Being a landlord of your own rental unit can be a great way to bring in additional income, but it's also worth noting that many time-consuming responsibilities come along with being a landlord. From keeping up with maintenance and repairs on your property to collecting rent, screening new tenant applications, and enforcing the terms of your lease agreements -- these tasks can quickly add up. Fortunately, hiring a property manager can take the burden of these tasks off your shoulders, and may be worth looking into if some specific situations apply to you.
1. Your Number of Rentals is Growing
Perhaps you're handling your landlord responsibilities just fine for now, but you anticipate growing the number of your rental properties in the future. Even increasing from one rental unit to two rental units will result in doubling your workload, which can be overwhelming. If you plan on expanding anytime soon, it may be worth it to invest in a property management company now.
2. You're Trying to Manage Remotely
Effectively managing your rental properties becomes exponentially more difficult when you don't live nearby. Without being able to be physically present at your rental properties, it can also be difficult to know whether lease terms are being met or whether the properties are being well kept. By hiring a property manager, you can have someone on-site at all times to keep things operating smoothly--even when you're located remotely.
3. You're Spreading Yourself Too Thin
Perhaps you simply feel as though your landlord responsibilities are eating up too much of your valuable time. This time could be better spent on other aspects of your life. If this applies to you, then paying a property manager to handle your rental(s) may be more than worth the cost.
4. You'd Prefer a More Hands-Off Approach
Many landlords come to learn that they prefer a more hands-off approach to real estate; rather than handling every little aspect of managing your properties yourself, delegating these tasks to other professionals may be more your cup of tea. Meanwhile, you can still continue to enjoy the profits that come along with your rentals--but without all the tedious work that comes along with managing them.
These are just a few of the telltale signs that could indicate it's time for you to start exploring property managers for your rental unit(s). If any or all of these apply to you, why not start shopping around?Share