The 5 Tell-tale Signs You Need a Property Manager 07/02/2023
Believing in ourselves is such an amazing quality to have, but we also need to know when we have bitten off just a little more than we can chew. Being aware of your own limitations as a landlord is extremely important as this can have a massive affect on your investment property.
This post points out the five signs you need a property manager and can help you to identify when the management tasks are becoming a little too much for you to handle on your own.
The property begins to show signs of neglect:
There are multiple tasks you have to attend to on each property and nine times out of ten, these involve long hours of labour, extensive paperwork and a substantial amount of money.
One property can be hard enough to manage efficiently, but if you have three or four to look after, you may barely have time to look after yourself. If your property is suffering from neglect, the repairs and maintenance will be piling up and may end up costing you a lot of money.
Spending a lot of time travelling:
If you own multiple properties in different cities you will be travelling back and forth a lot. This is in no way, shape or form cost-effective. There may even be a point where you wait until their are multiple issues to be solved at once before making the trip to a property, and this is very indicative of inefficient property management. Your property can end up paying the price for this and by doing so lower the return on your investment.
Incomplete Maintenance Records:
Keeping track of any maintenance on your property is crucial as this can help you get a good deal on your insurance premium, help you deal with bad tenants, and much more. If you don’t have these you can lose out on rent and possibly end up paying a higher insurance premium.
Elongated Vacancies:
Property managers have access to a lot of resources that landlords don’t. A landlord will spend a lot of time drafting a listing, sorting through potential tenants, conducting interviews and allowing potential tenants to view the property.
It can be a lot of work and if this is not your job, you may end up “slacking off”. Elongated vacancies can lower the properties rental value and give future tenants an edge during negotiations.
High Property Management Costs:
For any investment to be profitable, the owner must conduct a cost-benefit analysis. Many think the property managers’ fees will add to their expenses when in actuality, it reduces overall costs through efficient management.
Believing in ourselves is such an amazing quality to have, but we also need to know when we have bitten off just a little more than we can chew. Being aware of your own limitations as a landlord is extremely important as this can have a massive affect on your investment property.
This post points out the five signs you need a property manager and can help you to identify when the management tasks are becoming a little too much for you to handle on your own.
The property begins to show signs of neglect:
There are multiple tasks you have to attend to on each property and nine times out of ten, these involve long hours of labour, extensive paperwork and a substantial amount of money.
One property can be hard enough to manage efficiently, but if you have three or four to look after, you may barely have time to look after yourself. If your property is suffering from neglect, the repairs and maintenance will be piling up and may end up costing you a lot of money.
Spending a lot of time travelling:
If you own multiple properties in different cities you will be travelling back and forth a lot. This is in no way, shape or form cost-effective. There may even be a point where you wait until their are multiple issues to be solved at once before making the trip to a property, and this is very indicative of inefficient property management. Your property can end up paying the price for this and by doing so lower the return on your investment.
Incomplete Maintenance Records:
Keeping track of any maintenance on your property is crucial as this can help you get a good deal on your insurance premium, help you deal with bad tenants, and much more. If you don’t have these you can lose out on rent and possibly end up paying a higher insurance premium.
Elongated Vacancies:
Property managers have access to a lot of resources that landlords don’t. A landlord will spend a lot of time drafting a listing, sorting through potential tenants, conducting interviews and allowing potential tenants to view the property.
It can be a lot of work and if this is not your job, you may end up “slacking off”. Elongated vacancies can lower the properties rental value and give future tenants an edge during negotiations.
High Property Management Costs:
For any investment to be profitable, the owner must conduct a cost-benefit analysis. Many think the property managers’ fees will add to their expenses when in actuality, it reduces overall costs through efficient management.