If you've entered the wonderful world of investment property ownership, you might reach a point of requiring some help. It can be overwhelming to be all things to all tenants when you have places to go and people to see.
A property manager is an option if you need help with landlord duties. Whether you don't want to be a landlord or need help meeting the needs of tenants, a third party can be the answer.
If you're unsure if you should hire a property manager, check out these five signs that going this route makes sense.
1. You Need Help Finding Tenants
No rental property owner wants to be stuck with nightmare tenants. Getting things off to a good start begins with retaining the services of a property management firm that helps find tenants. It's a thorough process that involves background checks, credit checks, rental history checks, income checks, criminal history checks, and more.
The goal is to find suitable tenants who won't cause trouble and pay rent on time. It's worth the time and effort.
2. Your Rental Property Is in Another City
It's impossible to be in two places at once. If you live in Austin and your investment property is in Houston, you need Houston property management. When tenants call about a malfunctioning HVAC unit, a leaking faucet, or a broken fridge, you need a service provider nearby. Otherwise, you'll burn yourself out and leave your tenants feeling dissatisfied.
With a property manager helping out, you won't have to answer phone calls at 2 am, skip dinner to rush down to the rental unit, or do anything else of that nature. You'll have a third party offering the landlord services your tenants demand and deserve. Getting help will also provide a better work-life balance since you won't have to do everything.
3. You Don't Want to Deal with Tenants One-on-One
Another sign you need a property manager is if you don't want to provide customer service. Not everyone who wants to be a rental property owner wants to be a landlord. Your tenants deserve a high level of customer service. And if they don't get it, they won't renew their rental leases. So, if you go through the process of finding good tenants, go the extra mile to retain them.
You can do this by finding a reputable property manager to be the point of contact for tenants. Your tenants can contact the property manager for whatever they need.
4. You Need Help Maintaining the Property
Owning a rental property requires routine maintenance, but it also requires repairs. Unless you're a skilled DIYer who feels comfortable tackling maintenance and repairs independently, you need help from a third party that can perform routine maintenance that protects your investment. The property manager can also step in whenever repairs are required. It can find contractors and supplies at better prices than you can -- saving you time and money.
Tenants will expect proper upkeep of the rental property, so it's in your and their best interests to invest in keeping your rental unit in good shape.
5. You Want Help Advertising Vacant Units
You won't make a dollar from unoccupied rental units. So, if you need help advertising vacancies, a property manager can assist. It will know where to advertise, what improvements or upgrades attract the most interest, and more. You'll fill vacancies faster with third party help.
Do any of these five things resonate with you? If so, you need to consider hiring a property manager. You'll get the help you need to succeed as a rental property owner, and you'll understand what it means to work smarter rather than harder.
