Hiring a property manager is a big decision to make. After all, your income property is part of your livelihood, and it’s an investment that you want to last. Working with a property management company has its benefits, but is it the right option for you? Here are three signs it may be time for you to consider hiring a property manager in Northern Virginia.
You’re Running on Empty
Managing a rental property is stressful when you do everything by yourself. If you’re the property manager, landlord, maintenance person, and receptionist for your income property, you’re likely bogged down with tasks that are affecting your performance in other areas of your life.
Whether you have another job, a family, or your own property to maintain, managing and maintaining a property for tenants is a time-consuming task that you may not have the availability to do properly.
If you have several income properties and are attempting to manage all of them by yourself, it’s time to consider how a property manager could step in and help.
You Live (or Have Moved) Farther Away
When you have an income property far from where you live, it can be a hassle to be present for things such as daily management or emergency maintenance. Whether you have always lived far from your income property or you’ve recently moved farther away, a local property management company may be able to help you better manage your investment.
A local property manager can be there in a pinch when your tenants are dealing with an emergency. These companies tend to have available vendors they can call to handle things such as roofing or plumbing issues, especially on short notice.
Whether you want a property manager for daily management or just emergency maintenance, having a local professional can be invaluable when you live farther away.
Your Rental Property Isn’t Doing Well
If your income property isn’t doing as well as it could be, it may be time to hire a property manager. Signs your rental property isn’t as successful as it could be include:
You often have vacancies for long periods of time
Your tenants tend to cause problems in the community
You’ve gotten in trouble because your property wasn’t up-to-code
Your property is either over or underpriced for your area, but you aren’t sure what fair market rent is
You consistently have trouble getting asking rent or tenants paying rent on time
A property management firm can help you maximize your investment by properly screening tenants, ensuring your building is up-to-code, and charging fair market value for rent.
It may also be time to consider working with a property manager if you want to take on more income properties but don’t have the time or expertise to determine which would be good investments and how you can make them profitable.
Don’t Wait to Hire a Property Manager
Many property managers have affordable fees that are well worth the cost so you can enjoy your life while maximizing your investment. Contact Circle Property Management today to learn more about our professional property management solutions at (703) 349-0144.
About The Author
Eric Guggenheimer - SFR, ARM ® » Principal Broker, Certified Property Manager, IREM, ARM, NARPM, NVAR, NAR, VAR