Commercial and residential real estate are great investments with long term appreciation as well as shorter term and interim cash flow options. A good property manager is skilled in increasing the property value so owners get the most bang for their buck. For those investors with single or small properties, this may be a manageable feat. However, as number of investments grow and time becomes more demanding, it could be beneficial to hire a property manager to help with extra tasks. Here are signs that it’s probably time to hire a property manager.
You don’t live in the same area of your properties. Even if your property is in great shape, it’s important to have someone nearby with easy and quick access. Some issues can be handled with a quick phone call or online scheduling. However, other things may require someone to be up close and personal. Having a property manager close by can ensure tenants are given the attention they need and emergency items are being handled timely and appropriately.
You have multiple properties and can’t keep up. Owning a property comes with many responsibilities. Owning multiple properties increases the number and variety of tasks that need to be checked off the list on a regular basis. Between maintenance, leasing and handling tenants, this may become cumbersome and overwhelming. If you’re having difficulty keeping up with needs, it’s probably time to hire a property management company to assist.
You’re wearing too many hats. – Work-life balance is important and the stress of taking on the many roles of property investing may be too much at times. Keeping up with maintenance scheduling, dealing with late-paying tenants or taking care of emergencies can be draining and exhausting. If you’re having trouble with these, consider a “hands off” approach and let a property management company help fill the gaps.
You have several vacancies. It’s no secret that tenants are part of a successful investment property, and good tenants could be hard to find. If you’re struggling to keep spaces rented, try letting a property management company do the work for you. From marketing to screenings, a professional manager will have more insight and be able to provide more guidance to assist with finding reliable and profitable tenants.
You don’t have a network of vendors for maintenance issues. Researching contractors and scheduling routine maintenance can be burdensome. A property management company will have a network of approved and reliable vendors to provide services, typically at a lower rate.
You need help keeping up with local laws. Renting out residential or commercial property comes with legal liability. If you’re not on top of the changes in local laws, avoid legal responsibility and allow someone else to manage this important piece for you.
Is now the time for you to hire a property manager? Whether you need a little extra help or want to let go of the reigns completely, Barker Property Management can create a customized plan tailored to your needs. Decide the role you want to play! Reach out and we’ll be glad to provide you with a free assessment.