Many owners of smaller apartment buildings attempt to manage the building themselves and avoid the additional cost of a property management company. While there are many success stories using this method, occasionally it becomes clear that the building owner(s) need some extra help. Here are four signs that your building may be in need of a property management company:
- You have unoccupied units.
One of the things property management companies excel at is finding a steady stream of dependable renters to keep the building at full occupancy, which benefits everyone involved.
- You have trouble collecting payments on time.
By implementing an online payment portal, the property management company can encourage timely collection of funds. It also has the infrastructure to better (and more professionally) deal with delinquent payments and other finance-related problems.
- You can’t stay on top of emergency repairs and maintenance.
Owners and tenants expect a timely resolution of issues within their units. It’s also important to switch from a repair mindset to a “proactive maintenance” mindset, because it can save your building tens of thousands of dollars in the long run, and property management companies understand this.
- You want things to run more smoothly.
If you feel like running your building is about putting out a neverending stream of fires, it’s time to ask yourself if the cost savings of self-management are worth the amount of time you’re spending handling things yourself (and how happy you are with the job you’re doing).
If you think the time might be right for you to request some proposals from property management companies, we will be happy to help you along the way! We can provide advice on the kinds of questions you should be asking from prospective property management companies.