Hiring a property manager for your Southeast Michigan rental property is a big decision. You want to be sure that you're getting a great property manager, of course; but you also want to be sure that it's the right decision for you. Do you really need a property manager?Look for these characteristics that it might be time to begin that important partnership.
1. Your schedule is constantly busy.
You have plenty of things on your To Do list, and managing your rental property, from getting it ready for rental to taking care of regular maintenance, just adds to the list. You didn't become a landlord to devote all of your time and attention to the new rental property, especially if you have another job to take into consideration at the same time. Headed into retirement? You may find that you have other things you would rather do with your day than drive out to your rental property...again. Instead, try turning those responsibilities over to a property management company. You'll find that it reduces the stress associated with owning a rental home.
2. Your renters often make late payments, or you lose track of payments, or you struggle to connect with your renters to collect payments.
Ultimately, the point of having renters is that you want to make money from them. Unfortunately, if you're constantly struggling to collect rent payments, you probably aren't making the money you need to make off of your property! Instead of fighting to manage it all on your own, consider a property manager with a more efficient rent collection system. Paying rent online, for example, can reduce the headaches for both renters and landlords.
3. You are considering giving up your properties.
Managing your rental properties is a constant source of stress for you. You enjoy the additional income from your rental properties, but you often feel that it's more trouble than it's worth. If your stress levels are increasing drastically due to your rental properties, don't despair! Instead, try hiring a property manager to take care of those responsibilities for you. In many cases, this simple step can reduce your stress levels and allow you to continue enjoying the income from your properties.
4. Your portfolio has grown larger than you can handle on your own.
It was just one property...and then just one more...and suddenly, you have more rental properties than you can handle effectively on your own. As a result, you may quickly start feeling burnt out, struggling to keep up with your responsibilities, or even let some of your tenants slide through the cracks--and that's not a satisfactory arrangement for anyone. As your investment property portfolio grows, consider when you need to hire a property management company to help.
5. You don't have a good contact list of people to handle problems at your properties.
Plumbers, contractors, tree removal specialists, and more: there are many professionals that you need to interact with on a regular basis to help you maintain your property as well as possible. Unfortunately, some landlords lack those contacts--and it can take time you don't have to build a solid network of contacts. By working with a great property management company, on the other hand, you can get access to their network of professionals--often at more reasonable prices, since they work with these professionals on a regular basis.
Are you ready to hire a property management company for your Southeast Michigan rental property? Contact us at Renters Warehouse today to learn more about the services we offer and how we can make your life as a landlord easier.
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