Many rental property owners and housing providers struggle with the decision to hire a property manager. Sometimes they prefer to do it on their own because they like maintaining a hands-on approach with their investments. However, there are certain indications that can tell you it might be better for you to hire a professional. Property managers can help you earn more on your investment and achieve higher levels of success. Today we’re sharing 5 signs that it might be time to hire professional help.
Drain on Time and Resources
You might simply be tired of doing it yourself or maybe it’s your time to retire. Managing your own property can feel like a full time job. You need to respond to the needs of your tenant, take care of maintenance and repairs and handle the rent collection, security deposit process and accounting. If you feel like you’re being managed by your property, it’s time to get a professional who can devote the time and resources that are required to successfully manage an investment home.
A huge sign that you need professional management is that you aren’t earning the revenue you expect. Perhaps you haven’t adjusted your rent in awhile or you’re having a hard time finding a tenant and your vacancy costs are adding up. If turnovers are becoming expensive and you can’t seem to retain good tenants, a property manager can help. We understand the market and the tenant pool. Professional managers can price your property correctly and competitively. We can also minimize your vacancy and ensure the home is rent ready and available.
Unprofessional Tenant Relationships
It’s always a good idea to get help from a professional property manager if you are struggling to maintain a professional or respectful relationship with your tenants. When tenants are routinely paying rent late, or you’re having a hard time enforcing your lease, the situation can become a nightmare for you. It’s also a problem when you become too friendly with your tenants, because they will feel free to take advantage of your relationship. A professional manager can be the buffer that’s needed between you and the people renting your home.
As a rental property owner, you have probably noticed that repairs only get more expensive the longer you wait to address them. If there are deferred maintenance issues at your property and you just don’t know where to start or where to find reliable vendors and contractors, call a property manager. With our network of reliable and affordable vendors and our proactive approach to maintenance, we’ll be able to preserve the value and condition of your home.
If you’re worried about the cost of property management, take a look at companies that offer you valuable services in exchange for fair, transparent fees. If you feel like you’ve been ripped off by a property manager in the past, or you aren’t sure how professional management can actually save you money, talk to a professional manager who has solutions and ideas for saving you money and earning you extra rental income.
These five signs will tell you it’s time to talk to a professional. If you’d like to hear about what we can offer you, please contact us at Zell Associates, Inc.