When Is It Time To Hire A Professional Property Manager?

Many residential rental property investors manage their properties on their own without the assistance of a professional property manager. Some property owners may manage their properties on their own because they are skilled in a trade and believe they can save money taking care of the regular maintenance and repairs on their own. Other property owners may manage their own properties because they believe they cannot afford to hire a professional property manager. Here are a few times when a do it yourself rental property owner may want to consider hiring a professional:

1. Having Difficulty Finding and Keeping Good Tenants

One of the advantages of hiring a professional property manager is having the latest technology, tools, and systems available to assist in marketing the property widely to ensure you receive a large pool of inquiries and potential applicants. Thorough screening software is also key to ensure that the tenant you are placing into your property is well qualified and will not be a financial and emotional drain down the road. A professional property manager will have the best systems available to market your property and screen tenants thoroughly and efficiently.

2. Rent Collection Issues

Tired of chasing down late rent payments, negotiating late fees, and wondering if you’ll receive payment in time to make your mortgage payment? Having a professional property manager collecting rent on your behalf can expedite the rent collection process. A professional property manager with the latest software will be able to provide online payment options for tenants making rent collection easier. Professional property managers will also screen tenants well upfront to minimize the potential for rent collections issues later. Lastly, professional property managers will send automated late rent notices and will handle all of this while you go to the beach, or watch your child’s soccer game.

3. Property Maintenance Issues

Even the handiest of handy-men need a break sometime. Rental property owners that own more than one property, or older properties know that maintenance issues can take a toll if you’re trying to handle it all on your own. A professional property manager will be trained and prepared to assist when those trouble calls come. Some owners may not realize the amount of time they actually spend managing and maintaining their properties. A question they may want to ask is – Is there anything else I could be doing with my time?

If you own rental properties, are managing them on your own, and have reached the breaking point on any of these issues discussed above, you may want to contact a professional property manager.