Questions To Ask To Determine If You Need A Property Manager For Your Rentals
If you own rental properties and are experiencing some problems managing them, you could always hire a company to manage them for you. If you are not sure if you have reached the point where you need to hire this out, here are some questions to ask yourself that will help you decide if you should continue managing them yourself or if you should hire a company for help.
Are you able to keep up with the maintenance and repairs on your properties?
The first thing to ask yourself is if you will have the time, knowledge, and abilities to keep up with the maintenance and repairs your properties will need. Rental properties always need repairs and maintenance and focusing on good care for the properties will result in finding better tenants, making more money, and building more equity in the units. If you currently are slacking on these duties, it might be due to a lack of time, ability, or knowledge, and you could benefit by hiring a company to assist you.
Are you having trouble keeping the units filled?
Secondly, are you currently having trouble keeping tenants in the units? Do you have a lot of vacancies all the time, and is your turnover rate really high? If so, you would benefit greatly by hiring a property manager for help. Property managers know the best forms of marketing to use when renting properties, and they also have the best screening tactics in place.
Do you feel overly stressed from your duties?
Another question to ask is how stressed you feel from handling the duties of your rental properties. If you are managing the units just fine and do not feel stressed at all, then you might not need help. If you do feel stressed, though, hiring a company for help will alleviate these feelings tremendously.
Are you keeping good financial records?
The other thing you should think about is your ability to keep good financial records. If you are horrible with paperwork and record-keeping, you also would greatly benefit by hiring a company to help you. The company you hire could keep track of all your financial records for you, and that could ease a lot of your burdens.
If you determine that you cannot handle these duties any longer on your own, call property management firms like Roberts Real Estate to find out what services they offer and how these services work.