Managing a rental property requires a lot of commitment. And while many DIY landlords provide a great service to their residents, it’s easy to get overwhelmed. From the 3 am maintenance calls to understanding the many regulations that govern how a rental must be managed, landlords have many balls to juggle to efficiently manage their investment. If one ball drops, the others typically follow. So how do you know when it’s time to call in some professional help? Watch out for these 7 signs it’s time to hire a property manager.
When To Hire A Property Manager
You Don’t Have Enough Time
Managing a rental property requires a good amount of your time. From scheduling showings and screening prospective tenants to managing maintenance requests and tracking routine repairs, it easily turns into a full-time job. Now add your own full-time job and personal life on top of that. It’s easy to get overwhelmed, frustrated, and even discouraged from the amount of work needed for even the easiest of rental property scenarios.
You Have Multiple Properties
So if one rental property requires a lot of time and attention, how much do you have to give for multiple properties? Do you want to focus all of your time and energy on your properties, or would your time be better spent on something else? Hiring a property manager makes sense when you have multiple properties to keep track of.
You’re Not Comfortable Being The “Bad Guy”
Unfortunately, not every rental transaction ends well. Situations will arise where you have to be the “bad guy” with your residents. It could be as simple as charging late fees on your lease agreement for not paying rent on time to proceeding with an eviction for repeat issues. If you’re not comfortable being the “bad guy” when the need arises, you may want to consider hiring a property manager.
You Can’t Distance Yourself
Renting out your property is a service; the relationship with your residents is a business one. This requires a level of professional distance between you and your tenants as well as your rental property. Treating your tenants like your best friend creates huge challenges should the relationship fall on hard times. After all, asking your “friend” for money gets awkward, but asking your tenant for rent is all a part of the business transaction.
You also need to view your property in the same way. If you can’t think of your rental property without sentimental attachment, managing it will feel next to impossible. By agreeing to rent your property, you’re allowing someone else to make it their home, which means you can’t dictate how they choose to live there so long as they comply with the lease.
You Don’t Have The Resources
Property management requires a lot of resources, from reliable vendor lists to expert attorney advice. If you don’t have the necessary tools or connections to stay up to date on changing regulations, a solid lease agreement, or even reliable software for collecting and tracking rent payments, you should consider hiring a property management company to do so for you.
You Live Out Of State
Managing a rental property while you live in the area can be tough. Trying to juggle all of your tenant’s and property’s needs while living across the country gets extremely complicated and also expensive. What happens when your tenants move out? Will you take the time to fly out to complete the inspection? How about advertising and showing the home to new prospects? If life takes you farther away from your rental property, you should consider leaving the day-to-day management to someone local.
You Don’t Want To Be Hands-On
Effective property management requires a lot of hands-on work. It involves a lot of communication, coordination, and expertise in dealing with the challenges that can, and do, arise. So if you don’t have the time or the desire to be hands-on with your rental, you may want to hire a property manager to help you out.
Hiring a property manager to manage your Colorado Springs rental is a big decision. If you notice any of these signs or decide DIY property management just isn’t your style, contact Real Property Management Colorado! We know Colorado Springs and specialize in residential property management, so there’s no one better to trust with your greatest investment.