Being a landlord can involve a lot of difficult work. If you're drowning in it, you might benefit from property management services.
Building a real estate portfolio is one of the smartest things you can do with your money and rental properties are a great way to have a steady income. When you're a full-time landlord, you can deal with the constant work involved with property management, but if it's your side gig, it's easy to fall behind.
Today, we're going to tell you some of the signs you need landlord rescue. Hiring property managers might not seem like the frugal thing to do. Keep reading, however, and you'll see that your rental properties will be in better hands with a property manager.
You've Got Problem Tenants
Dealing with your tenants is one of the most important aspects of being a landlord. You need to make sure that they've got everything they need, but also that they're treating your property with respect.
Problem tenants are people who fail to pay rent on time, engage in behavior that disrupts neighbors, and damage property. Without proper tenant screening, the likelihood you'll end up with bad tenants goes way up. Bad tenants are a nightmare to deal with and difficult to get rid of.
A property manager can help you properly screen tenants. They can also help you go through the eviction process when necessary.
You Don't Have Time
Rental properties go through a lot of wear and tear, even when you've got great tenants. You'll need to prioritize maintenance, not just for the long-term health of your real estate investment, but to keep tenant happiness high.
If you've got a full-time job, you may not have the time to stay on top of property maintenance. Hiring a property manager to deal with tenant requests and regular grounds maintenance can take a lot off of your plate.
You've Got Multiple Properties
As soon as your real estate portfolio starts to grow beyond a couple of properties, it's probably time to enlist help. The demands of property ownership will multiply with each new portfolio addition.
Property managers are equipped to deal with multiple properties and tenants at once. This allows you to grow your portfolio as you see fit.
Too Many Vacancies
Vacancies are the enemy of every real estate investor. The more vacancies you have, the less money you have coming in. Often, your ability to market your rental units determines how many vacancies you have.
Another thing that property managers do is advertise your property to qualified renters. When you have good marketing and a good tenant vetting process, you'll end up with quality tenants in your rental units for the long haul.
Finding Property Investing Difficult? Get Landlord Rescue ASAP
If you're dealing with any of the things we've discussed here, it's time for landlord rescue. At PMI Michiana, we provide the top property management services in the South Bend area.
From routine maintenance to tenant selection and eviction, we can handle anything your property throws at us. Contact us today to learn more.