Sometimes, it can be hard to admit that we need some help particularly when admitting that fact may cost us some money. But, for the group of homeowners who not only own a primary residence, but also have one or more income properties, how much is too much?
As a landlord, income property owners are responsible for a laundry list of tasks that include, but are not limited to finding and retaining tenants, managing routine maintenance and repairs, collecting rent, handling tenant complaints and, frankly, just being available in case of an emergency. And, yes, that is in addition to any day job the income property owner may have, too.
When income property owners decide to hire a property manager for their investment properties, guess who handles that laundry list of “landlord” tasks? Not the property owner!
Are you an income property owner who may need a little help? Here are five reasons it may be time to hire a property manager:
1. You own multiple properties or rental units. Maybe managing one tenant is doable while balancing life is other priorities – and even that is a maybe. But, if you are an income property owner with multiple homes or other rental units, it is understandably difficult to maintain the properties and manage the tenants. It could be time for you to contact a reliable property manager who can help to lighten your landlord workload.
2. You do not live near your rental properties. What do you do when you live a few states away from your income property and it is time to show it to potential new residents? What if your tenant contacts you in the middle of the night with a plumbing issue or other pressing problem? When you don’t live near your income property, it may be more cost-effective and efficient to hire a property manager.
3. You do not have a lot of time to devote to managing your property. Is maintaining your income property and keeping tenants happy your only job? It certainly can be a full-time job! So, if you’ve got a career in addition to owning a rental property, you may need to decide how much of your free time you are willing to devote to being a landlord. If you are having a hard time wearing all hats, you may need to hire a property manager.
4. You are not (and do not want to be) familiar with landlord/tenant laws. In addition to all those previously listed landlord tasks – you know, maintaining your property and managing your tenants – a landlord also needs to be familiar with housing regulations and property laws. There are local, state and federal regulations that landlords must follow. How can you be sure you are in compliance? A property manager can keep you and your property up to date on the latest laws and regulations.
5. You can afford it. Perhaps this should be number one on the list. But, if you have seen yourself in all other listed reasons, this may be the last thing you need to evaluate before hiring a property manager. Keep in mind that they typically function as independent contractors and most property managers may take a flat fee of one month’s rent or anywhere between around 5-10% of your monthly rental fees. Do the math and decide if you are able to afford that kind of sometimes-invaluable help.
As an income property owner, it may be difficult to admit that you need the help of a property manager. But, if you already can admit that you are struggling to properly maintain your property and manage your tenants, the easy choice for you may be enlisting the help of a trusted property manager today!
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