Have you been managing your own income property, or have recently purchased an income property?
Maybe you’ve taken some steps to set up your rental unit but aren’t sure if you’re doing everything right. Or, maybe you’re finding that managing all the details of your investment is a bit more time consuming than you’d originally thought.
Is it time to hire a professional property manager? Here are five reasons to consider hiring one for your investment property!
- You Don’t Live Nearby
If your income property is in another town or even another state, it can be an inconvenience to come by so often to handle issues and maintenance at your rental unit.
Between dealing with traffic and having to respond to emergency calls at inopportune times, not living close to your unit can make managing it more difficult and even more time consuming.
Having a professional who’s based closer to your property can alleviate the headaches and stress that come with managing a rental unit that you don’t have easy access to.
- You Own More than Five Units
When you’re a busy professional and have several rental units that you’re attempting to manage, it might be time to hire a property manager.
Multiplying all the tasks of a single rental unit by five or more than be dizzying to keep up with. If you have investment properties across numerous locations or multiple units in the same building, hiring a property manager can help you manage all your daily tasks.
Going with a property management service can also make your tenants happier, as you’ll be able to get everything done in a timely and efficient manner without missing anything, which can reduce your turnover rate and result in more sustainable income!
- You’re Making Mistakes
Renting out a house or another unit not only requires that the property is up-to-code, but it also means you need to have the necessary license to do business and be a landlord.
Do you have all your paperwork in place to protect you from liability? If you’re not sure, it might be time to enlist the services of a property manager to help you get everything legalized and up-to-date.
You might also be making mistakes in regards to using unnecessary services or paying more for emergency maintenance when doing simple preventative tasks could have avoided these issues. If you’re having trouble keeping up with everything, it’s time to consider hiring some help.
- You’ve Experienced Issues in the Past
This might not be your first time managing a property, and it might not be your first time experiencing issues with your rental units or tenants either.
If you’ve been sued or have been threatened to be sued by tenants in the past, or you’ve had issues with legal liabilities or properly maintaining your rental units, it’s time to invest in outside management services.
Hiring an experienced property manager can help you avoid issues such as legal action and even building code violations that can come with mismanaging your rental property. With a professional, you can have more peace of mind and fewer problems.
- You Don’t Enjoy Managing the Property
Not everyone is cut out to be a property manager. Between handling calls from tenants, scheduling service vendors, conducting inspections, collecting rent, and keeping your business license current, it’s not easy to manage an income property.
If you just don’t enjoy managing your rental property but want to continue to receive the extra income, taking advantage of a local property manager can help you enjoy your property without all the stress!
We Provide Comprehensive Property Management Services in DC
At FAS Management, we know that hiring a property manager is a big decision to make. Our team has been assisting property owners in DC with managing their property for decades, and we take pride in our work. Wondering if a professional property management service could benefit you? Contact us today at (202) 337-5080 to learn more!