7 Signs that it’s Time to Hire a Property Manager
Most Property owners like to follow the DIY approach. The usefulness of this approach comes to test when they take up too many responsibilities on their shoulders and start juggling their personal and professional life. Doing things by yourself at times not only hinders your ability to grow but also prevents you from managing your property better.
Here are seven common signs that tell it’s time to hire a property manager to share your workload.
1. Your Voice-mailbox is Full
When you have a lot on your plate and you don’t have enough time to listen to all the voice messages in your voicemail box. If you ever find yourself in such a position, consider hiring a property manager. There could be important or urgent messages in your mailbox you haven’t listened to, or worse, you could be missing out on important ones because of it being full. If this situation sounds all too familiar, perhaps it’s time to hire a property manager.
2. You Don’t Respond to Repair Requests in Time
If it takes you weeks or even months to address repair requests, you are risking your property’s overall wellbeing and value. Situations like this arise when landlords can’t find the time to address repair jobs as and when they happen. Leaving repairs unattended over time can worsen the problem which can become quite costly – in more ways than one. This is when having a property manager feels like a god-sent. They not only ensure each request is heard, but also take action to resolve these issues before they turn into more significant problems.
3. Your Tenants Aren’t Happy
The happiness of your tenants is directly linked to the way your property is being managed. If they are happy, you are doing a good job. But if you find them complaining frequently, then its time to hire a property manager. Property managers have experience working with tenants from all walks of life with all sorts of personalities. Happy tenants not only extend their leases, but also take better care of your property, and happily pay rent on time.
4. You’ve Become a Robot
If you find yourself working seven days a week, the chances are that you are more of a robot than a landlord! Working for the entire week can be harmful to your personal life as well as health. Exhaustion makes people less effective, and it takes longer than usual to complete daily tasks. If you are working on your rental portfolio for the whole week, consider this as another sign for hiring a property manager. With their help, you can focus on your family life, health, and expanding your portfolio – all while feeling full of energy.
5. Your Financial Records Are a Mess
it goes without saying that knowing your financial position is paramount when it comes to your property portfolio. You need to be organized and diligent when it comes to your property and compliance. If you find yourself running around in search of financial records or property information time and time again, consider hiring a property manager. A good property manager will not only help you collect rent and pay bills, but they will keep proper records of everything the tenant has paid (something so important, yet not all DIY landlords do), as well as providing you with the reports on the financial standing of your property portfolio.
6. You’re Struggling with Finding Quality Tenants
If you have invested in a rental property, the ideal situation is 100% occupancy a year. Truth be told, tenants move and as a landlord, you have to accept there may be some downtime between tenants. How much downtime? That depends on you to some degree. Hiring a property manager who can look after this process typically reduces your vacancy rate as they have access to market insights and have the tools to effectively screen potential tenants better than most DIY landlords. As you already know that finding good tenants is not only about screening. Instead, it is a rigorous process that starts with marketing and ends when the lease is signed. For that to work out smoothly, you need to consider handing things over to professionals.
7. You’re Not Sure About the Legal Factors
Finally, renting a property involves several legal responsibilities; responsibilities that we have noticed are increasing as time goes on. If you aren’t aware of your legal responsibilities or kept up to date with changes like that captured in the Residential Tenancies Amendment Act 2019, chances are you might get yourself in some troublesome situations. Property managers keep up to date with changes to the legislation and highlight the changes that will impact their clients. Hiring a property manager will ensure you don’t fall behind with the times and your property meets all legal requirements.
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