If you’re a landlord, you know how tough managing even one property can be. The odds of getting your dream tenant and the property having zero repair needs are slim to none. However, you don’t want to give up any of that passive income. You got into the property management game so you could work for yourself and make your rental investment properties go to work for you. Is it still working out that way?
A good property management company can make a landlord’s job easy, just like it should be. You can pick and choose which services you want handled by the pros, whether it’s comprehensive or just a few key items such as filling vacancies or handyman maintenance you’re not up for. It’s surprisingly more affordable than you think, and it’s what helps many landlords in the US actually enjoy the freedom of a passive income.
Here are a few signs that a property management company should be in your future:
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You’re not handy
Most people aren’t equipped to repair minor plumbing leaks, harness down shingles that have lifted or install a new garage door. However, these kinds of tasks are your responsibility. It’s still your property, which means you’re in charge of updates and ensuring a safe rental for your tenants.
You travel often
Maybe you don’t even live in the same city as your rental property, or perhaps you want to make the most of working for yourself. However, you’re still responsible and must be on call for your tenants. This means you’re tied down geographically, but you don’t have to be. Let a management property be on call for you.
You’re collecting more rental properties
The more rental properties you have, the thinner you get stretched. In some cases it might be feasible to handle one or two properties yourself, but once you start collecting more things get tricky.
You have another job
Many landlords either work full-time in a more traditional job or they’re tied up with other projects and hobbies. If you don’t have the time to dedicate to your rental properties, give the responsibility to someone who does. Otherwise, you won’t be giving 100 percent anywhere.
You have demanding tenants
There’s only so much you can tell from a rental application. If your tenants are more demanding than the norm, you don’t have to deal with that headache. Pass the buck on that responsibility.
Any landlord can benefit from a property management firm. What’s holding you back?