Signs that it Might be Time to Hire a Property Manager
When you own a rental property you take on a lot of responsibilities that much first-time rental property investors do not initially think of. Regardless of how many rental properties you invest in, you have a lot on your plate and a number of things that need to be paid attention to – often on short notice. Here are a few indicators that you might want to consider hiring a property manager to help you manage both your rental properties and your sanity.
Missing the Little Things
A large part of being a landlord is being able to attend to issues, and solve problems both quickly and according to schedule. If you are too busy keeping up with last minute concerns or problems such as flooding, or payment issues to keep up on the regularly scheduled upkeep such as landscaping, necessary upgrades, and overall maintenance you will begin to not only feel overwhelmed but also cause your tenants great frustration and loss of faith in your abilities. Keep in mind that these are your properties, but they are also where your tenants are living. If they do not feel as though they can count on you to follow through on what you have committed to as their landlord (and the property owner) it is likely that they will too begin to neglect the little things around your property that they have committed to, such as general cleanliness, and upkeep.
Relationships are Suffering
Everyone has to work, and the reality is that is not every day going to be overly entertaining or exciting. That said, if you are letting the work of being a landlord impact your personal relationships, and you are taking overwhelming feelings of frustration and stress home with you at the end of the day, it might be time to consider hiring property management company. This will allow you to continue investing and expanding your real estate portfolio without it necessarily hurting those around you.
You are Mismanaging Your Time
Time is one of the most valuable things, and important factors when it comes to anyone and their career. As an investor and landlord, you might not necessarily work a regular Monday – Friday, 9-5 job, but you do not necessarily work 24/7 either. If you are spending too much time either commuting to a property or spending so much time dealing with reoccurring issues at one particular property that you are left with a pile of work at the end of the week – at some point, something will have to give. Part of being a successful real estate investor is knowing how to manage your time, and how to get as much done, but in terms of making new investments, and maintaining those that you already own within a certain amount of hours.
Overall, if you are finding that being a landlord and the investor are negatively impacting your life and your career, you might want to consider hiring someone. While this does involve paying an extra person, it also allows you to know that your properties are taken care of and allows you to worry about other areas of your career and life.