Signs You're Ready To Hire A Property Management Company
Posted on: 8 June 2020
Many landlords with one or few properties do most of the associated work on their own. But there are definitely times when hiring a property management company is a smart move, even for these who only own a few properties. What are the signs that you're ready to hire a property management company? Take a look.
You're having trouble finding tenants.
Maybe you are no longer having people show up to your open houses, or perhaps none of your applicants meet the standards you have set for income and employment. When you find yourself in this situation, your instinct may be to lower your costs as much as possible until you do find a tenant. But this can be counter-intuitive. Trouble finding tenants is actually a sign that you need to hire a property management company. An experienced property manager can make your advertisements more appealing, change your requirements, and screen applicants better to get those vacancies filled faster. And this way, you can stop spending your lunch hour posting ads and fielding phone calls.
You're not getting to maintenance on time.
Keeping property well-maintained is one of the most important elements of success as a landlord. If your property is not well-maintained, tenants won't be happy, and they may also be less likely to take care of the property themselves. If you're so busy that your maintenance is having to wait far too long, you may be best off hiring a property management company. They'll do things like mow the lawn, change light bulbs, and repair toilets so your property stays looking its best and your tenants stay happy.
You're struggling to communicate well with tenants.
Good communication is one of the keys to keeping tenants happy. It's also the key to collecting rent when tenants don't seem to want to pay. If you find that you have trouble finding the right words to say or if you have a difficult time taming your temper when speaking to tenants who are not abiding by their lease terms, hiring a property management firm may be a smart choice. These people are trained to communicate well with tenants. They know what works and what doesn't work, and they know what to say and when to say it.
You don't have to do everything on your own as a landlord. If you're falling behind on maintenance, struggling with communication, or having a hard time finding tenants in the first place, hiring a professional property management company is a smart move.
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