5 Signs It’s Time To Hire A Property Management Company

Let’s face it. Being a landlord has its pros and cons. On one hand, you make a decent amount of money, monthly, on well-kept property you would otherwise have no other use for. You can choose who you want to inhabit the property, the type of vendors who will maintain the property, etc. On the other hand, being a landlord can be quite time consuming and tedious. Though it may be nice to have the choice of who inhabits your property and who maintains your property; it unfortunately requires an extensive amount of work on the landlord’s end. As a result, many landlords turn to property management companies to ease some of the burden. Property management companies can assist you with the day to day management tasks, find quality tenants to fill your vacancy (vacancies) quickly, and maintain your property in the way you see fit. But how do you know if hiring a property management company is the right choice for you? Here are 5 tell-tale signs you need to hand over the reigns to a property management company ASAP: 1) You Own Multiple Properties/Units If you own several properties or several properties with various units, management can be a real nightmare. Many landlords find out managing these properties/units themselves turns into a full blown, 40+hour a week job that they did not sign up for. In this case, hiring a property management company can be highly beneficial. The property management company will assign a manager to every property and will ensure all of its needs are met from monthly maintenance to property advertising and marketing. 2) You Don’t Live Close To Your Units Or Plan To Move In The Future If living close to your units or property is not feasible or in some cases, desirable; having a local property management company manage your property could improve your situation tremendously. You won’t have to worry about making frequent, expensive trips to check on the status of your property or have to wait days/weeks for rental payments to come in (if they come in at all). You can simply hand over the responsibilities to a trusted, local property management company and rely on their skills and resources to perform all of the necessary tasks to keep everything running smoothly. 3) Close Management Isn’t Your Thing Other landlords choose to hire property management companies simply to take away the stress caused by rental management. Chances are, if you’re looking into a property management company, spending your days screening tenants, negotiating with your landscaping company, or dealing with bounced checks is not exactly ideal. If a more “hands off” approach is what is you’re looking for, hiring a property management company is definitely something to consider. 4) Time Is Not On Your Side  Hiring a property management company is also a good choice for landlords who simply do not have the time to devote to their property/units. It’s no secret that managing a property correctly is very time consuming. This is why many landlords forgo proper management procedures and hastily complete tasks that would otherwise demand a great deal of attention and time. For example, hurrying through the tenant screening process can have some pretty dire consequences should you choose to run only a basic background check rather than a full, comprehensive check that includes evictions and misdemeanor felonies. 5) Managing The Property Has Taken Over Your Life  Lastly, if managing your property/units has completely taken over your life and you simply don’t want to deal with it anymore – hire a property management company. You’ll notice a significant increase in your free time as well as a much needed increase in the overall quality of your property business. Tasks that used to keep you awake at night or cause unnecessary anxiety will now be handled with absolute care and be fulfilled with complete legal and government regulation compliance. No more setting up lease contracts yourself or spending hours trying to find the perfect pool cleaners. A property management company will complete all tasks, day after day, month after month, to a satisfactory degree.