Managing a rental property, along with its tenants, is a difficult and time consuming and a job not everyone is cut out for. In most cases, everyone might be better off hiring a property management company. Most investment property owners find hiring a management company unloads a lot of stress and responsibility.

Here are five signs you shouldn’t be managing your own rental property:

1. You can’t say ‘no.’ Being a lenient landlord can be very harmful to your business. There are a few things a landlord should just say ‘no’ too such as late rent, renting to the unemployed, or agree to bypass the credit check. If you crumble under confrontation or tears, it’s time to hire a property manager

2. You’re disorganized or forgetful. If you have a busy life and find it hard to keep track of whether or not a tenant paid rent or you received a work order from them last week, or even last month, that is sign you need to hire a property manager. Being a negligent landlord is not only frustrating for you, but can frustrate the tenants and anyone else involved.

3. You are unfamiliar with housing and rental laws. Both state and federal housing and rental codes can be quite complicated. If you aren’t willing to learn the ins and outs to ensure your property is in compliance, it’s safer to hire a professional. Property managers know the housing’s legal systems and will help minimize the chances of a claim being filed against you.

4. You screen renters with ‘gut instinct.’ Not only can judging a renter based on looks, what car they drive, or how they speak can cause you trouble in the future for your business, but due to discrimination laws it can get you in trouble with the law. If you aren’t willing to start running credit checks, you should consider hiring a property manager. Management companies will have fair, unbiased systems when it comes to selecting tenants.

5. You let your tenants walk all over you. It is great to be a landlord who wants the tenants happy, but if they have the upper hand, you are not cut out for this job. Feeling threatened by your tenants or ignoring when they break the rules will only cause you further and greater problems. It is important to hire a property manager that the tenants will respect and will keep order in place.

by pppm