It’s no secret that the US real estate industry is booming. In fact, as of 2021, the US real estate market was valued at a staggering $3.69 trillion. But just because you own real estate, doesn’t mean you’ll automatically make a killing.
Like any other investment, real estate requires a ton of hard work and dedication to succeed. This is especially true for rental properties that require regular oversight and maintenance. That’s why smart investors hire a professional property management company to oversee their properties.
A reputable property management company can take care of everything for you, leaving you free to focus on other things. In today’s post, we’ll be discussing the common signs that you need to hire professional assistance.
1. Landlord Duties Are Weighing You Down
Day-to-day landlord duties can take a huge toll on your well-being. This is especially true if you also have another career on the side. Between finding new tenants, collecting rent, and maintaining the property, being a landlord can become overwhelming.
If landlord duties are getting the best of you, it might be time to hire a professional property management company. This company will take care of all the nitty-gritty details for you, including finding and screening tenants, collecting rent, and handling maintenance and repair issues.
They will also be able to provide you with valuable insights and guidance. This is crucial if you want to make sure your investment is on the right track.
2. You Own Multiple Properties
Do you own more than one rental property? If so, then you know just how time-consuming it can be to keep track of everything.
When you have multiple properties, it’s important to have a system in place to help you manage them all. Otherwise, you run the risk of making costly mistakes that could negatively impact your business.
A professional property management company can help you keep track of your different properties by creating a centralized system. This system will make it easy for you to see which properties are performing well and which ones need improvement. Additionally, it will allow you to quickly identify any potential problems that need to be addressed.
That way, you can rest easy knowing that all your properties are in good hands.
3. You’re Having Trouble Finding Good Tenants
A professional property management company will have a team of experienced professionals who know how to find and screen tenants. They’ll conduct background checks and verify employment history. This includes checking the national criminal database.
They’ll also be able to help you set the right rental price. They’ll take into consideration things like the location of your property and the current state of the market.
All of this will help you attract high-quality tenants who are less likely to cause problems down the road.
4. You Have High Vacancy Rates
If your property has been sitting vacant for a while, it’s time to take action. A professional property management company will be able to help you market your property and find qualified tenants quickly.
Additionally, a professional property management company will handle all the details of getting your property ready for rental. They can take care of repairs, cleaning, and staging.
All of this will help you rent out your property faster and start generating income again.
5. You’re Having Trouble Collecting Rent on Time
If you’re having trouble collecting rent from your tenants, it’s time to call in a professional. A property management company can help you set up a system for collecting rent that works for both you and your tenants.
They can also help you enforce late fees and other penalties if necessary. This will help ensure that you’re getting the money you’re owed in a timely manner.
6. You’re Always Traveling Away From Your Property
If you’re frequently away from your property, it can be difficult to stay on top of everything that’s going on. This is especially true if you don’t have someone you trust to keep an eye on things for you.
A professional property management company can be that someone. They’ll make sure your property is well-maintained and that any problems are dealt with in a timely manner.
They can also keep an eye on your tenants to make sure they’re following the rules. This includes things like keeping the noise down and not damaging the property.
7. You Lack Property Management Technology
As a property owner, it’s important to have the right tools and technologies at your disposal. However, keeping up with the latest property management software can be tough.
A professional property management company will have the latest and greatest property management software, like Buildium, to help you run your business more efficiently.
Property management software can help you keep track of your finances, find tenants, and even collect rent.
8. You Don’t Have Time to Handle Maintenance Issues
Maintenance issues are a part of being a property owner. But if you don’t have the time to deal with them, they can quickly get out of hand.
A professional property management company can take care of all your maintenance needs, from fixing a leaky faucet to dealing with a broken air conditioner.
They can also handle any emergency maintenance issues that may come up, like a power outage or a water leak.
Hire a Professional Property Management Company in North Carolina Today
If you notice any of the above signs, then it’s important to hire a professional management company ASAP.
With so many benefits of a professional property management company, you have no reason not to hire one. Ensure you find the best property management company to manage your property.
The good news is that the best property management company in Raleigh and Durham, North Carolina in the country is only a phone call away. At MLSullivan Property Management, we’re here to help you with all your property management needs.
Contact us today to learn more about our services.