Property Management: Do You Need It?
Posted on: 17 April 2023
When you own multiple properties or a single multi-family unit, you have many tenants to take care of and serve. From maintenance needs to being able to pay their bills in person, your tenants need a lot from you. Many landlords don't just manage properties for a living; they have other jobs, and this is likely the case for you as well. This means you don't have as much time as you should have to make sure your tenants are happy.
You can hire a property management team to take care of your tenants and properties. There's a cost to this service (which can be paid in commission on collected rents, exchanged for free or reduced living for a property manager on-site, or paid through a salary or hourly wage), but the service is well worth it.
Here are signs you need to hire a property management team.
You're getting rent late all the time
Your tenants will be more likely to pay rent on time if you have a property management team available to help them remember to pay their rent and make it easier to pay. Tenants also may be paying rent late because they are frustrated their needs are not being met in a timely manner. When your property management is better prepared to have tenants' maintenance and upkeep needs met, tenants are happier and therefore more able to pay their rent on time.
Note: your tenants may need to be put on payment plans to make paying rent easier. To keep these payments on track in an effective way for everyone, hire a property management specialist to assist you.
You're getting tenants not renewing their leases
Tenants don't renew leases on properties that are too expensive, under-kept, or poorly managed. If you are having tenants consistently skip on renewing their leases or if your tenants are vacating early even if it means losing deposits and breaking leases, then the issue is likely how you're currently managing your properties. Property management can help you keep your properties fuller longer, which leads to happier tenants, more money in your pocket, and a business venture that is more successful for you.
Being a landlord isn't always easy, and getting help will help you make more money and manage your properties better. Explore your options and hire a property management services company to help you get your properties back in better care today. Your tenants will thank you, and you will appreciate not being personally overworked.
Contact a property management company for more information.
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