Are you a landlord who feels a little in over your head? Renting your property out is an amazing way to make extra income, but many landlords quickly struggle to keep up with the many demands. Luckily, you don't have to get rid of your property to make things work out; you need landlord rescue.
Property management services are a brilliant alternative to managing a property personally. Keep an eye out for these landlord stress signs to see if you'll benefit from hiring a property manager.
Consistent Maintenance Issues
A constant hum of maintenance problems can be one of the most demoralizing rental property challenges. A property manager can address this problem by helping you better manage the property's maintenance needs. They can do this by:
- Keeping in touch with tenants to see if there are budding maintenance issues (often through a tenant portal)
- Coordinating with service providers who can address these maintenance needs
- Enforcing the terms of the lease agreement
The final point in the list is important because not all maintenance problems come from landlords falling behind. Tenants also have maintenance responsibilities!
If tenants ignore their responsibilities, the results can be quite expensive. A property manager can help with lease enforcement and security deposit management (which is the other tool that solves these problems).
High Tenant Turnover Rates
There are properties with predictably high tenant turnover rates (student housing, for example). However, this is quite rare and a sign of underlying problems for all other types of property. This is also the worst of the landlord stress signs when the vacancies make keeping the property more expensive than getting rid of it.
Many factors can cause a high turnover or extended vacancies, including:
- Poor communication between the landlord and tenants
- Maintenance issues
- Overpriced rent
- Bad or no tenant screening practices
A property manager uses property marketing techniques, maintenance coordination, and a host of other tricks to address these factors. Once they're under control, the tenant turnover and vacancy rates tend to drop significantly.
Falling Behind on Paperwork
Being a landlord in Texas comes with a ton of extra homework in 2024. Apart from the lease agreement and rent receipts, you must also fill in compliance certificates, tax forms, and other documents. That's why rental property accounting is one of the primary reasons for hiring property managers.
Falling behind on paperwork can be a significant source of stress and a sign that additional expertise might help. It won't only take a load off your shoulders but also help you satisfy your legal obligations.
Find a Landlord Rescue Option That's Proven to Work
Landlords need landlord rescue when the value of the time it would take to manage their properties is greater than the price of property management. This generally happens when they become overwhelmed or fall behind on their obligations. Some leading indicators of this are:
- Compounding maintenance problems
- High tenant turnover and prolonged vacancies
- Mounting paperwork
PMI United is a property management firm that understands these urgent needs. We're dedicated to adding value to your real estate investments, including saving you time and money. Contact us today for a stress-free service.
