Did you know there are over 48.5 million rental units in the United States?
If you own one or more of these units, you’re one of 11 million individual landlords in the country. And, there’s no doubt you’re enjoying the perks of being a landlord. Earning steady rental income is a sure way to build your wealth and achieve financial freedom.
However, you have to ensure your properties are well-maintained and occupied throughout the year. This isn’t a walk in the park. It’s probably why you’re looking into property management services.
But when is it the right time to bring a property manager on board? Read on for some telltale signs it’s time to make the hire.
You’re a Busy Landlord
When you picture a landlord, most people see the image of someone who has nothing else to do apart from managing their properties and collecting rent every month. This isn’t always the case. In fact, most landlords are busy professionals who have other duties to attend to.
If you find that you don’t have adequate time to dedicate to property management duties, that’s a sign you should get property management services. You see, property management isn’t a part-time job. You have to be at it full-time, attending to your tenants’ issues as they arise.
Your Rental Units Are Ever Vacant
Vacant rental units are the bane of being a landlord. You aren’t making any money if there are no tenants living on your property.
Although more and more Americans are renting, it’s not uncommon to find properties that stay vacant for several months. If you’re dealing with low occupancy rates and you don’t have the services of a competent property manager like NOVA property management, it’s easy to see why.
Property managers do more than screen tenants and handle tenant complaints. They are also marketers who will use their skills to ensure your property’s availability is exposed to the right audience. This helps ensure high occupancy rates.
You’re Facing Tenant Lawsuits
Landlords have legal rights. So do tenants.
If a tenant has reason to believe that their rights have been violated by the landlord, they can file a lawsuit. In fact, even someone who isn’t your tenant can sue you. For example, if you reject a prospective tenant’s application because of a discriminatory reason, you can be sued.
To avoid legal liabilities, it’s best to work with a property management company. These professionals have a proper understanding of all the relevant laws and are not likely to do things that will violate the rights of your tenants.
You’re Getting Bad Tenants
Problematic tenants aren’t only those that don’t pay up on time. Those that damage your property and violate your rules are just as problematic.
If you keep getting bad tenants, it’s likely because you don’t have a property manager. A property manager knows how to screen tenants and select high-quality ones.
Know When You Need Property Management Services
The key to being a successful landlord can as well be knowing when to hire property management services. It’s possible to professionally manage your property on your own – many landlords do it – but there are times when hiring a property manager is the right thing to do.
Explore our blog for more property tips and advice.
