There are situations in every landlord’s career where you find yourself wondering if you need a property manager to help in the process. Each property is unique in its maintenance needs and time demands, so not all situations require a separate property management company. How do you know when it is time for you to search for one?
- You have limited time and each time you are notified by tenants you find yourself feeling exasperated. A management company can free you up to focus on those areas that are your strengths such as evaluating other properties for investments.
- You know you are an investor or enjoy the renovations, but the day to day management is not your thing. Management means a high tolerance for handling evictions, collecting rent on time, and complying with landlord/tenant regulations.
- Your properties are currently experiencing a high vacancy rate and cash flow issues. An experienced, professional management company will screen tenants and fill units quickly; reducing your financial loss month to month.
- You have property that is classified affordable housing. This can require complex compliance considerations, dealing with grants, tax credits, or a low interest loan. You need a management company with experience in all of these issues.
- You have multiple properties with multiple units and there is not enough of you to go around. Not staying on top of issues leads to poor management; such as maintenance issues which detract from your property values and ultimately a loss in good tenants.
- You live too far from your properties to realistically handle issues as they arise.
- You have resident managers which require payroll, employee issues, and legal considerations and you need someone to act as employer on your behalf so that you can focus on your investments rather than the role of employer.
Ultimately, there are situations where hiring a property manager is the smart and financially advisable choice to make. Feel free to call us at Metropolitan Management for a free consultation to evaluate your property and your needs and we will be glad to assist you in your decision.Back to Blog