Your rental portfolio represents a huge investment on your part – not just a financial investment, but also the investment of your time. You have to drive from property to property, keep up with regular property maintenance and emergency maintenance issues, make sure that all your legal ducks stay in a row, perform property inspections between tenants, interview new tenants… and so on. Here are five ways to know that it may be time to shift some of this cumbersome burden onto the shoulders of a capable property manager.
1. You Just Feel Overwhelmed
If it all seems overwhelming, you find yourself pulling out your hair at least once a day, and you have trouble seeing the light at the end of the tunnel (i.e. the long-term return on your investment of time and money), it is likely long past the time when you should have hired a property manager. When you step into your office in the morning wondering how in the world you are going to accomplish everything that needs to be done, start looking for a property manager. A dependable one may cost a bit of money, but in the end you may be able to increase your income with a property manager’s help and save your sanity to boot.
2. You Have Trouble Staying Organised
Whether you pride yourself on the way you keep all your papers in colour-coded files or you have always barely managed to find a matching pair of socks in the morning, you will probably come to a point where you find it difficult to keep everything organised. Lost papers, missed appointments, and especially missing money are all signs that you might need some help from a qualified professional. With a property manager, you can put on whatever socks you want in the morning and still know that your properties and your tenants are taken care of.
3. You Need More Time to Actually Invest
You’ve spent months or even years investing your time in your rental properties. But if you plan on actually living the life you are trying to save for, you will need to invest less time and more money. When your portfolio is ready to start growing but you don’t have the time to handle any more properties, a property manager can be an invaluable asset. You can focus on checking out new rental properties and haggling with real estate agents while the tedious daily chores of a landlord are taken care of by someone else.
4. You Spend Too Much Time Driving
Driving from property to property can seriously take a chunk of time out of your day. You may not even have that many properties in your portfolio, but if they are spaced far apart, you could be spending more time in your car than you spend working. If that is the case, a property manager can take on some of your farthest properties so you don’t have to waste three or four (or more) hours each day staring at the pavement and wondering why the truck in front of you is going so slow. Consider, too, how much petrol you use driving back and forth – you could end up saving nearly as much in petrol costs as your new property manager charges for his services.
5. Your Tenants Have to Wait on You
If, for any reason, your tenants have to wait on you, then you really know that you need more time – and only a property manager can give you that. Every time that a tenant has to wait an extra day for you to get a leaky pipe fixed or repair a broken heater, both your relationship with that tenant and your local reputation as a landlord are on the line. It’s already difficult enough to find good tenants who pay on time – don’t make it any harder on yourself. Check out sites like www.watsonbullporter.co.uk to learn more ways that a property manager can help you find more time to do what really matters to you.
Hiring a property manager isn’t right for every situation, but many landlords find that a property manager can free up time, enable them to improve their portfolio, help keep tenants happier, and make life less stressful in general. If you find yourself falling into one – or several – of the categories above, consider enlisting the help of a property manager today.
Madeleine Stanley has been working in estate management for a number of years and likes to share her insights and suggestions regarding topics like managing property. She is a regular online contributor for a number of different websites.
Number 5 was my biggest complaint about the last apartment I lived at before I got married. My heater went out, and the news said that a blizzard was probably going to hit our area overnight or the next day. We called our landlord to have him send someone, and it took him two days to finally find someone who could come fix the heater, because he was busy with his own personal issues. And, his kid was diagnosed with cancer and spending time in the hospital, so I definitely understand. But I really think he should have hired a property manager who could do those kinds of emergencies in a timely manner.
Great Article. I agree with Jenn. Number 5 was the biggest complaint I have about private landlords here in Canada. Any time there is a major repair needed, the response time is not the greatest to say the least. The place was great and so was the price….but living without a fridge for a few days is a major inconvenience
Yes, I also agree with both of you. In my complaint list, these all 5 points are most.
This was a great read! It’s easy to get overwhelmed and take on too many tasks. Managers are great at wearing multiple hats and can deal with all types of personalities.
My partner is in estate agency and she regularly deals with landlords, she’s told me a lot of interesting stories about landlords taking on way to many properties and eventually are left feeling overwhelmed with the level of attention each property needs, i find it really strange because a lot of the estate agencies you buy these properties through have property management services and the percentage of the rent they take is really small! why not utilize things like this in the first place and save yourself the stress, also there’s lots of property repair services out there that can save you thousands in costs when appliances go wrong.