Hiring a property manager may be just what you’re lacking. It’ll allow you to regain that work-life balance and focus on more important aspects of your business. Organizational skills are of the utmost importance for your investment property to run smoothly. But, as your business grows, you may hit that point when your stress levels are too high. It’s impossible for one person to take care of several properties at once. Once that happens, you’ll want to consider delegating one part of your job to a professional. If you’ve been thinking about this lately, here are 7 signs you need a property manager.
You have multiple investment properties
It’s all fun and games until you realize that multiplying your investment multiplies your obligations as well. It doesn’t matter where you have your properties, the work is the same. You have to take care of appropriate marketing. Also, you have to make sure that the maintenance crew is on top of their game. Also, you have to be available all the time to deal with complaints, clogged toilets, and late rent. Before you reach a breaking point and start missing important things, hire a property manager. That way you’ll have less stress and more time to focus on other, more important aspects of the business.
You have zero time free time
If you are unable to make it to almost zero mundane tasks, that’s the sign that you need a property manager. Of course, when you enter the investment property world, you’ll have less and less time, while your business is developing. But, when this becomes too much of a burden, consider delegating. If you have zero free time and you’d rather make it to a family dinner or your kid’s play, that’s one of the signs you need a property manager.
You have investment properties in another city or state
One of the common reasons for hiring a property manager is because you have your properties located far away from where you live. Whether it’s another city or another country, handling your property from the distance is super challenging. You’ll have to travel to collect rent. Also, you’ll have to travel each time something requires maintenance. That can be quite often, depending on the number of tenancies and type of property.
Just imagine leaving a Christmas dinner to travel to another city for a maintenance emergency issue like a clogged toilet. Of course, you may be able to deal with some of the issues over the phone. But, this is only an example to portray the inconvenience of far-away properties. Getting services from an experienced property manager will let you enjoy your investment from afar. It’ll bring more freedom to enjoy what really matters.
You are overwhelmed by the phone ring
Let’s face it – owning an investment property is neither a 9 to 5 job, nor can you leave your job at the front door once you reach home. A landlord has to be on call 24/7 and that can get quite difficult, especially if you have many tenants. Perhaps someone has an issue that requires maintenance, maybe they have a question about the property, and sometimes you’ll have to unlock the place for someone who lost their keys (happens more often than we’d like to think).
If you grimace each time the phone rings, it’s one more of the signs you need a property manager and it’s time to hire a property manager. Once you do so, chances are you’ll notice pretty quickly that your stress levels are decreasing, your mind is clearer and focuses more on expanding business, and you have a more peaceful life that allows you to enjoy that family dinner without a phone melody. If you fail to do so, you will soon start to suffer: your stress levels will increase, your excitement will decrease and so will your income.
Being a landlord is not your full-time job
Having a full-time job is already demanding enough but if you add being a landlord on top of that, things get impossible to handle quite quickly. If you’re employed elsewhere and have to manage your properties simultaneously, just do yourself a favor and hire a property manager. Not only you’ll avoid getting overwhelmed, but you’ll also do yourself a favor because you’ll have more time to see a big-picture and access the more important opportunities of your business. Sure, collecting rent is not difficult, but you’ll learn quite quickly that a property manager’s job is way more complex than that.
You want cost-effective operations
This is a thing when you’re hiring a property manager – you’re not only getting someone to take care of rent and pick up a phone, you’re getting all the other aspects that a professional brings to a table. That includes connections that you, especially when entering a property world, don’t have. An experienced property manager will use those connections with handymen, construction workers, suppliers, and maintenance people, to handle issues quickly and cost-effectively. If you choose to do all these things yourself, you may actually spend more than you should and end up spending even more than you make.
You want to have low vacancy rates
It’s not difficult to find tenants but finding the best tenants available is a whole different thing. Besides taking care of tenant requests, property management will also allow you to market the property and find the most suitable tenants for your coop or condo. Your vacancy rate will be lower, plus, you have more chances of building long-lasting professional relationships with new tenants.
If you’re about to let someone else do this time-consuming job for you, we hope our list helps you understand that hiring an NYC property manager is the right decision to make. The XL Real Property Management is your best place to find management services.