9 SIGNS THAT YOU SHOULD HIRE A PROPERTY MANAGER
9 signs that you should hire a property manager are listed below. Property owners all have situations that they would rather avoid or give to a manager. Most vacant properties currently on the market and being lived in by tenant are owned by landlords like you, who apart from this one given out on rent, own other houses and properties as well. As such, they hope to earn additional income by giving out their properties to tenants who can pay for it on a yearly basis. However, some of the issues you could find yourself in are the inability to properly manage your property effectively, make repairs when necessary, and collect rent as at when due.
Here are ten signs we feel should let you know when the need to hire someone to manage your properties on your behalf, arises;
- You live quite far from your rental properties: Probably, you own houses in different states all over the country, accessing it so as to know when to carry out repairs and collect rents could be hard considering the distance. Thus, there is the need to hire a property manager who may be resident in the state where your property is located, to act and collect rent on your behalf.
- Your job never gives you time off: For most people, the real estate business isn’t their major business. It could be one that they use to complement their income, while they attend to their full time job. It could be the same for you as well. A situation where you are never available to manage your property, would require you seeking the services of someone else or a property manager..
- You own many properties: Yes, you could own so many properties spread all over the country. A few of them would suffer lack of maintenance, especially those far from your area of residence. Thus, it’s time to get someone to manage some of these properties on your behalf.
- Wish to avoid tenants’ hassles: Not everyone wants to have to deal with tenants’ issues and complaints all the time. You might be like that. Thus, the right thing to do, would to get someone, to take note of these issues, handle them properly without having to disturb you all the time.
- Little knowledge of laws guiding tenancy: That you own properties, doesn’t mean you would know all the rules, laws and regulations guiding tenants which if you fall short of, may lead to court case against you. As such, to avoid this, there is the need to get an experienced hand to take charge
- Maintenance cost is on the high side: Usually, your tenant would take note of all repairs that need to be carried out, and present them to you. It thus becomes your duty to handle them. However, not all they put down could be very serious or important, and where you handle everything, you only end up increasing the cost of maintenance. An experience hire could help you make the right choices and bring down this cost to a minimum.
- Lack of communication: If there is no communication between you and your tenant, especially where your property is far from you, then it’s time to hire someone to bridge the gap. This is because without communication in place, you are unable to know about the state of your property and urgent repairs to be carried out.
- Late payment of rents: Your major reason for putting a tenant on your profit is to make some money out of your investment. Where the rates come in late or are not even paid at all, then you need to do something fast. Get a manager or management company that would get your rents down without bias
- Bad tenants: Bad tenants on your properties is always a big headache as they end up causing a lot of problems for you through a poor maintenance culture and their unreliability. When this happens, you therefore need someone to take over, and make things right.