Don’t make the same mistakes as many new real estate investors. With owning rentals becoming so popular, many people want to jump on board with this investment strategy. However, they don’t realize the amount of time, money, and effort it takes to be successful.
Many rental property owners shy away from working with a rental property manager because they fear it will cut into their profit. However, the exact opposite is true. There are certain situations where it’s beneficial to call in the experts.
Look out for these five signs that indicate it’s time to consider hiring a rental property manager.
1. You Bought Your First Rental Property
There are several laws and regulations that you need to abide by as a landlord. If you’ve never owned a rental property before, this is a lot of information to learn in a short amount of time. Get something wrong, and you could open yourself up to a lot of liability and even lawsuits.
Take this pressure off of yourself by working with a rental property manager. It’s their career to know and understand the law. You can use this knowledge and experience to ensure your property is managed in an effective and legal manner.
They can also help you to get up and running quicker. Reputable managers will have an application and selection process that complies with fair housing laws. They will also have a lease that complies with local landlord/tenant law while also protecting your rights.
2. You Own Several Properties
Perhaps you have experience owning a rental property, and you’ve decided to grow your portfolio. You’ll soon discover that taking care of one or two properties was manageable; owning three or five is quickly becoming overwhelming. Now you find that you're running in circles trying to stay on top of every property’s needs.
A property manager can step in and take some of this chaos away for you. As a professional, most managers use software designed to streamline the management process. While this software may not be worth the expense for you to buy, it’s well worth it for them. This enables them to efficiently manage your properties and let you focus on growing your portfolio rather than maintaining it.
3. Your Rental Property Is Far Away
Experts recommend that you start investing in a rental property that is close to where you live. This is partly because this is the geographic area that you know the best. But it’s also to make managing the property easier once you purchase it. You’ll be able to meet potential tenants for showings, which gives them a chance to see the property and you a chance to assess the applicant.
If you’ve bought a property that’s far away from you, then working with a rental property manager puts someone close to the property to keep an eye on it. They will have a better knowledge of local contractors and will be able to immediately respond to emergencies.
4. You Have High Vacancy Rates
It seems so easy, buy a property, find a tenant, and rent it out. However, the actual process isn’t so simple, and not everyone is successful. If you find that your rental properties are vacant more than they should be, this is a sign that you’re doing something wrong.
Instead of struggling on your own and blindly guessing at the issue, you could work with a rental property manager. They will use their experience and knowledge to assess your current rental properties to determine what the problem is and then provide you with the solutions and support to correct it.
Let a Rental Property Manager Help You
As you can see, there are several situations and reasons that rental property owners may need to start working with a property manager. If you find yourself in one of these five situations, then it’s time to start looking for an experienced and competent rental property manager.
Contact our team today, and we can make managing your rental property easier.
