have enough hours in the day to devote to your rental property. By hiring a property manager, you’ll free up more time for other things, giving you a piece of your life back, while still enjoying the income your rental properties provide.
4. Your tenants are complaining
Having a hard time keeping up and responding to your tenants’ needs? This is another sign it’s time to hire a property manager. If you’re receiving many complaints from your tenants, your properties are likely not being managed as well as they could be. When your tenants are happy and well-cared for, they’ll tend to extend their leases, take better care of your property and pay their rent on time.
5. Your records are a mess
If you find you don’t have the time or organizational ability to keep your files and financial records in good order, it’s time to look into hiring a property manager. Well-kept financial records are critical to helping you understand the profitability of your rental properties and can help you identify ways to improve your bottom line. In addition to helping you collect rent and pay bills, your property manager can help provide up-to-date and detailed reporting, allowing you to focus on your overall business plan.
6. You’d prefer to take a more “hands-off” approach
Maybe you’ve found you don’t enjoy taking a “hands-on” approach to being a landlord. Maybe it’s too frustrating, too time consuming or maybe you just aren’t a people person. All of these reasons are perfectly valid reasons to consider hiring a property manager. Your property manager can handle all “hands-on” aspects so you don’t have to.
When you own property, protecting your investment is top of mind. Whether you own a property or are renting one, your local Farm Bureau agent can help ensure that you have the coverage you need, when you need it.