Are you an individual investor who owns real estate property? If so, you are not alone.
Individual investors own about 20 million rental properties in the United States. Some of these investors tend to need help managing a property.
How do you know if you need to hire a property management company? These are five signs that you should do so.
1. Your Base
The first thing that you should consider is where your current base is. If you do not currently live near Des Moines, Iowa, you would have to move there to manage a property yourself.
If this is something you are not ready to do, you need to delegate the management responsibility to someone else.
This could also happen if you are looking to make a move yourself. If you want to move out of the Des Moines area while keeping the investment property, it is the biggest sign that you need to hire a property management company.
2. Poor Financial Management
Are you constantly having financial issues with your property? If so, it may be time to get some professional help with this.
Property managers can review your finances and help maintain a budget. The biggest benefit of all is that they can organize your books in a way to keeps your property afloat.
About 82% of small businesses fail because of cash flow problems. Hire a property manager to avoid becoming part of that statistic.
3. Tenant Issues
It is no secret that there can be troublesome tenants out there. One may end up causing a lot of property damage, refuse to pay rent, or even refuse to leave when you try to evict them.
A property management company can deal with all of these issues. They can also give you guidance on how to avoid these problems in the first place with better tenant screening procedures.
4. Maintenance Issues
Another sign that you could need a property manager is if you are having trouble dealing with maintenance issues. You could be overwhelmed by issues piling up or just do not know how to anticipate them.
Property managers can put policies in place to better prepare for this. That includes routine inspections, fixing problems early, and setting money aside for unexpected issues with this.
5. Time Management
Finally, you may realize that you simply do not have enough time in your life to manage this property yourself. Whether this is because of family commitments, work commitments, or investment commitments, you may need to free up some time for other things.
Luckily, property management companies can help you do just that.
Hire a Property Management Company
These are five of the biggest signs that you need to hire a property management company. If you are currently experiencing one of these signs, you will be glad you pulled this trigger.
In the Des Moines, Iowa area, there is no better option than to work with PMI Central Iowa. We help you maximize your investment property and make every effort to protect it.
Do you want to find out more about the benefits of property management? Message us here today.