They say time is fleeting, and this is never more true than when you are a landlord. Thankfully, property managers exist to take chores off your to do list and handle the day to day stress that comes with managing rentals. Cal Bay Property Management's Scott Safadi says that while there is no magic formula for deciding upon when to hire a property manager, these signs are a dead giveaway that you need some help:
You have multiple properties
Managing one or two tenants is one thing, but when you're trying to juggle multiple properties and renters, free time can become a thing of the past. You can fill one vacancy only to discover another tenant is leaving next month. Plus, if you're always on call for emergencies, there can be no vacation or holidays off. A property manager can allow you to rest easy and take real time off.
You don't live near your rental
In a perfect world, you'd find a great tenant, hand them the keys and live happily ever after. The reality? You'll be running over to the property to maintain appliances, negotiate rent increases and settling neighborhood feuds virtually all the time. If you don't live near your rental, these chores become practically impossible. A property manager can ensure that both your tenants and your property are well taken care of no matter where you are in the world.
You hate paperwork
The day-to-day life of a landlord isn't sexy; in fact, it can be downright dull. Placing ads online, updating your website, checking prospective tenants' backgrounds and scheduling appointments for maintenance workers to come out for repair work is all par for the course in the daily life of a landlord. If these kinds of chores sound annoying, chances are good that you need a property manager. Allow them to take care of the more tedious aspects of property management while you call the shots.
You don't know landlord/tenant laws
Landlord/tenant laws in the United States are complicated. Even seasoned real estate professionals have trouble keeping up with them. If you're second guessing your rights or the rights of your tenants, chances are good you've already violated some rule. Cut yourself some slack and hire a property manager. They make it their duty to stay informed and protect you from expensive litigation.
- Scott Safadi, Cal Bay Property Management
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