About 45% of landlords self-manage their properties.
Self-managing gives you great control over daily operations, provides an opportunity to build real estate experience, and saves you money.
But why do more landlords (55%) hire a property manager anyway? It's because being a landlord isn't all rosy. From dealing with problem tenants to tackling routine maintenance and repairs, your life can become miserable fast.
It's important to know when you need landlord rescue. This guide shares a few telltale signs you need to get professional help.
1. Struggling to Find Tenants
All landlords dream of 100% occupancy in their rental properties. However, this can be an elusive dream if tenants aren't coming your way. Low occupancy means you'll dig into your pockets to settle your mortgage payments and other bills.
As the supply of rental properties increases, competition is getting stronger. Without an effective marketing strategy, getting tenants will be an uphill task.
Thankfully, a property manager can solve the problem. They will use their real estate marketing expertise to find good tenants for your rental.
2. Tenant Complaints Are Piling
A primary landlord's responsibility is to address tenant complaints. If you have one or two units and they're in excellent condition, complaints will be far and few between. If you have multiple units, though, expect a new complaint every other day.
You might be doing your best to address the complaints, but if you're feeling overworked or struggling to offer timely resolutions, hire a property management firm. A well-staffed company has the resources to handle tenant complaints quickly and efficiently.
3. Out of Town Property
Location is everything when you're investing in rental real estate. What if you find a property that's away from where you live?
It shouldn't be a big problem. You only need to visit the property on occasion or when the need arises, right?
Unfortunately, an out-of-town rental poses a few challenges that can make your life difficult. Responsiveness can be an issue when urgent repairs need to be addressed, for instance. You might also lose control of day-to-day operations when you're not physically present.
Local property management companies make long-distance investing possible. So if your commute to your properties is starting to feel longer and stressful, outsourcing is the way to go.
4. Growing Portfolio
Your rental property investment is bearing fruit. You're actively purchasing more properties to add to your portfolio.
A growing portfolio is a sign of shrewd investing, but it can also be the sign you need to finally outsource your landlord duties. More rentals means more tenants, and consequently, more complaints.
You need to focus on growing your real estate empire, not handling tenant affairs. When you hire a property manager, you'll have ample time to focus on finding and financing new properties.
Landlord Rescue Is a Call Away
Getting timely landlord rescue can mean the difference between success and failure in the rental property business. Managing your properties is a good cost-saving measure, but at what cost?
Don't let landlord challenges and stress get the better of you. Contact PMI Davis Reality and let's manage your Orange Park, FL, rental.