When Should You Hire a Property Management Company?
As your real estate investment grows, it is advisable to hire a property manager to take on most of the day-to-day tasks of being a landlord, including:
- Marketing your property
- Screening tenants
- Collecting rent payments
- Contracting repair work to ensure your property remains in excellent condition
Also, property managers have the requisite industry experience in dealing with properties and tenants, ensuring you get a decent return on your investment. So, how do you know when it’s time to hire a property manager? In this post, we share some pointers to help you make the right decision.
You Have Multiple Properties to Manage Alone
If your real estate portfolio is growing and you have difficulty keeping up with the daily management tasks, then it’s time to hire a professional. Hiring a property manager at this instance saves you time and lets you focus on expanding your business to other areas.
You Live Far From Your Property
Real estate investment is a hands-on business, and there are always daily management tasks to handle. These include responding to tenant concerns, handling emergency repairs, and maintenance issues. If you live far from the properties you own, you will find it challenging to keep up with these duties; hence hiring a property manager would be a wise move.
You View Yourself More as an Investor Than a Landlord
If you got into real estate purely to grow your investment portfolio rather than being a hands-on landlord, you could consider hiring a property manager to manage some of your properties as you focus on more investments. The property manager will take the bulk of the management work out of your hands, leaving you enough time to study the market and grow your investment portfolio.
You Need Help Marketing Your Property
Finding good tenants calls for extensive market knowledge, impeccable ability to appropriate rental rates, intuitive advertising, and a willingness to conduct multiple showings. After finding prospective tenants, they should be screened and assessed to ensure they are trustworthy and comply with applicable rules and regulations. Managing these marketing tasks requires experience and commitment, making it ideal to hire a property manager.
In a nutshell, property managers not only ensure your property is well maintained but also work to improve your property’s occupancy rate. With a decent occupancy rate, you can rest assured of an excellent return on your investment.
Contact Our Property Managers Today
If you own a property in Southern California, our property managers can help you realize your investment’s full potential. Our approach to property management is open, transparent, and client-focused. We guarantee first of the monthly rent payments, one flat rate fee with no markups, and excellent customer service. For more information about our property management services, reach out to us today!