Being a Landlord isn’t for everyone, especially for those who can’t – or don’t want to – treat it like a 24/7 business. Below are some reasons that could cause a Landlord to hire a Property Manager. In other words, you know it’s time to hire a Property Manger when…
1) Showing the home becomes extremely inconvenient. Let’s face it, most prospects want to see homes during their free time, which often corresponds with your free time. And since you don’t want to miss your child’s Saturday soccer matches, you’ll probably turn down showings during those times, which obviously isn’t a good thing when trying to fill a vacancy. A Property Management company generally conducts showings during evenings and weekends, times when most prospects are out looking.
2) Your Tenant stops paying rent. No one likes to be the bad guy. You want to believe that the check is in the mail or that the Tenant will get current next week. When you finally decide to evict, are you sure you are filling out the correct forms? Are you sure you have the correct documentation? Should you hire a lawyer? A Property Management company should have the appropriate personnel and processes to handle not only the collection part of things, but also the eviction.
3) You need to properly screen a Tenant. My experience is that most do-it-yourselfers allow Tenants to move in as long as the Tenant produces a Security Deposit and the first month’s rent. However, experience shows that it’s absolutely critical to run a complete credit report, speak with current and previous Landlords and verify wage history. Failure to do so can be very costly. A Property Manager should be able to run complete and accurate screenings on all potential Tenants.
4) Your Tenant always calls on weekends for maintenance. I use this analogy a lot… it’s 2 a.m. on a Saturday and your Tenant calls to inform you the basement is flooded. Do you know who to call? A Property Manager should have an array of contractors available 24/7 to handle all maintenance issues. Handling maintenance can be a very stressful – and costly – proposition.
5) You move to a different city. Managing a home is difficult enough if you live on the same block, but managing the home from a different city or state adds a whole new layer of complexity. Showings become nearly impossible as well as managing any turnover work that needs to occur between Tenants. Having a local Property Management company can make your life much easier.
