Renting out a home, duplex, or a couple of long-term rooms can provide you with the additional income you need for your next vacation or to help pay your child’s tuition. There’s a lot that can be done with that additional income but when it comes to ensuring your rental is well-maintained, what does that situation look like?
One of the reasons property managers has become a popular occupation in recent times is the realization that busier schedules lend little to no time for managing a rental. And when you have more than one property, that need becomes two-fold.
If you’re considering hiring a property manager, here are seven reasons you have hired one yesterday:
1. This isn’t your full-time job.
Let’s start with reason number one and perhaps the most important reason to hire a property manager and that is this isn’t your full-time job. Managing a property is a full-time job, simply put. Between collecting rent, maintenance issues, and simply ensuring the property is safe, you’ll easily devote a week’s worth of time to this rental.
2. You own more than one property.
Own more than two properties? If managing these properties isn’t a job you can devote to a good portion of the week, it’s best to avoid overworking yourself and hire someone who can assist you with all the necessary tasks. At first, it may seem like a job you can handle on your own but if these properties aren’t located near one another, you’ll spend time and money commuting when you could be at home with your family. Don’t overwork yourself.
3. The property is far from where you reside.
Commuting is one of the biggest time-suckers there is. Even if the drive is only 20 minutes, when you add up all of those frequent trips it can sum up to numerous hours easily. Save yourself time and gas!
4. You tend to have needy tenants.
Most tenants want an owner who will be able to fix things at a moment’s notice. Heater down? AC broken? They’ll expect you to solve these maintenance issues right away. If you’re not able to answer their calls and send someone out, you should hire a property manager. Their role is to answer the tenants and ensure all of their concerns are addressed.
5. Collecting the rent is a constant struggle.
From leaving notice slips to sending reminder text messages to literally chasing them down, if struggling to collect rent is a constant struggle, you need to hire a professional who will handle this. A property manager’s role is to ensure tenants pay their rent on time and as owner, you’re not having to chase them down yourself.
6. Dealing with tenants isn’t your forte.
As we mentioned in #4, dealing with tenants can be troublesome. While you may be fortunate to rent your property to someone who is responsible and keeps to themselves unless it’s an emergency, you can find yourself with dwellers who call you more often than your own mom. This takes up time and energy. Plus, if you’re not equipped to speak with them, you should consider hiring someone with strong communication skills.
7. Your turnover rate is high.
Do you struggle to keep tenants? It may have something to do with the property itself or the lack of assistance available when there’s a maintenance issue. Consider how a dedicated property manager can solve your issues. Not only will he or she be able to address concerns promptly, but their sole responsibilities will revolve around ensuring your tenants are happy, the property is intact, and you collect your rent on time. It’s a win-win situation overall!
Hire the Most Trusted Property Managers in El Paso Today
We can think of a few other reasons not listed here as to why you should hire a property manager, but it all comes down to one simple reason: with an amazing property management group like us available, worrying about your property will be a thing of the past! Learn more about how we can help solve all of your rental needs including listing it and finding the perfect tenants.