According to MoneyGeek, roughly 72% of all rental properties are owned by individual investors. While many of those investors only take care of one rental unit at a time, some try to juggle multiple properties all at once. This often leads to them requiring landlord rescue services.
However, trying to manage multiple properties by yourself can easily run you ragged. It's especially difficult if these properties are located in different cities.
Here are four signs that you need to hire a property management company to help with your investments.
1. Not Enough Time
While rental properties are a great investment, they also require a good deal of your time. It gets especially difficult when you buy more and need to manage them all while also living your normal life. This can easily lead to landlord stress.
A property owner may also find themselves becoming an accidental landlord due to inheritance or other situations. They can hire a property manager to take some of the responsibility away from them.
2. Trouble With Tenant Retention
Tenants may want to leave your rental property for a wide range of reasons. Sometimes they have problems with neighbors that aren't easily resolved. In other cases, maintenance issues can drive them away.
As a landlord, it is your job to provide a safe and comfortable environment for all of your tenants. Failing to do so will result in them leaving for a better option.
Property management services can help respond to tenants in a more timely manner and solve their problems.
3. Can't Keep Up With Maintenance
Maintenance requests are inevitable when you rent out a property. They're especially common if you own an apartment building.
Landlords need to maintain things like plumbing and electrical. They need to keep common areas clean and repair storm damage.
A property management company comes with its own network of repairers who can handle any situation. All you have to do is allocate money for the repairs.
4. You Want to Expand Your Portfolio
The main reason why any landlord hires a property manager is because they plan to expand their portfolio. As you own more properties, your responsibilities also increase.
You may have to juggle responding to tenants, scheduling maintenance, and scheduling routine inspections while also working a 9 to 5 job.
If you want to own multiple properties, you'll need the extra manpower to maintain them. You can expect property management to also assist with tasks like tenant screening and collecting rent.
Try Landlord Rescue Services in Milwaukee
Landlord rescue may be a necessity if you're struggling to manage your various properties on your own. There's nothing wrong with getting help, especially if you're also trying to hold up a day job at the same time. It's all too easy to take on too much responsibility when you're diversifying your investment portfolio.
PMI Property Pros provides property management you can trust in the Milwaukee area. Our services cover residential properties as well as estate management. Reach out today to schedule a consultation and learn more about our offerings.
