5 signs you should hire a property management company

1. You Own More Properties Than You Can Comfortably Manage Alone

If your goal is growing your portfolio, you’ll probably reach a point where you can’t manage the day-to-day requirements of multiple properties all by yourself. For many investors, this point is usually somewhere between three and five properties. 

2. You Live Somewhere Else

If you live nowhere near your rental properties, you’ll probably want to hire a property management company to handle them. The internet makes it so easy these days to purchase properties outside your own market, so when a pipe bursts or you need to interview new prospective tenants for a rental you own in another state, a property management company can take care of it for you. 

3. You’re Too Busy

Your time is valuable, especially if you have another full-time job besides your real estate investing business. Life is full of things that require our time and attention, so if you simply don’t have the time to do it all, hiring a property management company can alleviate some of the responsibilities related to your real estate investments so you have more time for work, family, and/or play. 

4. You Don’t Want To Be A Landlord

It’s not for everyone. Being a landlord requires a certain type of person. If you’re not keen on being at your tenants’ beck and call and dealing with the responsibilities that come along with being a landlord, hiring someone else to manage and protect your properties is a smart move. With the assistance of a good property management company, you can be very successful without having to do much at all. 

5. You’re OK With Spending Money For Convenience

Sure, hiring a property management company means you’ll end up reaping less profit at the end of the year, but the convenience is usually well worth the cost for more investors. In fact, many people who hire a management company actually find out they save money overall. In many cases, having a property management company in place reduces maintenance fees and helps avoid problems that can lead to potential legal fees, vacancies, and damages caused by mishandled repairs. 

If you’re not sure a property management company is the right choice for your real estate investing endeavor, be sure you consider the five points listed above. Where time and money is concerned, sometimes it just makes sense to hand over the reins to an outside party in order to stay sane and reach your goals.