Do you own several rental properties and are trying to manage them all on your own? If so, it’s likely you’re finding it challenging to handle all the responsibility and meet the needs of your tenants at the same time.
On one hand, doing everything yourself saves you money. On the other hand, there isn’t enough time in the day to get everything done. If you struggle to collect rent on time from your tenants or you can’t seem to get to all the maintenance requests they throw your way, you might want to think about hiring a property manager.
Below, we list several signs that will let you know it’s probably time to hire a property manager.
1. You Don’t Live Near Your Rental Properties
If you don’t live or work near your rental properties, you may find it difficult to keep tabs on them or to address maintenance requests as the properties aren’t conveniently located. If this is the case, a property manager can handle everything for you, so you don’t have to go out of your way.
2. There Isn’t Enough Time in the Day for Everything
If you’re finding it difficult to deal with your normal responsibilities in addition to managing your rental properties, you may need to hire a property manager to take over your real estate responsibilities. This is especially helpful if you still work a full-time job and do real estate investing on the side.
3. It’s Too Stressful
If managing your rental properties is just too stressful for you, it’s time to think about getting a property manager. Not only will the property manager deal with maintenance requests, but they will also collect rent and even find new tenants when vacancies occur.
4. It’s Hard to Find Good Tenants
Finding good tenants can be stressful. If you find you’re spending a great deal of time looking for the perfect tenant only to come up empty-handed, you need a property manager. Property managers know how to advertise your rentals and will screen potential tenants to ensure they are a good fit.
5. Your Tenants Are Needy
There are some tenants you never hear from except for the monthly rent check you receive from them, and then there are tenants who contact you for every little thing. These tenants can’t even change a lightbulb on their own. When you have a tenant like this, it’s best to let a property manager handle their every request.
6. You Aren’t Very Handy Yourself
If you aren’t the DIY type or aren’t very handy with tools, you may want to consider hiring a property manager to deal with maintenance and repairs.
A good property manager will be able to handle minor repairs, and if they can’t, they will have a network of contractors they can contact who can come in and take care of the bigger jobs.
If you own multiple rental properties and you can handle the mountain of responsibilities that comes with them, more power to you. It’s always a good thing when you can save money. However, if you are finding it difficult to keep tabs on your properties as well as meeting the needs of your tenants, it might be time to hire a property manager.