6 Signs You’re Ready to Hire a Property Management Company
Buying an extra house and renting it to tenants can be exciting. Becoming a landlord is a big financial milestone for most people, and it can be fun to go through the process of accepting tenants and looking after a rental house. However, there often comes a time when managing your rentals is less fun and more challenge than it used to be. Whether your portfolio is too big or your life has become more demanding, the best way to offload some of the landlord responsibilities is to hire a skilled property management company.
Property managers specialize in ensuring rental houses are properly run, from tenant screening to maintenance and repairs. How do you know when you’re ready to hire your first property manager? There are a few signs that any landlord can begin to recognize when it’s time to keep enjoying the income and equity, but also hand over the managerial reigns.
You Own Two or More Rental Properties
The more rental homes you own, the more time and effort it takes to manage them. Taking care of one house and family of tenants can be novel and fun, but two, three, five, or more rental homes can become more than one person can handle. Even with a great network of local service teams, you might start to feel that it’s too much work to do by yourself. A property management company will unleash a team of pros to ensure each and every property (and their tenants) get the right amount of attention and care.
You Need More Time to Focus on Your Family or Career
Having the funds to buy a rental property probably means that you’ve got a good career going. If your career accelerates and demands more of your time, you may no longer have time for your landlording hobby. The same is true if family obligations arise, from having your first child to caring for sick relatives. Of course, someone has to continue tending your properties and their tenants, which is what a property management company does best.
You Don’t Enjoy the Tenant Turnover Process
The single most challenging part of being a landlord is the tenant turnover process. When a tenant leaves, you need to get the place cleaned, repainted, photographed, and re-marketed. You need to screen applicants, secure a new tenant, and walk your new tenants through the move-in/checklist/house-rules process. If this isn’t your idea of a good time, it can become less fun with each cycle. Property management teams specialize in fast turnover with professional tenant screening processes so you don’t have to worry when a reliable tenant leaves.
You No Longer Live Near Your Rental Properties
Sometimes, landlords have reason to move away from their original home city, which can leave valuable rental properties behind. If you live far away from your rental properties, you can still make sure they are taken care of by hiring a property management company in the area. There will be someone local that your tenants can call, who can perform turnover and inspections, and who can deal with local maintenance services.
You’re Not Sure Who to Call for Repairs or Maintenance Services
Being an active landlord involves building a network of reliable home maintenance teams. However, if this isn’t your thing and you’re never sure who to call, you can still reap the financial benefits of owning an investment property. A property management team can handle the details of taking care of tenants and the rental house on your behalf.
The Novelty of Being a Landlord Has Worn Off
Lastly, you may have enjoyed being a landlord for a while, but for some, the novelty eventually wears off. If you are no longer having fun and just want the property to take care of itself, a property management company can easily make that happen for you. All you’ll need to do is approve the occasional decision or maintenance expense and your management team will handle the rest.
When You’re Ready to Hand Over the Reigns
If you have a local rental property (or several properties) and don’t have the time or focus to be an attentive landlord right now, don’t worry. Many investment homeowners partner with a property management company to ensure that their properties are well-tended and their tenants are kept safe. Leaf Management is proud to provide this service to investment homeowners throughout New England. Contact us today to learn more about how property management can work for you.