Whether you have set out to invest in rental properties or became an accidental landlord, property management tasks can consume your time and money. If you’ve purchased properties specifically to rent them out, you need to be able to keep them clean, safe and welcoming to attract the best tenants. If you are living in a different city, you have to manage your properties from afar. From problematic tenants to 2:00AM phone calls to the removal of pests, here are just a few of the reasons you should consider hiring a property management company.
#1: You’re Spending Too Much Time on the Properties
From routine maintenance to coping with tenant complaints and disputes to emergency repairs, even a single rental property can end up feeling like a full-time job. Throw in a few multi-family units and you may find you are spending more time at your rental properties than in your own home. A property management company can dramatically reduce the amount of time you spend on routine tasks and ensure that tenant needs are met swiftly and fully.
#2: Your Properties Are in Poor Repair
Delayed maintenance or repairs and touch-ups between tenants can prevent you from attracting and keeping the best-quality tenants. If you just can’t keep up with the work needed or find that most tenants move on after the initial lease is up, you may need some assistance with caring for the property.
#3: You are Managing from Afar
If you are living in another province or location than your rental property, you could end up spending a lot of your free time traveling to and from the rental unit. Living in a different location from the property also means that you have fewer chances to keep an eye on the property. Tenant red flags like trash in the yard, extra pets, or moving furniture through the building without notifying you can go un-noticed if you are not able to occasionally keep an eye on things. If you are worried about the condition of the home or the tenant’s ability to care for the property, a manager can help.
#4: You’re Spending Too Much Money
If you are spending too much money on maintenance and repairs, a property management company can often make a difference. If you have just a few properties, you may not have established relationships with the skilled labourers and businesses that can offer you bulk rates. A property management company can swiftly access labour as needed at affordable rates—and deploy that assistance swiftly when needed. You can also save money with a cost containment program offered by many of the top property management companies.
#5: Your Tenant Turnover is Too High
According to Nolo.com, if you are losing tenants every year or have a higher than normal vacancy rate, a professional property management company can often help turn things around. By improving your responsiveness to tenant concerns, ensuring the place looks its best and even pre-screening tenants, a property management company can improve tenant retention and save you money every year.