Only 45% of landlords manage their properties, which shows how many rely on a property manager to maintain their accommodation.
Knowing when to outsource your landlord needs is essential for growing your profit and avoiding burnout. But if you're unsure of whether it's becoming a problem, you're likely making life harder for yourself.
On the fence about hiring a property manager? No worries, we've got your back. Here are signs you need landlord rescue ASAP.
You Can't Find High-Quality Tenants
One of the trickiest landlord duties is finding quality tenants. As you likely have minimal experience, you won't know where to source potential residents and implement a tenant screening strategy. Luckily, you can hire a property management company and they can help you with the process.
In a similar vein, you may have problems with a current tenant, which can be a problem if they're not paying rent or have damaged your property. To prevent these stressful situations, contact a property manager because they'll know how to flag problematic ones.
You Live Out of Town
A major reason to hire a property management company is if you live out of town.
You may not have time to visit your rental, but this shouldn't deter you from investing in an up-and-coming neighborhood because you could miss out on a fortune. Because of this, most investors contact a local property manager to oversee your investment on your behalf.
You Don't Have Time
Not everyone has time to manage their rental, especially if you have a full-time job. A property management company will do the heavy lifting, whether it's collecting rent or providing rental property maintenance, so you have minimal stress. This means you can focus on other areas of your life, freeing up valuable time.
You Have Multiple Properties
If you already have one rental property, you've probably noticed how much work it is. This explains why investors who have multiple properties find it impossible to manage rentals alone. But you needn't worry because you can hire a reputable property management company instead.
You Don't Have Any Property Management Experience
Landlords rarely realize that they need property management experience until it's too late. You may also not know about the state's laws or regulations that you must adhere to, which can result in costly fines. But you can avoid this by hiring a property manager who can handle the business from start to finish.
Further, hiring professionals means you can tap into the latest tools and property management software to help manage your investment. This latest technology streamlines the management process, so you can collect monthly rent with zero issues.
Why You Need Landlord Rescue Today
Now that you've realized you need landlord rescue, it's time to contact a property management company in your area.
At PMI Commonwealth, we have years of experience dealing with rental properties and marketing. If you're searching for a property manager, we'd love to hear from you. Contact us today and chat with a member of our team.