5 Signs You Need to Hire a Property Management Company
Imagine it’s the evening before Thanksgiving Day. You’re spending quality time with your family and your phone starts ringing. You notice it’s one of your tenants.
Upon checking your messages, you realize your tenant called to tell you the kitchen faucet has been leaking for a couple of weeks. Now the cabinet under the sink is bowing.
You shake your head. Grit your teeth. Using your nice voice, you call them back letting them know you’ll have a plumber over immediately. You state you’ll check in as soon as the plumber calls after finishing the repair.
Meanwhile you know you’re getting charged premium for a repair that could’ve been done weeks ago.
Frustrations like this can happen all the time when you manage your own property.
As a landlord there’s never a day off.
You deal with tenants moving in and out, showings and no shows, and of course tenants’ bad timing. These types of situations lead landlords to hiring a property management company like Day Property Management.
1. Your rentals have taken over your life!
If you find managing on a daily basis is more than you bargained for you may want to look for a property management company.
2. You’ve moved up to multiple units
In the beginning, showings on 1 or 2 units isn’t so bad. After a few more purchases, you find yourself showing 6 or 7 units…when prospective tenants show up.
Showings can take all day or evenings and weekends if you are trying to accommodate tenants schedules. Such meetings interrupt your day.
With multiple units requiring attention, it may be time to let a property management company handle the showings for you.
A management company frees up your time for friends, family, or any other event needing your attention.
3. You have no property management experience
Staying current on the landlord/tenant laws can be a full time job in itself.
You many have purchased rentals with dreams of passive cash flow and early retirement. But you know nothing about rental contracts, what you can or can’t do as a landlord or tenants rights.
You would be making a smart move to employ the experts and safeguard your rights and investment.
4. Do you have a list of service professionals?
When starting, hiring reliable, reasonable service professionals can take trial and error. You need to learn who the competent professionals are. Who will do the job right the first time?
It will also help your cash flow if those professionals are reasonable. If you don’t get multiple quotes for each project or have “emergencies” after hours, you will pay more than you were expecting.
Management companies will work with the professionals of your choosing. However, if you don’t have people you work with, management companies find reasonable trades people and can work out better rates.
Some management companies have their own repair division. This keeps costs low and your rentals in good condition. Day Property Management works with Integrated Property Solutions LLC, for this exact purpose. To find out more about Integrated Property Solutions LLC services, click here.
5. You have no interest in managing
Whether you have been taking care of your own properties for a while or don’t have an interest in starting, hiring a management company may be the best move for you.
Investors have different reasons for owning property. Personally managing the rentals may never fit in with their agenda.
Property management companies will handle all the aspects from day 1 or day 1000, if you let them.
If you hire a property management company, you’ll never have to
· Deal with no shows at your showing appointments.
· Screen tenants and personally tell them why you are rejecting their application.
· Worry about being able to reject their application according to the law.
· Late night, weekend, holiday, or family vacation phone calls.
· Handle tenant concerns
Before you decide working with a management company is right for you, think about what else you could be accomplishing with your time?
Trust the experts to manage for you.
To speak with Day Property Management about your specific rental management needs call us at 920-968-0626. Or visit our Contact Us page.