Did you know that up to 40% of people rent properties instead of owning them? That's a lot of people who are going to need a rental property to live in. It's a great time to be a property investor.
But being a landlord is more work than you'd think. If you're starting to feel overwhelmed with your property investment, it might be time to look into working with a property management company.
Not sure if it's right for you? Read on for 5 signs that it's time to get help with your property in San Diego.
1. You're Busy With a Day Job
At least while they're getting started, most landlords still have day jobs. They aren't ready to let go of the 9-5 and commit to becoming full-time property investors.
Unfortunately, being a good landlord can be a full-time job if you're not already familiar with the ins and outs of property management. If you find that your work life is suffering because of your property investment, it's a good idea to delegate responsibilities to the best property management company instead.
2. You Have Several Properties
So what if you've devoted all of your time to property investing, and you now have several properties to deal with? While managing one property is easy enough, managing several properties can be stressful (especially if they're multi-family properties).
If you feel like you've "bitten off more than you can chew," a property management company can help you. They have a full team of experts, so they have no problem taking on new properties.
3. You're Unfamiliar With the Law
This is a big one. Even if you feel like you have all of your properties under control, it's crucial that you understand all of the laws regarding property ownership and renting to tenants.
You need to understand landlord/tenant laws, fair housing laws, and more if you want to avoid legal ramifications. Fortunately, by using property management services, you're hiring a team of people who know the ins and outs of housing laws. They'll make sure that you do everything by the book.
4. You're Struggling to Communicate With Tenants
Are you having a hard time keeping up with tenant requests? Is maintenance becoming overwhelming? Is your email inbox full of tenant comments and concerns?
We understand. You want to be the best landlord possible, and that means that you want to make your tenants happy. Unfortunately, keeping up with tenant requests and communication feels like a full-time job.
When you hire a property manager, you're hiring someone who's going to be ready for your tenants' messages and requests at all times. Your tenants will always feel heard (and that will make them more likely to renew their leases or recommend your property to others).
5. You Don't Know How to Market Your Properties
So you've created the perfect rental property, but it's still sitting vacant. You're not sure how to get the attention of potential tenants!
Property managers are also marketing experts. They can make sure that your property is visible on all of the most popular listing sites, social media, and more. They can even hire someone to take great photos, so you don't have to settle for grainy cell phone pictures.
Do You Need a Property Management Company?
If these signs sound familiar, it might be time to hire a property management company to take over some of your responsibilities. If you want truly passive income as a landlord, you can have it when you let someone else help you.
Our team of San Diego property managers is here to help. Contact us so we can start working together today.