Being a landlord isn’t easy. Taking care of your income property demands time and energy, and it’s often a 24/7 job. For many DC property owners, hiring a property management company helps them more effectively manage their investment while having more free time.
Property managers can take over some or all of your rental property tasks. But how do you know it’s time to make the switch from managing your property yourself to hiring a property management company? Here are a few signs you could benefit from a professional property manager.
You’re Feeling Overwhelmed
Having an income property isn’t the same as having a job with set hours. Landlords who manage their own rental properties need to be available outside of regular business hours to handle tenant complaints, emergencies, and items such as snow and ice removal.
Chances are you have other responsibilities to attend to, and being a landlord isn’t your full-time occupation. If you’re feeling overwhelmed with all the attention your income property needs to run smoothly—such as maintenance, inspections, leasing and tax paperwork, and screening tenants—it’s time to delegate some of these tasks to a professional property management company.
A property manager can handle some of the more time-consuming tasks of your income property while you handle other details, or you can have them take care of everything while you focus on your own life.
You’re Not Familiar With Local Laws
Part of being a landlord is being familiar with state, federal, and local laws for your income property. You must have a certificate of occupancy, which means your unit is up to code, and you also must have a business license to rent your property.
Landlords need to follow Fair Housing Act guidelines regarding discrimination against tenants, know the limits for security deposits in their state or district, and know how often to inspect the unit. As these laws can change over time, it’s important to stay current on local regulations.
These standards are understandably a lot to keep up with, especially with your other responsibilities as a landlord. If you aren’t familiar with rental laws and don’t have the time to become familiar with them, a property management company can take over these details for you to ensure your unit is legal and up to code to avoid fines and other ramifications.
You Live Far Away
If you don’t live close to your income property, taking care of it can be all the more challenging, especially during emergencies when tenants need help as soon as possible. A local property management company can handle emergencies and other tasks when you can’t get to the property in time.
Local property managers also typically have a network of vendors in the area who can help in a pinch, such as plumbers, electricians, and roofers. Hiring a local company allows you to take advantage of this network to provide better service for your tenants and less stress for you.
Your Tenants Aren’t Ideal
If you aren’t attracting your ideal tenants, there’s a reason why. Whether your tenants are disruptive to the community, break the lease early, or just don’t take good care of the unit, you may not be screening them properly during.
An experienced property management company can help you conduct an exhaustive screening process to give you your best chance to have good tenants. What’s more, a property manager also knows how to market your unit to attract the right tenants in the first place, making the entire process more efficient.
Considering Hiring a Property Manager?
If you’re considering hiring a property manager, there’s no better time to do so than now. Have less stress, more free time, and better tenant satisfaction by working with a local property management company such as FAS Management. We work with DC and Maryland property owners to successfully create lasting investments. Contact us today to learn more at (202) 337-5080!
