You have purchased investment properties with the mindset that this will be a great income producer but have you considered what it takes to manage these properties? From maintenance needs to renter issues, managing your own properties can become a full-time job that may be overwhelming!
Do you feel like your life has been taken over with the day-to-day tasks of managing your investment properties? If you answered yes to this question, it may be time to hire a property management company to help.
Signs You Need Help Managing Your Rental Properties
There isn't time to take care of all of the tasks - Paying bills, dealing with vendors, managing tenants, property maintenance, mortgages, taxes, insurance policies and local laws are things that must be managed on a daily basis because you never know when something will come up that needs your attention outside of scheduled tasks. Tasks are piling up and all of this is making you feel stressed!
Managing and finding good vendors is a struggle - There is more to hiring a vendor than picking a name from a Google search. The vendors you choose will be representing your business and the quality of their service will affect the experience of your tenants and the reputation of your business. You need to protect the safety of your tenants and property by carefully selecting vendors.
It is difficult to find quality tenants - You don't want to sign a lease with just anyone who knocks on your door. It takes experience to locate and screen in a way to recognize quality tenants.
These challenges are just the tip of the iceberg! Daily tasks that go hand in hand with owning investment properties can include:
- Collecting Rent
- Dealing with tenant complaints
- Filling vacant units
- Applicant screening and background checks
- Unit inspections
- Taxes and reporting
- Legal items and compliance
- Coordinating repairs and maintenance and more...
As you can see there are many tasks and responsibilities that are involved in a successful investment property business. You may not have thought about owning investment properties as a "business" but it actually is and a "hands-off" approach to property management may sound good but is not realistic if you want a successful outcome. The best way to enjoy the benefits your investment properties can provide, without having to do the work, is to hire a property management company to help.
Reed Property Management has years of experience in all of the areas discussed above and more! Don't spend another day feeling overwhelmed with your investment properties. Let us do all of the work while you spend your time doing things you enjoy! Give us a call (239) 351-2880.