If you’ve gotten yourself into the market being a landlord, congratulations! It’s a great place to find yourself in but that’s not to say it doesn’t come with its own problems and hardships. Most people assume land-lording is easy money and requires little to no work, however that couldn’t be further from the truth. There is a lot to manage if you’ve got one property, let alone multiple. Although it is a lucrative field to get into, it does require a knowledge and management skill that not everyone possesses. Some people seem to manage their properties well, while others keep their properties as investments and don’t have time to manage all the commitments and tasks necessary. For that reason, I’ve listed 5 signs you need a property manager to help you with your tenants:
- You Live in a Different City
If you’ve purchased a property in a town outside of where you live, it’s going to be a real pain having to drive down there every time your tenants need a repair, task or issue handled. You’ll find yourself feeling quite resentful and you’ll start wondering if it’s worth the hassle. Save yourself the energy and invest in a property manager; that will be someone that can handle all the small issues that are crucial to the success of your investment, but too small and mundane to be worth your time. Small things like home repairs, tenant discrepancies, and rent collection can all be done by a property manager that lives close by, saving you the trip and expense.
- You Can’t Keep Up with Tenant Needs
If you do live in the same city but find yourself constantly stressing out about time and energy being poured into your property; consider hiring a manager. You don’t want to take away the joy from your own life or time away from your other work. Many people don’t realize how time-consuming land-lording can be, and how much stress actually comes with the job. Property managers can take over all that stress for you and allow you to put your time and energy where your true passions are.
- You Don’t Know the Tenant/Landlord Laws
This is a big one! If you don’t understand all the laws, and you don’t have time or the will to learn; you need a property manager. There are some very specific regulations about what is acceptable as a landlord and what is it; and vice versa. Trust me, the last thing you want is to find yourself stuck in a lawsuit because you overlooked an area. Property managers are very knowledgeable in all these laws and will be able to guide you in situations that could potentially lead you down a very scary path. Tenants that know their rights are not to be messed with; courts will favour tenants in most situations, so you want to make sure you are following the guidebook exactly as you should be.
- You Don’t Want to Deal with Tenants
You don’t have to feel bad here. Not everyone is a people person, and just because you’re not a people person does not mean you’re not cut out land-lording. Most tenants are great people that pay rent every month and only require a few repairs here and there, but there are some “needy” tenants that call or text daily making ridiculous requests or bombard you with community issues that you have no control over or involve you in neighbourhood cattiness. Sometimes there are issues that are out of your control, and hearing about it regularly can become overwhelming and stressful. Property managers are great for playing interference with annoying tenants!
- You Have Multiple Properties
This may be the most obvious, but it’s worth mentioning! If you’ve collected multiple properties or multiple units within those properties, the needs and rent cheques will become a full-time job. Don’t limit your own full-time job by trying to do everything yourself. This is where property managers excel; they will deal with all the repair issues, minor complaints, and rent collection; allowing you to focus your energy on personal projects, career goals or “you” time. Your investments could grow without you having to do much at all and ultimately, I think, that’s the goal for every landlord in the business.
While land-lording can be a daunting investment, it is well worth it if it’s paying out properly. Getting a property manager on board will help encourage you to continue growing and earning money. Whether you live in a different city, the duties interfere with your life, you don’t understand the tenant/landlord laws, don’t want to deal with the tenants, or you have multiple properties; hiring a property manager will save you so much time, stress, and energy, that you’ll never regret it!
