Did the dream of managing properties and generating easy revenue burst the moment tenant requests started rolling in? Are you drowning in paperwork, maintenance requests, and legal issues? It sounds like you need landlord rescue services.
With help, you can avoid the stressful part of managing rental property. Instead, you can reap the rewards and relax.
On the fence about hiring professional property managers? Read on to discover if it's time to ask for help!
You're Busy
Managing property isn't a nine-to-five job; rather, you need to remain available 24/7. If you feel stretched thin, you could neglect essential responsibilities. Your routine duties likely include:
- Applicant screening
- Taxes and reporting
- Assessing late fees
- Sending notices
- Addressing tenant complaints
- Rent collection
- Property inspections
- Marketing
- Legal items
- Coordinating maintenance
If you feel too busy to enjoy life, request property management services. Otherwise, the stress could get out of control. In addition to affecting your mental health, your physical health could suffer.
Lack of Experience
Individual investors own nearly 14.3 million rental properties in the US. However, many landlords are new to property investment and management. If you're new to the industry, you're more likely to make mistakes.
For example, you could struggle to comply with federal, state, and local laws. These include:
- Fair Housing Laws
- Security deposit limits
- Obtaining a Lead Certificate
- Adhering to environmental guidelines
- Adhering to habitability standards
- Adhering to building codes
Neglecting these laws and regulations could lead to lawsuits and fines.
Professional property managers can help you adhere to these laws. They'll ensure you operate legally.
Issues With Tenants
Handling tenant relations can become emotionally taxing and time-consuming. If you're having issues with your tenants, you could struggle to retain tenants. Your vacancy rate could increase if they're unhappy.
An experienced property management company can handle tenant relations on your behalf. They'll improve your tenant-landlord relationship. With their management services, you could reduce your tenant turnover rate.
Overwhelming Maintenance
If you feel overwhelmed by maintenance requests and repairs, hire a property management company. Neglecting to complete these requests could frustrate tenants. They may have a case for voiding their lease.
Maintaining your investment property can help you avoid more expensive repairs. An experienced property manager will already have a network of trusted tradespeople. You'll have peace of mind knowing the best contractors are on the job.
Financial Management Issues
Over five million households in the US are behind on rent. The average arrears is over $2,000! If your renters aren't paying on time, request landlord rescue services.
The best property managers use automated, organized processes to collect rent. They can even manage your finances, provide detailed reports, and prorate rent when needed. With their help, you can better track each investment's performance.
Request Landlord Rescue Services
If these problems sound familiar, don't hesitate to ask for help. Landlord rescue services can ensure your investments are profitable. Relying on professional property managers can help your investments thrive.
Our team at PMI Heartland Realty has extensive experience in real estate investments and property management. We have over 20 years of industry experience.
Contact us today to learn how we can help you with managing and growing your portfolio.
