Do you own a handful or more of rental properties? Is the burden of managing them becoming more than you can comfortably handle? If so, you might want to consider hiring a property management company.
But you're still making do on your own. So, should you really fork over money to hire someone who's just going to do what you're doing already?
In truth, maybe. See, every situation is different. So, to determine whether you need a landlord rescue from a property management company, you should look out for specific signs.
We'll discuss these signs in detail below.
You're Having Trouble Keeping Tenants
Do your tenants tend to leave your properties after only a single lease? If so, you might be able to benefit from a property management company.
This is particularly true if your tenants are leaving for reasons like poor communication, slow maintenance service, or the like. Property management companies have perfected these processes, and can instantly enhance the overall service of their clients.
You're Struggling With Bookkeeping
A key component of running a rental property is keeping proper accounting books. If you fail to do this, you could find trouble with the IRS. This could result in all sorts of fines and penalties.
Fortunately, property management companies are well-versed in bookkeeping for landlords. They'll ensure that all of your finances are documented properly, thus keeping you legally compliant.
Your Tenants Are Taking Advantage of Your Kind Demeanor
You have a list of property rules in your lease and your tenants aren't abiding by them. Because you're not the confrontational type, you're letting it slide. Deep down, though, you want your tenants to follow the rules they agreed to in the lease.
This would be a good time to hire a property management company. They have systems in place to enforce rules and will ensure that all of your tenants are treating your property the way they promised to.
You're Stressed Out
Managing even a single rental property can be stressful. Managing several rental properties is like a full-time job. If you have another full-time job on top of it, you're going to be ever-stressed.
If stress is starting to overtake you, you should strongly consider handing the responsibility of property management off to a professional.
You're Not in the Proximity of Your Rental Properties
Do you live an hour or more away from your rental properties? If so, there's no doubt: you should hire a property management company. Not only will this save you an abundance of time (and gas) but it will also ensure that your tenants are receiving the service they expect.
Do You Need a Landlord Rescue from a Property Management Company in Merced, CA?
What do you think? Would you benefit from a landlord rescue? Are you looking for a property management company in Merced, CA?
If so, PMI Merced is the company to call. We manage countless properties throughout the Merced area, and know exactly what to do to make them thrive. Not only do we quell landlord stress but we also manage rental real estate in a way that's advantageous for the landlord.
Contact us today to discuss the management of your real estate property!