Do You Need A Property Manager?
Are you trying to decide whether or not you need to hire someone to help you manage your property investment?
Every rental situation is different. There are many variables to consider. That said, a property manager can be super beneficial for any property owner. Owning properties can be very time-consuming, stressful, overwhelming and even frustrating at times. With the help of a professional property management company like East Bay Property Management and Consulting, you can experience a stress-free lifestyle and have more free time to do the things you love.
In this article, we will list nine common topics to think about when deciding if you should hire a property manager.
1. Maintenance and Repairs
As a property owner, a significant portion of your time is spent dealing with maintenance and repairs.
Do you feel knowledgeable to conduct the repairs and maintenance yourself? If not, are the contractors you typically hire reliable, ethical and insured?
East Bay Property Management and Consulting can help you guarantee that the maintenance and repairs in your properties will be conducted efficiently. This will ensure that you don’t have extra long-term costs, and that you have more time for yourself.
2. Distance from Properties
How far away do you live from your units? Do you spend hours commuting back and forth for inspections, rent collection, and repairs? When there are emergency calls, are you close enough to provide immediate attention?
The further you live from your units, the more costly your travel expenses will be. Also, if you live far, you may have more difficulty checking in on your units. This can result in them sustaining long standing damage.
East Bay Property Management and Consulting can help you collect rent, inspect the properties, conduct repairs and check in on your renters regularly if you live far away. This will give you peace of mind.
3. Speed of Filling Units
Vacant units result in a loss of income.
In order to fill your properties in a timely fashion, advertising the unit, being available for showings, and receiving calls from prospective renters are all necessary steps. That said, this process is time-consuming and stressful.
At East Bay Property Management and Consulting, we can take this pressure off of you. We will fill your vacant units quickly and efficiently.
4. Lifestyle and Response to Tenant Emergencies
Have you ever dealt with an emergency phone call in the middle of the night, while on your vacation, or at a special event? As a property owner, it can be frustrating to always be on call. It can disrupt your personal life and your leisure time.
That said, a property management company will respond to emergency calls so you don’t have to.
This is one way East Bay Property Management and Consulting can help you find a work and life balance.
5. Ability to be the “Bad Guy”
If you’re a new property owner, you may struggle with chasing tenants for late payments, or struggle with enforcing the rules. However, it’s important that these issues are addressed with immediately so that they don’t become a habit.
If you find this difficult, consider hiring a property management company. They will deal with late rental payments, enforce the rules, and handle any evictions if necessary.
6. Knowledge and Comfort with Property Law
It’s important to be familiar with the property laws in your area. Negligence or lack of knowledge of the law can lead to lawsuits. Also, you must understand your lease agreement as it is the document that binds you and your tenant in law.
If you’re unsure about the property laws, East Bay Property Management and Consulting can protect you and put your mind at ease.
7. Stress Management Skills
You may find that owning properties is very emotionally taxing. You’ll have to deal with many ups and downs. Some of the most difficult tenant situations you may face include domestic disputes, late night parties, damages or negligence, illegal activities and late rent payments. Do you believe that you can handle these types of situations?
If not, a property management company can help you in trying times.
8. Size of Portfolio
Do you have multiple rental properties? As your portfolio grows, it can be hard to keep track of all your units. You may begin to forget about collecting rent payments, conducting inspections, responding to tenant requests and much more. If your tenants feel neglected, they may stop taking take of the unit, and may not renew their lease.
If you have a growing or large portfolio, East Bay Property Management and Consulting can help you stay on track.
If you have a large portfolio, bookkeeping is definitely a huge part of the job. You might find it challenging to keep track of profit and tax deductions. However, losing track or neglecting bookkeeping can become a mess over time.
If you find yourself overwhelmed, we’re here to help.
At East Bay Property Management and Consulting, we handle all aspects of property management.
If you feel as though you can benefit from working with our professional property management company, we’d love to hear from you. Give us a call and we can discuss your investment property.