Your tenant is late on paying rent—again. They swore that last month would be the last time. Now, you’re faced with a difficult decision: Do you charge a late fee, or consider evicting them?
Situations like these are what make being a landlord so stressful. On any given day, you’re juggling the responsibilities of all your properties, and things are starting to slip through the cracks. Is it time to hire a property manager?
A property manager can take over the day-to-day duties of being a landlord. They look after things like:
- Collecting rent
- Scheduling maintenance services
- Tenant selection
- Disputes
- Evictions & move-outs
- Advertising your property
- Tracking & reporting monthly finances
Need a hand with being a landlord? Here’s when you should hire help from a professional property management company:
How Many Properties Do You Own?
Managing one or two rental properties won’t take up too much of your time. But what if you’re dealing with 5 or more units? It seems like you never have enough hours in a day!
The more units you have, the more important it is to hire a property manager. They’ll ensure that all your tenants’ needs are met and that you receive your rental income each month.
The owner of Premier Property Solutions in Winnipeg writes, “When our property managers step in, it gives landlords peace of mind. They no longer have to check their phone at all hours of the day; they can trust that their property manager will take care of things.”
How Far Away Are Your Properties?
If your buildings are spread out across a city (or a state), you’ll waste countless hours driving back and forth between them. Before you know it, you’ve spent a whole day traveling to and from your properties. A property manager saves you the time and expense of visiting your buildings.
Are You Struggling To Find Good Tenants?
When you first meet a tenant, they might seem like the perfect fit for your suite. But how do you know for sure?
Property managers take care of marketing your suite and screening applicants. They know how to properly compare apartments so they can write compelling, accurate, and alluring ads for your properties. Once people start to apply for the unit, a manager will screen tenants using background checks, social media checks, and references.
Can You Afford It?
There’s only one downside to hiring a property manager: it cuts into your profits. You’ll need to pay a set fee for their management services.
The management fee will depend on the company you choose, but you can expect to pay them 6-12% of the rental income. If you can afford this service, it will certainly be worthwhile.
Do You Have Experience?
If you’ve never managed a rental unit before, you might feel like you’re out of your depths. You aren’t sure how to manage things like disagreements between tenants, noise complaints, or late payments. If these issues aren’t managed properly, you’ll end up with a vacant suite, and a hole in your wallet.
Without a property manager, it might feel like your buildings own you. You spend all hours of the day thinking about your never-ending list of tasks and concerns. A property manager can step in and take away some of your stress. Is it time to hire a property management company? Yes it is.
December 15, 2021