Innovative Property Solutions understands that property management is not for everyone. and offers eight signs that it is time for you to bring in the professionals:
You own multiple units. If you find yourself constantly running from one property to the next, it is time to hire a property management company. In other words, the greater the number of income properties, the more necessary it becomes to solicit the advocacy of a professional team who will manage those units and do the running around for you.
You live too far away. Perhaps you don't live near your rental property and you are finding it rather inconvenient to address each and every repair due to the distance. If your rental unit is more than a few minutes from where you reside, driving to and from the property can be physically taxing and time consuming. A management company would be more than capable of arranging appropriate maintenance and would even be willing to send a professional to your home in order to assess for possible repairs. This would completely alleviate the need for those frequent trips to your rental property.
You are not hands-on. Hands-on property management is unappealing and you are interested solely in the income your rental property affords you. A professional property management company will handle daily dealings with your tenant, arrange for appropriate maintenance and repairs and maintain the overall appearance of your property.
You have no time. If you have limited time in your schedule, you likely need to hire a property management company. You can then be free to attend to further real estate investment opportunities, attend to your family or take a vacation.
You have no money. Contrary to popular belief, retaining the services of a property management company is quite affordable. In fact, IPS offers a variety of attractive management plans from which to choose depending on the level of service required. IPS is also available to offer suggestions to rental home owners who wish to increase monthly rental income. IPS is invaluable to clients who have enjoyed the perks of such income without the hassle of hands-on property management.
Too much to do. Perhaps you find yourself flooded with management tasks and your to-do list grows lengthier with each passing day. In this case, it only makes sense to hire the professionals.
You're not a boss. You might not be interested in privately employing a resident manager or maintenance custodian and the thought of screening potential employees makes you nauseous. You definitely need to pick up the phone and contact a property management company of your choosing. This is a job for the pros!
Affordable Housing. If your property is considered part of an affordable housing program, you can expect to face complications such as: grants, low-interest loans, tax credits and more. Such financial assistance requires rental property owners to adhere to certain state rules and can get complicated very quickly. Property management companies are more than familiar with state regulated affordable housing programs and are well versed in handling the complications.
If you are ready to take the next step and hire a property management company, make sure you seek recommendations from trusted friends and co-workers, do your research on specific companies and perform interviews in order to ensure your questions are answered and you understand all that a property management company has to offer.