Many landlords hesitate to hire a professional property manager because they think they are able to take care of a rental property on their own. Today, we are sharing some of the signs that might tell you it’s time to hire a professional.
If you’re able to secure a tenant for your property but your tenant moves out every year at the end of the lease period, you might want to get some help from a property manager. Annual turnover creates expenses for you. There are marketing costs and vacancy costs – you lose money. If your tenants are always leaving, you might need to do a better job of choosing renters.
When your tenants don’t abide by the rental contract that they signed, it shows a lack of respect for you as the landlord. That’s a big problem. Maybe they aren’t paying as agreed or they aren’t following the rules and requirements stated in the contract. It takes a lot of time to enforce that contract, and there are better uses for your time. A property manager can enforce the contract and hold tenants accountable.
You may not like being the bad cop. Things can get uncomfortable when you have to talk to your tenant about actions that need improvement or late rent payments. Sometimes, you have to have these difficult conversations and let them know that if they don’t perform as agreed, they will be evicted. As property managers, we have these conversations all the time. We know how to communicate and get things done.
If you are unable to deal with issues quickly, it’s a sign that you need a property manager. Whether you aren’t communicating with a tenant or you’re unable to respond to repairs right away or you’re delaying things that need to be done, you’re putting your property at risk. Tenants want immediate action. They don’t want to wait a week or two for maintenance issues to be taken care of. A property management company is able to respond immediately.
These are just a few of the signs that you and your property could benefit from the services of a professional property manager. If you’d like to discuss how we can help, please contact us at Progressive Property Management.