When Should You Hire a Property Manager

There are almost 50 million rental properties in the U.S. today. Roughly half of them are owned by individual investors—a.k.a. “mom and pop” landlords—who are in charge of taking care of them.

If you own one or more rental properties, you know how profitable they can be. But you also know how tough it can be to chase your tenants down for rent, fix issues that pop up with your properties and market your vacant properties to those in your community.

If you’ve had enough of doing these things, hire a property manager and have them tackle these tasks for you. It’ll cut into your rental property profits a bit. But it’ll be well worth the expense when you see how helpful having a property manager is.

Here are some of the situations in which you should definitely consider hiring a property manager to lend you a helping hand.

You Just Purchased Your Very First Rental Property

Did you just close on your first ever rental property? The second that you take ownership of it, it’ll be your responsibility to care for it from then on.

If you’re confused about where to start, you might want to hire a property manager to show you the ropes, at least for a little while. They can help you fill your rental property. They can also make any repairs that need to be made.

There are some people who enjoy learning on the fly after they buy a rental property. But there are also others who need help figuring out what to do with a rental property. If you fall into the second category, don’t be afraid to ask a property manager for assistance.

You Own a Bunch of Different Rental Properties

Are you the owner of a handful of different rental properties? If so, you can also benefit from hiring a property manager in a big way.

Whether you own five rental properties or dozens of them, it’s going to be almost impossible for you to keep up with all of them and give them the attention they need. A property manager can handle everything that needs to be done for you so that you don’t have to do a thing.

The only thing you’ll have to worry about is sitting back and counting all the money your rental properties bring in. Hiring a property manager is a small price to pay for this luxury.

You Have a Rental Property in a Different City

Do you own a rental property that’s located more than just 15 or 20 minutes away?

This is going to make it very inconvenient for you to take good care of it yourself. You won’t be able to jump up at a moment’s notice and run to the property to fix a plumbing problem or another issue with the property.

You’re better off putting a property manager in charge of doing these kinds of things. They can look after your rental property for you and make sure everything is OK with it in between your visits to check it out. 

You Struggle to Find the Time to Manage Your Rental Property

Most people have a hard time taking care of the home they live in, much less finding time to take care of their rental properties. There are only 24 hours in a day, which can make it almost impossible for some people to find time to devote to rental properties.

Stop trying to squeeze every single second out of every single day while managing your rental property. Pass the responsibility on to a property manager and let them worry about finding the time to care for your property.

You Have a Tough Time Finding Good Tenants for Your Rental Property

As we alluded to earlier, hiring a property manager is going to cost you some money. It’s one of the main reasons why rental property owners decide against doing it.

But consider this: If you don’t hire a property manager for a rental property, that property could end up costing you money over time. This will be especially true if your property is sitting vacant more often than not.

You can put your property manager in charge of marketing your rental property and filling it with tenants. You can also put them in charge of finding the right tenants so that you don’t have someone living in your property and not paying rent every month.

This will be such a huge weight off your shoulders. You won’t have to be concerned about your rental property costing you money anymore. 

You Would Rather Not Deal With the Stress Associated With a Rental Property

Stress is something that just about everyone has to deal with these days. Studies have shown that Americans are among the most stressed-out people in the world right now.

If you’d rather not deal with one more thing that’s going to add stress to your life, do yourself a favor and hire a property manager. You’ll feel so much less stressed out day in and day out when there is someone else handling everything related to your rental property.

This will make you more enthusiastic about buying up additional rental properties in the future. The thought of doing it won’t send you into a panic and cause unnecessary stress.

Hire a Property Manager to Look After Your Rental Property From Now on

As you can see, there are so many great reasons to hire a property manager if you own rental properties. Whether you’re a first-time rental property owner or a seasoned vet in the rental property space, you should consider taking advantage of a property manager.

You’ll find that you enjoy owning rental properties more when someone else is in charge of doing the dirty work. You’ll also often find that your rental properties will be more profitable over time.

Want to get access to more informative articles on rental properties? Check out our blog to find additional tips for rental property owners.