When renting out properties, the hope is that they will generate passive income. But just how passive this income is really depends on a number of factors.
First, there’s the upkeep of the property, and answering any calls from tenants about repairs. On top of that, there’s the management of the tenants — making sure they are suitable for the property, that rent is guaranteed, that they keep the property in good condition and have their questions answered. If owning a property with multiple tenants, or multiple properties, it’s quite clear to see how this becomes an extremely demanding job.
While some landlords take pride in curating a personal relationship with their tenants and working hard to exceed all expectations, there comes a time where this is no longer feasible. From then on, utilizing the services of a property manager can be essential.
When do you know that you can no longer manage your rental properties by yourself?
There are many signs that may tip you off, including:
- Struggling with too many properties or tenants to manage
- Finding yourself unable to provide maintenance to all properties at once, leading to backlogs of important work
- Difficulties with tenants adding to the stress of an already stressful job
- Working all hours of the week including being on-call during your personal hours (such as when a tenant has lost their keys in the middle of the night)
- Feeling unable to adequately vet your tenants based on how much other work you have to do
A landlord that’s too thinly stretched can struggle to provide the usual quality of service they are usually known for. This can ultimately lower the standard of care a landlord can provide, resulting in tenants becoming frustrated at half-completed or delayed repairs, for example. And unhappy tenants can turn into bad reviews or withheld rent.
What’s The Solution?
Property managers are an essential service for many landlords. For a nominal fee, they curate maintenance tasks, schedule payments, collect rent, vet would-be tenants, and ensure generally high standards for every part of the rental process. Good property managers also keep up-to-date on new housing laws and local ordinances, keeping your building compliant.
As such, a property management company can actually save you money in the long term, providing you with a service that protects your investment, generates reliable income, and frees you up to pursue other endeavors (as well as enjoy your life).
Think it might be time to hand over the reins to your property and regain your sanity? With more than 200 buildings managed since 2003, we at Hales Property Management know what makes buildings work.
Contact us for a proposal today, and get your first month of rental service free!