Managing a property is a massive endeavor, and taking charge of all the responsibilities that come with it can be extremely rewarding. Unfortunately for many, it can end up being too much to handle. That's why it's important to know when and why to call in professional help.
1. Major Repairs
The most apparent situation where you'll need professional help, and one where it can make the biggest difference, is when you have a major issue/repair that needs to be completed. In any situation where you're dealing with plumbing or electricity, it is crucial to bring in a pro, the safety of you and your investment could be at stake if you take a major repair on yourself
2. Legal/Contract Issues
Another time where getting a pro can be the difference between a minor inconvenience and a massive headache is anything related to leasing, contracts, or legal situations otherwise. The wrong step legally can cause a world of hurt for your business! Always make sure your leases and contracts are in good order before anything is signed and go to a legal professional if you ever find yourself in a sticky situation.
3. When Marketing/tenant Vetting Becomes Too Much
Marketing and tenant vetting can usually be handled easily, especially early on or if managing just one property. But if your property is just a side business or you own multiple properties it can become difficult to vet all your possible tenants and market your properties effectively. A property management company will almost always handle these aspects of your property if you bring one on. A property management company will also have the research, experience, and connections to market your property more effectively than you might be able to on your own.
4. When you're just out of time!
Anyone who runs a business of any kind will quickly learn that time is an extremely valuable and limited resource. Operating a rental property is more involved than many owners are prepared for and bringing in professional management help will free up some of that time again and allow you to concentrate on the bigger picture.
A good property management company will handle all of the above. Most companies have a dedicated maintenance team and access to dedicated legal help to handle any clerical work. They will have professionals with specialized experience in any area you need to be addressed, and they can more often than not get around to issues with a property faster than you could on your own.
The trade-off of bringing on a management company is of course the cost. It will cut into your profits, but another good aspect of a management company is its ability and access to resources that can help you price your property correctly to compensate and stay competitive. In the end, you should be left with a profit and some free time to spend it!
