Every investor has unique needs and interests, and these can change over time as you explore new or different investment opportunities. Are you at a stage where you could benefit from the services of a Massachusetts property management company. Here are some reasons to hire a property management company.
You Live Far Away
If you own properties in Massachusetts and live out-of-state or over an hour’s drive from those properties, then getting some help makes sense. Property managers will be able to better respond to tenant issues, complete repairs, and check in on the property more often. Calls can come in at any time including the middle of the night or during rush hour. Being able to quickly respond to matters will help preserve your property value and maintain good tenant relations, so hiring a local Massachusetts property management company makes sense.
You Have Other Employment
Managing investment properties is a full time job on its own. If you work full-time and/or have a job with little flexibility, this may limit what you can do to manage your own investments. If a pipe bursts, you certainly don’t want to wait until you get out of work to find out about it or to address the issue. Owning investment properties means being on-call 24-hours a day!
You Have More Properties than You Can Handle
Self management is feasible when you first start out, but as your property portfolio grows, it may be more than you can handle. As we mentioned above, it can be a full time job. If you find yourself unable to respond to tenants’ issues in a timely manner or falling behind on your management tasks, it’s time to get some help.
You Aren’t Comfortable with Managing the Finances
Property management goes beyond physical property issues. There’s also the bookkeeping and accounting of rental income, repair expenses, utility costs, mortgage payments, contractor pay, etc. If you are not comfortable with managing your own books, then consider using a property management company. This way, you can be sure that everything is properly tracked and prepared for tax time. Plus, you will also have a better understanding of your profit or loss.
You Are Not Familiar with Massachusetts Laws and Procedures
Massachusetts favors tenants when it comes to rental laws. Landlords must strictly adhere to them or face steep penalties or worse. If you are not familiar with the laws and procedures that you must follow, then don’t take on that risk. Have an experienced Massachusetts property management company handle things for you. Hiring a property manager will cost you far less than the fees and penalties you could be charged for breaking a law.
Summary of 5 Reasons to Hire a Massachusetts Property Management Company
The above are just 5 of many possible reasons to hire a property management company. Many investors hold off on doing so for fear of the cost, but it might not be as much as you imagined. Contact us today for a free quote.