The work of a landlord is thankless and it’s a full-time job – and the stress can take a toll on your mental health. The level of micromanagement and attention to detail can be challenging, especially if you own multi-unit properties. Management requirements for properties are why so many landlords are turning to property managers.
A property manager simplifies your role as a landlord and helps you earn passive income while carrying on with your life. Among their responsibilities include rent collection, screening tenants, carrying out maintenance work, and ensuring that tenants are happy in their rental unit.
Don’t know if you should hire a property manager? Here are seven signs you need one.
You Don’t Live Near the Property (long-distance landlord)
Considering you won’t be close enough to your rental unit and it’s impossible to arrive at a moment’s notice, you’ll need someone to manage its day-to-day affairs. Certain issues need to be taken care of in person, for example, evicting a tenant or dealing with a flood in a unit.
If reaching your property on time is costly and inconvenient, it may be worth your while to hire a property manager. This professional will take care of your property’s needs in person and keep you updated.
You Don’t Have Enough Time to Deal with Problems
As a landlord, you’ll have to be available round the clock to address emergencies as they arise. This can become a problem if you lead a busy lifestyle, such as running a business or having a full-time job. Consider hiring a property manager if your rental responsibilities feel like a burden.
High Vacancy Rates
If your unit has a high vacancy rate compared to other properties in the area, it may indicate that the house isn’t appealing to potential renters. This can mean one of two things, i) renters are dissatisfied with your role as a landlord due to your absence, and ii) renters don’t like the unit.
A good property manager not only knows how to improve the state of your property so that it appeals to tenants but also knows how to fill open vacancies quickly. They will list your property for rent, screen tenants, and reduce the vacancy rate to the bare minimum in your area.
You’re Spending Too Much on Maintenance-related Tasks
A DIY approach to being a landlord does have its perks – the rent is yours to keep. But there are disadvantages associated with it. According to these Denver property managers, you have to stay on top of ongoing maintenance needs, which can take a sizable chunk out of your bottom line. You can minimize your expenses by forming a good relationship with local contractors, vendors, and workers.
But this is a full-time job. A good property manager will have a broad base of professionals to hire for emergency repairs and preventive maintenance at a reasonable price.
You Are Unable to Find High-Quality Tenants
Just because you want to minimize rental vacancies doesn’t mean you should rent the unit to anyone and everyone. Property managers will help you select high-quality tenants and know how to market your property to attract the best candidates in your area.
Collecting Rent is a Challenge
This is the most important aspect of being a landlord – collecting rent. But things can become complicated if your tenant is constantly late with payments. Having to deal with delinquent tenants can be a stressful job and hurt your bottom line.
A good solution is to hire property managers. A property manager will collect your rent on time, and if push comes to shove, make arrangements for eviction.
You’re Not Well-Versed with Tenant Rights
As a landlord, you should be aware of tenant rights and legal regulations in your area. You can learn all these laws on the go (which increases your risk of breaking the law), or you could hire a property manager in your area to ensure compliance with regulations.