If you’re like most property owners, you would prefer to hire for anything that you can do yourself. However, taking too much on your own can often limit the ability to grow your investments and properly manage them yourself. Here are 5 common signs that it’s time to hire a property manager.
1. Your Voice Mailbox is Full
A full voicemail box is a clear sign that you have too much on your plate and it’s time to hire a property manager. Could there be an important message in your box that you haven’t listened to yet? Or could you be missing other important messages from your mailbox being full? It may be time to divert some of those calls to a property management team that can promptly and efficiently address them.
2. It Takes You a Long Time to Respond to Repair Requests
If you have a backlog of repairs and are taking weeks or even months to address them, then you are risking your property value and hurting your bottom line. Most issues get worse over time, creating more headaches and costing you more money. Hiring a property manager ensures that repairs can be addressed quickly before they turn into bigger problems.
3. Your Tenants Are Complaining
Complaints from tenants means that you’re not managing properties as well as you could be. It’s another sign that it’s time to hire a property manager. Happy clients extend their leases, take better care of your property, pay their rent on time, etc. Thus, keeping your tenants happy should be a primary goal.
4. You Work 7 Days a Week
Working 7 days a week can be detrimental to your health and well being. If you are working non-stop just to keep up with managing your investment properties, then that’s another big sign. Exhaustion often makes you less effective, so it’s also probably taking longer than it should for you to complete your tasks. Hiring a property manager will allow you to have a better balance between your personal and work life, and to improve the quality of your work.
5. Your Files and Financial Records Are a Mess
Financials are critical to understanding profitability and to identifying ways to improve your bottom line. If your financial records are a mess and you have little understanding of things like cash flow, then you could really use the services of a property manager. In addition to helping you collect rents and pay bills, property managers can provide up-to-date and detailed reporting, allowing you to better form and manage your business plan.
Summary of Signs that It’s Time to Hire a Property Manager
If you are experiencing any or even all of the above, then it’s time to look into hiring a property manager. Although you will need to spend money to get assistance, you will gain far more than what you are spending. Contact us for a free consultation and quote on our Massachusetts property management services.