Are your landlord responsibilities becoming heavier by the day?
Being a DIY landlord has a wide range of benefits, but most importantly, you keep most of your rental income. Property managers charge a 5-10% commission, which needn't leave your pocket.
However, managing your rental can become a big challenge, especially if you live far from the property, own multiple units, and/or have a full-time day job.
Outsourcing to a property management service is the right move, but you need to know when it's time to do it. This article highlights a couple of landlord rescue signs you need to look out for.
Let's dive in.
1. Unoccupied Rental
It's not uncommon for a rental to be without a tenant from time to time. It can take one or two months to find a tenant after setting up a new rental, or after an old tenant vacates.
However, if your rental remains unoccupied for several months, something is wrong. Maybe you aren't marketing it properly, if at all.
A vacant rental means you aren't earning any rental income. If you financed its purchase, your mortgage isn't going to stop until you find a new tenant.
This is a clear sign you need landlord rescue. A property management company knows how to market a rental to the right target audience and attract a new tenant relatively quickly. Alternatively, your manager can recommend that you use a tenant placement service.
2. High Tenant Turnover
Tenants will inevitably come and go, but you don't want your rental property to become a revolving door. A high tenant turnover rate can increase your operating costs since you'll need to invest in property marketing campaigns, tenant screening, and other related expenses.
There are several causes of high rental turnover, including poor property management. If you're taking too long to address tenant complaints, for instance, your tenants can resolve to vacate instead of dealing with a landlord who doesn't seem to care.
Regardless of the cause of high tenant turnover, it's bad for business. A property manager is best suited to arrest the issue.
3. Relentless Landlord Stress
On paper, being a landlord seems like the American Dream. It's a great opportunity to earn a steady, passive income. You can finally pursue your passions, like traveling, without worrying about money...
Well, that's not what being a landlord is in practice. If you take the DIY path, you have to be present and ready to attend to your tenants' complaints. In fact, it can be a stressful job.
If you're always stressed and nothing you do to make the situation better helps, you need professional help.
Landlord Rescue Is Here
It's understandable if you're undecided about hiring a property management company. There are many successful DIY landlords, and you can as well be one of them.
However, if you're seeing these red flags, you need landlord rescue. A property management company can make your life as a landlord peaceful and profitable, just like you envisioned when you first invested in rental real estate.
At 1st Rate Property Management, we have the expertise and personnel to give your rental in Boise, Idaho, the care it deserves.
Please contact our team to learn more about our services.