You’ve owned a rental property for years and it hasn’t been hard to manage. However, you just decided to invest in a second property and the third one is right around the corner.
When you go from owning one rental to multiple, it’s likely time to start thinking about enlisting the help of a property manager. Multiple properties mean larger profits, but it also means more work. If you’re not up for the task, a property manager may become your best choice.
Here are three ways you know it’s time to enlist a property manager’s help with your rentals.
You Simply Cannot Keep Up
When you can’t keep up with the needs of your tenants and your rental properties, you need the help of a property manager. Maybe you went from super organized to overwhelmed and out of control when you purchased the second, third, or fourth rental property.
You’re only one person and you can only do so much. If you work a full-time job, on top of your rental properties, it may have become too much for one person to handle on a part-time basis. When you can no longer keep up, it’s time to find a property manager to help you with your rentals.
You’re Ready to Invest in More Properties
When you’re ready to step into owning multiple rental properties, it may be a sign you need a property manager to help. Managing one property isn’t difficult for most landlords. However, when you get into managing multiple properties, it can become a full-time job rather quickly.
You want to take advantage of the opportunities put in front of you and you can financially handle it. However, managing multiple properties doesn’t sound like much fun to you. The profits sound great, but without the help of a property manager, you might go crazy.
If you have the ability to invest in more properties and you’ve reached your management threshold, it’s time to hire a property manager.
Your Best Tenants are Complaining
When the best tenants you have start to complain, you know it’s a surefire sign you need help. Good tenants usually only contact you when something stops working within the rental. If they have called or emailed to complain about things they wouldn’t normally complain about, it’s time to hire help.
Maybe you’ve become so busy none of your tenants are completely happy with the job you’re doing. Adding new properties to your portfolio is great, but unsatisfied tenants bring on stress and struggle.
Hiring a property manager to help ensure your tenants are happy will go a long way to your success. If your best tenants are complaining, it’s time for a property manager to be added to your staff.
Hiring a property manager is a big deal and usually means your rentals are growing. With the help of the right property manager, you can relax and worry about adding more properties to your portfolio. Imagine not having to field any more tenant calls or deal with screening new tenants. With the right property manager, you’ll have time to grow as you won’t need to handle the tedious tasks of being a landlord anymore.