There is no definitive answer to when you should hire a property manager. It depends on your circumstances and what you hope to get out of having a property manager. In general, however, there are some telltale signs that it might be time to bring in a pro. Keep reading for four key reasons you might want to consider hiring a property manager sooner rather than later.
You're busier than ever and don't have time to keep up with your rental property.
If you find yourself too busy to keep up with the day-to-day tasks associated with being a landlord—such as responding to tenant inquiries, scheduling repairs and maintenance, collecting rent, etc.—it might be time to hire a property manager. A good property manager will take care of all those things for you, freeing up your time to focus on other things.
You live far away from your rental property.
If you don't live close to your rental property, it can be challenging to keep up with everything that's going on. You might not be able to get there quickly in an emergency, which could cost you money in the long run. A property manager who lives close by can take care of those things for you, giving you peace of mind that your investment is in good hands.
You're not sure if you're doing everything correctly.
A lot goes into being a landlord—from screening tenants to comply with fair housing laws—and it can be easy to make a mistake if you're unfamiliar with all the ins and outs. A property manager will have extensive knowledge about all aspects of being a landlord and can help ensure that you're doing everything correctly.
You're not generating enough income from your rental property.
If your rental property isn't generating enough income to cover the costs associated with owning it—such as mortgage payments, insurance, taxes, repairs, maintenance, etc.—then it might be time to hire a property manager. A good property manager will work hard to maximize your profits so that your rental property becomes a profitable investment instead of a money pit.
These are just four of the many reasons why you might want to consider hiring a property manager for your rental property. If any of these resonate with you, it might be time to start looking for a pro who can help take your business to the next level!