If you’re a property owner that has been handling all aspects of property management, rentals, repairs, rent collection and vacancies, you may ask yourself from time to time whether it’s all worth it and whether it is time to hire one of the many property management companies out there to take over the day-to-day tasks. You may be unsure about whether your ready to invest in a property management company. That is why we’ve put together a list of the 5 signs that mean you’re ready to take the next step and relieve yourself of the burden.
Number of Units Owned
If you own one or two properties, especially small ones, collecting rent and dealing with maintenance issues may be totally manageable. However, if you own a large apartment building or several rental properties across multiple locations, dealing with the many diverse sets of tenants can be a challenge. When it comes to hiring contractors and supers or dealing with vacancies, it can be a challenge juggling multiple properties at once. If you live in New York City, the needs of a unit in Brooklyn is dramatically different than another in Queens. Managing a property on your own can be a detriment to your earning power. In this case, it is probably best to hire a New York property management company to take over.
Property Owned is Far Away
Just as a rental unit in Brooklyn differs dramatically from one in Queens, if you live outside the state in which the property you own is located, keeping track of everything can be downright impossible. Handling vacancies and finding the right tenants is the primary challenge. But, finding a contractor that will do good work at a decent rate is another. If you own multiple properties that you live far from, hiring a professional service will streamline your revenue. A good property management company can handle many different properties with ease. They can understand the local legislation, as well as have a system in place to locate – and attract – good tenants.
You’re Just Getting Started
If you’re a property investor that is just getting started, it may be in your best interest to hire a property management company that can help you start off on the right foot. Maybe you own a single property, and the price can be expensive, but so can learning as you go. If you’ve got a full-time job on the side and you’re just getting into the property investment game, allowing a team of professionals to handle your investment is worthwhile down the road. Taking it on yourself is a time consuming endeavor.
Vacancy Rates are High
One of the primary functions of any property rental company is to limit the vacancy of your property. If the vacancies are high, it is probably time to hire someone else to take over. You’ll be glad you did, even after you pay the fees for the services.
There Just Isn’t Enough Time
Managing a single property can be a full-time job. Overseeing multiple rental units, dealing with repairs, maintenance, superintendents, tenant complaints and contracts is time consuming. Whether you want to sit back and enjoy your time, allowing your property investment to grow on its own, or you already have a full time job, property management companies will take the burden off your hands and give your time back to you. Take that vacation you’ve always dreamed of, focus more on the things – or people – you love.
Peridot Management Group is located in New York and has a wealth of knowledge and experience dealing with all kinds of property units. If you’re ready to take the next step and increase the earning power of your rental with a property management company, contact us today.