By 
You don’t need a blog post to tell you the real estate industry is booming; the proof is all around you. In fact, according to IBISWorld, the US real estate industry in 2022 is worth a whopping $202.6 billion. There’s no better time to be in real estate than right now.
Real estate seems easy on the surface until you get your foot in the game. Once you do, you realize that the real estate business means a lot more than just buying property and waiting for money to stream in. That’s why you’ll likely need a property manager to help put your real estate affairs in order.
Owning real estate properties is a great way to earn passive income. However, when managing the properties becomes overwhelming, it’s time to hire a property manager.
In today’s post, we’ll be highlighting a few telltale signs that it’s time to look for one.
- You Have a Demanding Full-Time Job
Most people have this ill-conceived notion that being a landlord only involves collecting rent. Once you own rental properties, you’ll learn that this is far from the truth. Landlords handle tons of responsibilities, including:
- Collecting rent
- Addressing complaints from tenants
- Arranging for repairs and maintenance
- Following up on late payments and sending notices
- Ensuring compliance and handling legal issues
- Screening potential tenants
If you have too much on your plate, you might not have enough time to fulfill your obligations as a landlord. This is especially true if you work a full-time job that takes up most of your time.
If this describes your situation, you’re better off hiring someone to manage your property on your behalf. That way, you can devote enough time to your demanding job and still keep your rental properties in check.
- You Own Multiple Rental Properties
If handling a single property takes a lot of work, you can only imagine how hard it must be to handle multiple properties. Unfortunately, most real investors have to juggle multiple properties. Managing all these properties at once can be a real nightmare.
If you’re lucky enough to own several properties, it might be a good idea to delegate some of your landlord duties. You’re only human, and handling multiple rental properties is just too much work. Consider looking into finding a property management service to help take the load off.
- You Get Calls 24/7
Does it seem like your phone is always blowing up, every day of the week? It’s normal to get many calls because of your rental property. However, in some cases, the calls might get out of hand.
Landlords can never catch a break because their phones are always on call. Requests and emergencies can happen at any time, including at night and during holidays. If the incessant phone calls are getting the best of you, you definitely need a property manager.
Once you hire one, all phone calls will go through the property manager. The manager will then inform you of anything worth your attention.
- Your Rental Properties Are Far Away from Home
Sometimes, it’s more feasible to invest in rental property far away from where you live. Maybe it’s because of more favorable house markets, or because a property is a lot cheaper in other areas. While the property is a great investment, managing it can be a headache.
Whether you have properties in different cities or states, managing them will be a huge challenge. Handling things like inspections, maintenance, and serving notices requires your physical presence. Traveling every time there’s an issue is highly impractical, so what do you do?
You guessed it: you hire a property manager, but not just any property manager. For unmatched peace of mind, you need the best property manager you can find. We’re talking about property management firms like Reedy and Company or others in their category.
- You’re Losing Money
Investing in real estate is one of the most promising ventures you could get into. So when you find yourself spending more than you make, there’s a huge problem. You’re likely missing out on a few crucial aspects of handling rental properties.
Venturing into real estate with little knowledge and experience is a recipe for disaster. Luckily, you don’t have to enroll in a real estate class to make a killing. You can get around this hurdle by hiring a rental management company.
Property management firms have extensive networks with movers and shakers in the real estate industry. They can talk to contractors, suppliers, and maintenance companies to get you the best rates. This means you don’t have to spend as much, which translates to increased profit margins.
- You Barely Have Time for Yourself
As mentioned earlier, being a landlord is no easy job. This is especially true if you’re juggling your career and handling your rental properties. Don’t be surprised when you don’t have any free time to yourself.
Real estate investors have to be on their toes to ensure their investments yield high returns. However, you need a bit of free time to unwind and decompress. Go on vacation with your family, explore your hobbies, maybe read a book or two.
Hiring a property manager will free up your schedule so you can have some quality time for yourself and your family. Use this time to grow and socialize, instead of worrying about late rent payments or clogged toilets.
- Your Vacancy Rate Is Deplorable
If you don’t have tenants flocking to your property despite doing everything right, then the problem isn’t the property.
You need a property manager to help you identify qualified tenants to move in ASAP. Hire one today and watch your vacancy rate plummet.
Hire a Property Manager Today!
A property manager can be a godsend for busy landlords and real estate investors. These professionals will take care of your property while you focus on other things in your life.
If you’re experiencing any of the signs mentioned above, don’t hesitate to contact a property management firm today.
Check out the other posts on the site for more insightful content.
Comments