3 Signs You Should Hire a Property Manager Sooner Rather Than Later

While many people would love to own a rental property or two, some would probably get cold feet after considering what’s required of a landlord. It’s definitely not a bed of roses.

It’s true that some are more suited to the tasks required of landlords. However, being able to handle the heavy load and wanting to do so are mutually exclusive concepts. You might technically be able to juggle dealing with tenant concerns or staying on top of regular property upkeep. Even so, accomplishing this might come at the expense of your day job, family, and physical or mental health.

Depending on the type of investment property you purchase, it might cost you six figures or more. You don’t want to play games when dealing with that kind of money.

If you want to safeguard your rental property investment, you might need outside help. You can, for instance, hire a property management firm for a percentage of rental income or a flat fee.

Consider these three signs you need the help a property manager offers.

You’re Having a Hard Time Finding Good Tenants

If you choose the wrong tenants, your investment property strategy will fail. When you find good tenants, you’ll get rent every month, they’ll take care of your property, and they’ll treat other tenants with respect. But bad tenants can turn your dream of making passive income into a nightmare.

Most property owners don’t know the ins and outs of screening tenants. While a property manager can’t guarantee zero tenant issues, it can reduce the odds of such problems. Checking credit scores, seeking references from previous landlords, and verifying proof of income can help property managers effectively screen people who want to rent your units.

Reliable Rent Collection

While it’s nice to get rental income every month, it’s not so fun to chase down tenants to collect it. The good tenants will pay their rent on time monthly. Others will act as though being asked to pay rent is a personal affront to their dignity and may refuse to pay until they are forced to by the courts or evicted by the authorities.

Instead of worrying about collecting rent independently every month, you can hire a property manager to do it for you. It will automate rent payment so that it’s deducted from renters’ bank accounts every month, enforce due dates, and take steps to retrieve rent if there’s any noncompliance.

Lower Vacancy Rates

Another reason to hire a property manager is to minimize instances of vacancies. It’s clear you won’t make rent from vacant units, so you’ll want any vacancies to be as short as possible. First off, property managers can find you tenants likely to stick around for a while. And when a tenant vacates, the service provider will market the unit and get the vacant unit filled sooner rather than later.

If you own one or more investment properties and can relate to these telltale signs, you’ll want to explore hiring a property manager. It might be a case of must-have rather than nice-to-have.

It’s always a good idea to find a property manager within easy reach of your rental property so company representatives can more easily respond to any problems in person.

Remember that not everything can be done over the phone. So, if your apartment building is located in Houston, the only option is Houston apartment property management. Do your homework, ask for recommendations from rental property owners you know, and ensure you sign on with a third party that’s local.

Knowing when you need help and finding the right solution is the best investment for your investment.