When you rent your property to a tenant, the goal is to generate a stable monthly income while also ensuring that your rental unit is properly taken care of. It is just as important to respect the tenant’s rights and look after their needs throughout their tenancy.
But the average day in the life of a landlord can be exhausting, especially as they are forced to navigate through a quagmire of issues including maintenance problems, perpetually running after contractors, and collecting rent. All this trouble may not be worth it, especially if you have a day job to tend to. This is why many investors are hiring property managers to look after the day-to-day affairs of their rental unit.
So when do you know it’s time to hire a property manager to tackle your rental unit?
You’ve Got Your Hands Full
You’re too busy with a day job and don’t have enough time in the day to look after your duties as a landlord. It’s hard enough to play catch up with your work without worrying about your rental unit. The sound of your phone ringing fills you with dread as you anticipate your tenant calling in with the latest complaint.
This leaves you with little to no sleep or rest to prepare for the next day. It won’t be long before things start getting out of hand. If you identify with this situation, your next phone call should be to a property manager near you.
You Don’t Live Near Your Rental Unit
Dealing with late rent payments and serious maintenance problems from far away is not easy. However, distance should not stop you from purchasing properties. But, when your presence as the property owner is needed, traveling to and from can be costly and time-consuming.
This is why many out-of-town property owners defer to reputable property managers to handle major issues on their behalf.
You Aren’t Well Versed with Local Laws, Housing Codes, and Regulations
Remember, ignorance is not a valid excuse for breaching laws. Your rental unit is subject to certain local, state, and federal laws that must be followed at all times. These include:
- Fair Housing Laws
- Obtaining a rental license
- Adhering to environmental guidelines
- Ensuring that your property follows building codes and habitability standards
- Honoring the laws surrounding security deposit limits and return guidelines
Your role as a property owner is to follow these laws at all times. This is easier said than one, especially because property law is always evolving. Property managers are useful because they understand local state laws for landlords in their area. A skilled property manager can ensure that your business operates within the boundaries of the law.
You Have Several Rental Units
A growing property portfolio is a good problem to have. But it’s not all fun and games if you are managing all the rental units without a helping hand. Managing several rental units at once is like walking a tightrope – blindfolded. The addition of each rental unit increases your responsibility ten-folds. There is only so much you can do from advertising and marketing to maintenance and rent collection without feeling completely stressed out.
This is why it is helpful to hire a property manager to handle all operations of your rental unit. A property manager lets you take on a more passive role and focus on the growth of the business.
You Are Getting Frustrated
While it’s true that growing your rental portfolio is a surefire way of boosting your wealth, it is not as easy as it looks. You will deal with all kinds of people – good and bad. It can be mentally exhausting and frustrating to deal with difficult tenants, and this could gradually, but surely, erode your patience with them.
The problem is probably not the property or the tenant, but not delegating to a property manager to run things for you. As a rule of thumb, if you are getting frustrated by the prospects of looking after your rental unit, then you should consider hiring a property manager.
If you haven’t hired a property manager already, click here to learn more about our services and how an experienced property manager can share some of your burdens.
