If you invest in (or are hoping to invest in) real estate, you probably already know that there’s a great deal of work involved. While the financial rewards can be significant, being a great landlord does require substantial knowledge, skills, time, and energy. It’s certainly possible to manage your own investment properties, but there are many cases where the drawbacks ultimately outweigh the benefits.
Wondering whether or not the time is right for you to hire a property management company? If so, this post is for you. Let’s explore some of the reasons why a property owner might decide it makes the most sense to hand rental responsibilities over to a trusted property manager:
Your Rental Property Is far Away
Whether it’s just across town or three provinces away, if commuting to your rental property is a hassle for you, it may be time to enlist some help. Property managers specialize in keeping up with necessary visits to rental properties and will factor in their travel distances accordingly. As a bonus, hiring a property management company allows you to consider great real estate investments that aren’t in your own neighbourhood and can allow you more flexibility and freedom when looking for new opportunities.
You Don’t Really Enjoy Being a Landlord
Not everyone who sees the benefits of investing in real estate enjoys being a landlord. If this describes you, consider hiring a property manager to free up your own time for other projects. If you’ve got a day job and aren’t really keen on learning all the ins and outs of rental policy, searching for repairpeople, or collecting payments every month, a property management company could be a perfect fit for you.
You Are Managing Multiple Properties Alone
As your real estate investments grow, so do the demands on your time. Even if you enjoy being a landlord, you may need some extra help as your properties pile up. A good property management company can take the weight off your shoulders with its network of experienced professionals.
Your Industry Knowledge Is Limited
The rental industry involves many different knowledge sectors. They include but are not limited to: Marketing and advertising, screening potential tenants, setting rental rates, complying with local codes and policies, resolving conflicts, assessing damage, collecting payments, scheduling/doing repairs and managing vendor relationships, and staying on top of regular property maintenance. Property managers excel in all of these areas and can greatly increase the odds that your renters will be consistently satisfied—with no headaches on your end. You should also learn what the qualities are of a great management first.
If this post has helped you realize that the time might be right for you to hire a property management company, reach out to us at Prospect Property Management. We’re passionate about what we do and will be happy to spend time answering all of your questions and getting to know you and your properties better.
Whether you own multiple multi-family units, a single-family home, or a commercial space, Prospect Property Management can help. Give us a call today!