Since the average American landlord makes nearly $59,000 in passive income annually, owning rental property is a great idea. However, it can be challenging to maintain.
That's where a property management company comes in. Read on to learn 5 signs that you need a real estate asset management professional to help you out.
1. You Feel a Time Crunch
Most landlords are looking for passive income from real estate. They often have other 9-5 jobs and treat their investments as a side hustle. This can get stressful quickly and could easily become overwhelming and unmanageable.
A property manager can help you crunch the numbers, fulfill maintenance orders, communicate with tenants, and calculate rent. They can help you balance the books and deal with day-to-day issues so you can take a load off your shoulders.
2. You're Making Property Management Mistakes
Those who invest in property don't always have a strong real estate education. This could result in a lot of uninformed errors when managing your assets. Tenants could become angry, you could lose money, and you may even find yourself involved in a legal battle.
One option is to learn everything about property management on your own. This is not feasible for most people. The other is to hire a professional property maintenance company that has a background in real estate management.
3. You're Struggling With Tenant Issues
Finding high-quality tenants is a challenging task. You'll need to check credit scores, research eviction records, and ensure that no one has a criminal background. You'll also need to examine how much they're paid and if they have a history of on-time rent payments.
Once you find good tenants, the struggle is still not over. You'll need to field phone calls and emails about the property, maintenance issues, and rent-related problems.
A property management professional company can help you find tenants and communicate with them.
4. Your Portfolio Is Growing
There are positive reasons to hire a property manager, too. One of them is that you're getting a wider portfolio of properties that you need to maintain and manage. It's unrealistic to expect that you can deal with multiple properties at once!
Property managers can help you cope with an expanding network of properties. This is especially true if you're expanding to purchases in different counties or states. You can find good investments and make purchases without stressing about managing them.
5. You Want a Helping Hand
Sometimes, you just don't want to deal with rental property inspections, maintenance, and management on your own. That's valid, especially for busy investors looking to expand their portfolios and manage their money.
A property maintenance company can take the heavy lifting off your hands so you have more time to reach your own goals.
Talk to Property Managers ASAP
Now that you know some signs that you need to hire property managers, it's time to get started. Our property management team is excited to help your investment get as high a return as possible.
Contact us today for a free no-obligation rental analysis to learn how high a profit you could turn.
