Planning on investing in rental properties? If so, you’re making a smart choice! Rental properties continue to be a great investment but when you choose to manage your rental properties yourself, you’re opening yourself up for problems.
If you’re feeling overwhelmed or unsure of your property’s success, here are seven signs that it may be time to bring in a professional property manager.
How To Know When You Need A Property Manager
High Vacancy Rates: If your property sits empty longer than expected, a property manager, with their local market knowledge and data-driven strategies, can effectively market it. They can highlight critical features and attract tenants faster, giving you confidence in their expertise.
Frequent Tenant Turnover: High turnover disrupts cash flow and incurs additional cleaning, repairs, and marketing costs for new tenants. A skilled property manager can help identify issues leading to turnover, improve tenant satisfaction, and foster long-term relationships.
Delayed Rent Payments: If rent payments are inconsistent or delayed, property managers have systems to streamline rent collection and address late payments. They enforce leases effectively and can step in with legal expertise if necessary.
Struggles with Legal Requirements: Rental laws are complex, and failing to comply can lead to costly penalties. Property managers stay up to date with regulations, handle tenant disputes, and ensure that your property adheres to local and federal laws.
Maintenance Overload: Maintenance issues can pile up quickly. Property managers have trusted contractors and can address repairs efficiently. This protects your investment and keeps tenants satisfied without you lifting a finger.
Inability to Scale: It is difficult to manage multiple properties independently. Property managers have the resources and systems to oversee a portfolio, allowing you to grow without sacrificing quality.
Frequent Overwhelm: If managing your property is leaving you feeling overwhelmed or time-strapped, a property manager can step in to handle the day-to-day operations. This can provide you with a sense of relief and allow you to fully enjoy the benefits of your investment without the constant demands.
Remember, a property manager can significantly improve your property’s performance, keep tenants happy, and free up your time. If you notice these signs, it might be the perfect time to consider partnering with a professional.
Contact Golden West Management
At GoldenWest Management, we’re experts at local property management! Our team saves owners thousands of hours per year is wasted time managing their rental properties themselves.
To learn more about the services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.
