Whether you rent out a commercial or residential space, a property management company may be a useful tool. Many landlords choose to hire a manager when their responsibilities have reached the point that they need some help. Know when it’s time to bring in a professional for this job by looking out for the signs below.
When to Hire Property Management
1. You Have a Lot of Properties
If you have a lot of rental properties, then they are likely a significant investment. If it’s too overwhelming to manage your properties on your own, a professional can help take a large portion of the responsibilities. They’ll properly maintain the properties to hold their value over time, find the right tenants to boost your income and cut losses, and may recommend changes to your management plan that provide better long-term results.
2. You Live Far From the Property
Dealing with small issues becomes a major inconvenience when you live too far from the property. If you’re not able to easily stop by to collect rent or when your tenant calls you for a repair, then you need to find someone who can. Spending so much time traveling to properties will take up a lot of your time and cause undue stress, so it’s best to work with a reliable property manager who can take on extra responsibilities.
3. You’re Short on Time
Your time is valuable, and property management is a time-consuming activity. If you feel that owning a property is becoming a strain on your time, then a manager will make your life a lot easier. They will take over all the responsibilities, including making repairs, scheduling inspections, conducting tenant interviews, and taking care of legal matters, such as evictions. Additionally, they’ll handle tenant safety concerns, including fixing potholes in the parking lot, sorting out tenant-to-tenant disputes, and repairing lighting fixtures in hallways.
If you’ve decided it’s time to bring in a property management professional, turn to Galvin Realty Group, Inc., in Rochester, NY. This commercial real estate company offers rental property management, asset management, and more to protect your investment and delineate your responsibilities. See their full list of services online and call (585) 546-1290 to get started.