Smart investors know that working with a property management company can lead to higher profits and less stress. We understand that hiring a professional team instead of managing the home yourself is an extra expense. However, that investment easily pays for itself when you consider all the services and value that you receive from a good management company.
If you’re not sure whether it’s the right time to hire a professional property manager, consider whether you see yourself in one of these scenarios. If you do, it might be time to begin looking.
Your Investment Portfolio is Growing
If you’re at the point where you own more than one or two rental properties, you should definitely consider hiring a management company. Managing one home on your own often seems doable, but when you’re adding to your portfolio and interested in finding other opportunities for investment, you should leave the day-to-day details in the capable hands of a management team.
Instead of fixing sinks and showing properties, you should be analyzing financials and looking at potential assets. Don’t slow down your real estate career by managing your own homes. Let the professionals do what they do best so you can continue doing what you do best.
You Have a Hard Time Remaining Professional
Owning a rental property can be emotional, and it’s easy to make bad decisions and expensive mistakes when you’re upset. If you find that you are becoming friendly with your tenants to the point that you cannot remain objective, it’s time for a property manager. You need to treat this income producing property as a business. When you let tenants pay late or you ignore the fact that they moved in five dogs, you can find yourself facing big problems in the future.
Make professional decisions, not personal decisions. Enforce your lease agreement and hold your tenants accountable. If you are unable to do that because you’re emotionally involved with the tenants or the property, you need a professional management company to act as a buffer.
Time is an Issue
How much is your time worth?
When you’re juggling a full-time job and family responsibilities or you just wish you had more time to pursue your passions, you need to stop managing your investment property and start living your life. Not having time to show the unit or make repairs will only cost you money. Let property managers get the work done quickly, efficiently, and affordably.
You Have a Problem Tenants
It’s always time to hire a property management company when you have tenants who are causing problems. Tenants who don’t pay rent may need to be evicted. If neighbors are complaining and tenant disputes are frequent, it’s better to have a professional manager handle the situation. When a tenant moves out and leaves excessive property damage, you should call a management company. Don’t wait for a bad situation to get worse.
In short, we think now is a great time to hire a Hamilton property management company. If you’d like to hear more about the benefits it can provide to property owners like you, please contact us at Spotted Properties.