Sometimes, managing your properties yourself can be a bit stressful. The further into the Real Estate investing game you get, the more work you put onto your plate. A property management company could be a huge asset to your business.
When is the right time to take the plunge and hire a property manager?
What do they do?
A property management company will deal directly with tenants, rent collection, maintenance issues, and even complaints and possible evictions.
Not only do they handle these issues, but they do so with experience and peace of mind. You will not have to worry about the tenant screening process and can be sure your investment is in good hands. Additionally, property managers are independent contractors so there is zero stress about being an employer.
When should you hire a property manager?
Hiring a property management company is a huge step. It means you are growing your investments and you need the extra manpower in order to keep your processes as streamlined as possible.
Is your business ready for a property manager? Here are some sure-fire ways to tell its time:
- You have several properties
- You do not live in close proximity to your properties
- Hands-on management is an inconvenience to your lifestyle
- You need more time to focus on growing your business
- You can afford the help
The main thing you will need to ask yourself when considering hiring a management company is, “What are my responsibilities, and do I currently have the time to tend to them?”. Managing a rental home can be incredibly time-consuming. From marketing the property, screening tenants, coordinating the move-in, collecting rent, and overseeing repairs, it can be a lot of work. Many Real Estate investors have other responsibilities on their plate, so it may be beneficial to leave the heavy lifting to someone else.
How do I find a property management company?
First and foremost, you will need to seek a company local to the area where the bulk of your properties are. The next step would be to ask for recommendations from your friends in the Real Estate industry. Once you have at least three recommendations, head to the internet to research reviews and services that each company provides.
Sit down with each company in a face to face meeting. Are they personable and polite? Will your tenants feel comfortable communicating with them? Ask them scenario-based questions on how they have handled tough situations before.
Being a landlord is a tricky and time-consuming job. To protect your assets, consider if it may be the right time for you to hire a trusted property management company.
