When people buy real estate and rent it out, they usually begin by handling the property management themselves. This works just fine when you have one or a few units, but eventually, you may grow to the point where you want to hire a property manager. The following are some signs you've reached that point as a landlord.
You're working around the clock
Renting out a couple of properties can be a fun and manageable side job. But if you have a full-time job outside of property ownership, your rental work can eventually reach the point of being overwhelming. Maybe you've stopped participating in hobbies or spending time with friends because you always have to do something for your rentals when you're not at work. Or perhaps you are now dedicating all of your weekends to rental work. You deserve to have some free time in your day, so when you no longer do, it's generally time to hire a property management company to take over some of your responsibilities.
You have enough income to cover the cost
Although costs vary, most property managers ask for about 10% of the rent in order to manage a property. If your business has grown to the point that you can give up this amount and still make a decent profit, then you should hire a property management company. With a property manager doing more of the work, you may actually have time and resources to buy a few more properties, which can easily bring your income up and make up for the amount you're paying the property managers.
You're having trouble keeping your units full
Every month that a unit is empty, you are losing income. There are many reasons why your units may be empty. You may not be pricing them well, or they may not offer the features that renters are looking for. It's also possible that you're not doing a good job of marketing the unit or finding tenants that will stay. A property management company can identify the problem, address it, and get your units full again, which will help bring your income back up.
Hiring a property management company can feel like a big step. But if you're out of time, feeling overwhelmed, or struggling to keep your units full, hiring a property manager is the logical next step. Contact some property management companies near you and start talking to them about their terms.
Share25 May 2021
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