For many investors, managing rental properties is their passion. However, often times when the “hands-on” day-to-day job starts to feel overwhelming, that’s when landlords begin looking for help. Let’s take a look at some of the most popular signs that it’s time to consider a property manager.
You have a lot of rental properties
One or two properties are usually manageable for a land-lord. Yet, once you start taking on multiple units, the work and the potential problems multiply right along with them. While some people are good at juggling the responsibilities, others quickly nd that the task list and time commitment is simply too much. Delegating the day-to-day responsibilities to a professional manager or management firm then gives the landlord the ability to focus on investments and additional revenue streams rather than complaints and fixer-uppers.
Lack of proximity
Long distance property management is almost always a recipe for disaster. While not impossible, it certainly makes keeping a watchful eye on your investment, overseeing maintenance and repairs, and dealing with tenants much more dicult, and sometimes impossible.
If your property is meant as an investment
For many landlords, maintaining a safe and well cared for property, and keeping happy tenants in long-term leases is a joy. They like to get their hands into a project, repair some things themselves, and interact with people. For others, it’s just about making the monthly payment and ensuring the value of the investment. If you’re more the investor type, you’d probably best benet from letting someone else take the reins for the everyday, every month propertymanagement.
You just don’t have the time
Managing multiple properties in particular can be timeconsuming to say the least. Especially if you get to the point where you need to hire resident managers and maintenance personnel. That puts you in the position of not
only managing your property, but handling payroll, dealing with employees, and navigating the sometimes tricky
legalities. In today’s swiftly changing economy, it’s also not uncommon for your rental properties to be your “part time” job which can snowball into full time attention needs when putting out res, nding new tenants and building your portfolio of properties. If that’s the case, finnding the right person or management company allows you the freedom to build your business, focus on the things you enjoy and help you steer clear of legal entanglements you may or may not be qualied for.
You are taking part in a government affordable housing incentive
Here’s where things can get messy in a hurry. Landlords who have entered into agreements to provide lower cost housing in return for grants, financial gain, tax credits, etc. are held to a high set of standards in terms of making sure their paperwork is above reproach, their properties are in compliance with set standards and myriad rules are adhered to. To keep yourself in good governmental graces and your investment in the black, consider a property manager or company that specializes in this particular niche.