Are you a DIY landlord? Do you manage all your own repairs and keep up with maintenance on your own? This is often manageable for landlords with one or two properties, but it is not uncommon for some investors to feel stretched thin as their investments expand.
Eventually, many property owners discover they're unable to keep up with demand. If your business is growing and you're starting to fall behind, it may be time to hire a property management company. While it can be tempting to keep expenses to a minimum and avoid fees whenever possible, the services provided by a management company may be in the best interest of both the landlord and their tenants at some point.
Trouble Keeping Up With Demand
A major sign that a property owner needs to hire a management company is a growing list of things to do and never enough time to do it. Property owners must be able to provide their tenants with a functional, safe, comfortable place to live. If their properties are constantly in disrepair, then the property owner is not living up to their side of the contract signed with the tenant.
Quality of life for a tenant may suffer if their landlord does not keep up with their obligations. Sometimes, the only way for a property owner to keep up with the demand for their services is to hire a management company.
Increasing Stress Levels
Mounting work can lead to mounting stress, and it is important in any business to maintain a healthy work-life balance. Even if they are able to keep up with repairs and other business matters, property owners with an increasing workload may find that they have a hard time relaxing, unwinding or sleeping at night. Property owners can eliminate a significant portion of this stress by hiring a property management company to do the work for them. With a management company to stay on top of the need for maintenance and repairs, property owners can finally feel like they're doing the job right.
Paying for Convenience and Peace of Mind
While it is not insignificant, the percentage of your rental income paid to a property management company may very well be worth it when considering the potential benefits to your tenants' quality of life as well as your own peace of mind. Every landlord's experience is unique, but if you find yourself yearning for extra time or assistance, a property management company could be the solution to your problems.
Ryan Tollefsen is a real estate agent with eXP Realty and Team leader of Unity Home Group.
