Owning rental properties is a smart investment that can offer massive returns. According to Pew Research Center, there are almost 20 million rental properties throughout the United States.
If you're a landlord, it's important to make sure that you have the support you need.
Read on for a list of seven signs that you need to hire a property management company to help with your rental goals.
1. You're Overwhelmed
Whether you own one piece of property or 10, managing rentals can become overwhelming. Property managers are available to help you minimize administration time and legwork. Hiring someone to handle paperwork and find new tenants takes the stress off you so that you can focus on other things in life.
2. You Can't Find Good Tenants
A property management company can help with advertising your rental, and they can also help with tenant screening. The company will run background and credit checks to ensure that you find a reliable tenant. If you're struggling to find someone to rent to, hiring a property management company is a smart choice.
3. There's Too Much Maintenance
Part of being a reliable landlord is making sure that your property is well-maintained and cared for. A professional property management company can help you handle all of your property maintenance needs. The team you hire will help address tenant issues and fix problems while you worry about something else.
4. You Need a Property Management Company to Handle the Paperwork
Processing applications, marketing your property, and collecting rent can become a hassle. Using a professional management team will ensure that all of your important paperwork is handled legally and correctly. Let the management company process the paperwork, collect rent and late fees, and deal with general administrative tasks.
5. You Live Far Away
Maybe you inherited some property in another state, or perhaps you just live a long drive from your rentals. If you don't have the time or energy to travel back and forth, a property management company can help. Instead of worrying about maintenance calls and other issues, hiring a company nearby takes the stress off of you.
6. You're Unsure About Evictions
If a tenant isn't paying rent, then you are allowed to evict them by law. But not all landlords understand the process and procedures associated with evictions. Let the professionals handle this issue so that you're positive everything is done to the letter of the law.
7. You Own Vacant Property
If your property is vacant, it still needs to be managed. Consider hiring a management company to keep up with the property and perform regular rental property inspections. This will give you peace of mind and ensure that you'll have a tenant in the future.
Start Managing Your Property Today
If any of these signs apply to you, then you need a property management company. Consider hiring a company you can trust to get the most return on your investment.
If you're ready to learn more about our services, contact the team at Charlotte Property Management Inc. today!