Self-managing your rental property is rarely going to be more cost effective than using a professional. Some landlords survive in a DIY role for a myriad of reasons, but most Landlords save time and generate more income with an expert at the helm.
If you're feeling the weight of these responsibilities and wondering whether it's time to hire a property management company, here are five signs that could indicate it's the right move for you.
Time Constraints
A lack of time is one of the most significant indicators that you need property management for more than a few reasons. Managing a property requires a substantial time investment, from screening tenants and handling maintenance requests to collecting rent and dealing with legal issues. If you are constantly overwhelmed and unable to keep up with these tasks, a property management company can take over these responsibilities, allowing you to focus on other priorities.
Lack of Legal Knowledge
If you are like most DIY Landlords and try to apply “common sense” to Landlord-Tenant issues, you will find that you are usually operating in antithesis of the Law. Navigating the legal complexities of rental property management can be daunting. Too often we find that obvious remedies to rental issues, may be much different in practical application. Make sure you have the right contracts, the right addendums, and the right amount of experience working through everyday problems from eviction process for non-paying Tenants to legal and financial obligations for repairs and maintenance issues.
High Tenant Turnover
Frequent tenant turnover can be a sign of poor property management. High turnover rates often mean extended vacancies and the associated loss of rental income. Property management companies excel in tenant retention by addressing tenant needs promptly and maintaining the property well. They also have robust marketing strategies, such as online listings, social media campaigns, and partnerships with local real estate agents, to attract new tenants quickly, minimizing the time your property sits vacant.
Maintenance Hassles
Handling maintenance issues can be one of the most challenging aspects of property management. If you frequently deal with repair requests or struggle to find reliable contractors, a property management company can help. They typically have established relationships with contractors, which they maintain through regular performance evaluations and competitive bidding processes. This ensures that the contractors they hire are reliable and provide quality service, ensuring your property is well-maintained without the hassle.
Contact GoldenWest Management
Tired of DIY property management? Losing time and money dealing with your rental property? GoldenWest promises a 30-day, satisfaction, or your money back guaranteed!
To get serious about professional property management, contact us today by calling (866) 545-5303 or click here to connect with us online.
