How To Know When To Hire A Property Manager

If you’re a small landlord looking to grow your business, you know that renting out properties takes a lot of work. This is especially true if you are managing your rental properties all by yourself. As your portfolio grows, you might choose to hire a property manager.

But how do you know exactly when is the right time to do this? Property managers cost money, so you want to know if the investment will be worthwhile.

Let’s get into the signs you should hire a property manager.

3 Signs You Should Hire A Property Manager

You feel overwhelmed

Being a landlord is a full-time job on its own. Many smaller landlords with a couple of properties even have full time jobs on top of that. A lot goes into managing a property, such as:

• Advertising properties
• Screening tenants
• Drafting lease agreements
• Monthly rent collection
• Dealing with maintenance issues

All of these take up a lot of your time. The more properties you own, the less time you will have. Many landlords can only deal with about 3-5 properties by themselves.

Hiring a property manager means that you aren’t the only one responsible for all of these tasks. The property management fees will be worth it to ease the burden on you.

Your properties are far away from you

Landlords don’t always live close to the properties they own. This is even more true now that you can find properties to buy all over the country online these days. You might even just want to move somewhere else.

Either way, if your properties are difficult for you to get to, it’s time to hire a property manager. That way you know that someone is always on hand to deal with maintenance requests or other issues the tenants may have.

You need expert help

You obviously don’t need a degree to become a property owner. Real estate is a worthwhile investment that anyone can get into, but you might not have all the expert knowledge. A property manager will have the expertise to make sure you comply with laws and regulations. They will also know how best to manage tenants and deal with day-to-day tasks.