Managing a rental property can be a lot of work for a
landlord. You have a lot to keep track of, from dealing with repairs to
collecting rent. And if you try to do it all yourself, you can easily feel
overwhelmed.
The good news is that you don't have to go it alone. If you
start to feel like your rental property management is too much to handle, you
might want to hire a manager. Not sure if that's the right move for you?
Discover seven signs that you might need to bring in some help.
1. You Have Multiple Properties
The average landlord owns at least three properties. If
managing one rental property is a lot of work, try multiplying that by three
(or more), and you'll quickly see why hiring a manager is a good idea.
With multiple properties, you might find it hard to keep
track of everything that happens. A property manager can help take some of the
burden off your shoulders by dealing with repairs, collecting rent, and taking
care of other day-to-day tasks.
2. You Don't Live Near Your Rental Property
If your rental property is in a different city (or even a
different state) from where you live, you might struggle to keep track of what
you need to do. That's where a property manager comes in.
A property manager can act as your eyes and ears, keeping
an eye on the property and dealing with any issues. They can also handle tasks
like meeting with potential tenants and showing the property.
3. You Deal With Problem Tenants
Dealing with problem tenants is one of the most challenging
parts of being a landlord. If you constantly deal with late rent, property
damage, or other issues, hand off those responsibilities to someone else.
A property manager can help screen potential tenants and
deal with problem tenants if they do move in. They can also handle tasks like
evictions, which can be time-consuming and stressful.
4. You Have Trouble Collecting Rent
Rent collection is usually the most important part of being
a landlord. If you constantly chase down late payments, get some help.
A property manager will ensure tenants pay rent and can
take care of collections if tenants do fall behind. They can also handle other
financial tasks like preparing and sending monthly statements.
5. You Deal With a Lot of Lease Violations
Do your tenants constantly violate their lease? From having
pets to having too many people living in the unit, lease violations can be a
big problem for landlords.
You might not have the time or patience to deal with lease
violations. A property manager can help enforce the rules of the lease and take
appropriate action if tenants break them.
6. You Take a Long Time to Fill Vacancies
If your rental property is vacant, you won't make any
money. The longer you take to fill a vacancy, the more money you lose.
A property manager can help you market your rental property
and find qualified tenants. They create attractive listings, show the property
to potential tenants, and handle all the paperwork.
You can rest assured that your property will fill up
quickly, and you'll start generating income again.
7. You Struggle to Set the Right Rent Price
You could lose money if you have trouble setting the right
rent price. Setting it too low means you leave money on the table. Setting it
too high means you might have a hard time finding tenants.
A property manager can help you do market research to find
the right rent price for your rental property. They can also monitor the market
and ensure your rent price stays competitive.
If any of these signs sound familiar, you need to hire a
property manager. They can take care of the day-to-day tasks of being a
landlord, freeing up your time and energy.
Do you own rental property in the Louisville area?
Montgomery Realtors can help you find qualified tenants and manage your
property. Contact us
today to learn more about our services.
