When investing in rental properties, multiple tasks need to be done regularly to become a successful real estate investor.
From finding a tenant to keeping up with the general maintenance of the property, a landlord has to manage a long list of responsibilities to become successful in the long-term. Being a real estate investor and becoming a landlord requires 2 different sets of skills. Here are 5 signs to identify that you need help with your rental property.
1. Can’t Keep Up with Tasks
Even if you enjoy self-managing, you may not have the time to handle every aspect of your rental properties. If you have a full-time job and you are struggling to handle the day-to-day management such as getting repairs done promptly or keeping up with general maintenance of the property, it may be time to seek assistance to help you manage your unit.
2. Your Unit Remains Empty
So you’ve had a great tenant for the past 3 years and you just received a notification that they will be moving out. You jump online to post your vacancy and you get one or two inquiries but the unit remains empty for months. Vacancy is your enemy. While there are available platforms to post rental apartment listings, it is important to market your properties on the right ones. Craiglist is stuffed with too many listings and it will not usually bring you the most qualified tenants. You can hire a Leasing agency to help you find a qualified tenant and handle the lease signing. These agencies market vacancies across multiple websites and can reach a broader audience. For a reasonable one time fee, you can find a qualified tenant quickly. Besides, you won’t have to worry about marketing the property, showing the vacancy, tenant screening, background checks, and lease signing.
3. Repairs and Maintenance are getting overwhelming (mentally and financially)
You enjoy the challenge of keeping your property well maintained. You are a handy person and can fix almost everything. Fast forward a few months after you acquire your investment property, you’ve already handled a few calls from your tenants and manged them all. All the sudden, small repairs keep popping up and your phone keeps ringing. The toilet is leaking, the window needs to be sealed, the ceiling shows signs of mold. Getting a plumber, electrician or serviceman not only is frustrating because they may or may not show up but it gets expensive. A professional management company will get you the best work at the best price but will also oversee any maintenance projects. They will give you back your time, and your sanity by taking care of the day to day work.
4. Tenant Stops Paying Rent
Your tenant is going through a tough financial situation. You are aware of the situation and feel bad so you decide to be “flexible” with the rent payment. Two months go by and you are not getting rent. You ask for an update and you start getting push back. This is one of the tough situations because you need to start the eviction process and you have no idea where to start. Evictions can be lengthy, frustrating and very costly. Hiring a property manager will lift that stress off of your shoulders. They know the law, will represent you in court and handle all the legal aspects to move steadily through the process to completion.
5. Time is Money
If being a landlord becomes profitable but has become too time-consuming and frustrating for you then it is important to seek some help. Freeing you up from all the tasks required to be a landlord will allow you to identify potential new investment deals or further your existing career.
Blackstone Group Leasing and Management offers Apartment Leasing Only and Property Management Services for rental properties in Rhode Island and Massachusetts. We also help existing and prospective buyers identify the best investment properties opportunities. If you are interested to learn more about our services, please contact us.
Photo by Tierra Mallorca on Unsplash