Managing a rental property is a full-time job. To keep it profitable, you’ll need to look after your tenants. That means addressing their concerns, which includes maintenance and even neighbor woes. And to get high marks on tenant retention, you’ll need to have a stringent screening process and be great at problem-solving. Communication skills, foresight, and creative thinking are a must to juggle everything.
For a lot of people, property management is simply too much to handle. So, they turn to professionals to do the job for them. This is where we come in. We help property owners look after their real estate investments and make sure everything is in the black.
Have you been mulling about hiring a professional property manager here in Cincinnati or the Tri-State area? Use this property management guide so you can make the best informed decision possible. If you need any help or advice, don’t hesitate to consult with our team.
What goes on in property management?
A lot of things go into managing a rental property. It usually includes the following:
- Real estate marketing;
- Tenant screening, retention, and management;
- Rent collection; and
- Property inspection, maintenance, and repairs.
Basically, it’s all about making sure the rental property is in good condition, earns income, and complies with local landlord-tenant laws and other policies.
Depending on the scale, property management can be a breeze or a complicated web. Tasks may be simpler if you’re only looking after a single unit, which can’t be said if you’re handling multiple rental properties or an entire apartment building.
When do you need a professional property manager?
Property management services will lift the burden off of your shoulders, but it comes with a rather hefty price. It’s an investment you must be willing to make. So, before you hire one, let’s assess your current circumstances so you can decide if you need a professional property manager.
- You don’t have time
Property management work can eat up a lot of time, and so, it can be challenging and doubly so if you have a part-time or full-time job, or you’re also preoccupied with family matters and studies. Maybe you’re dealing with everything, all at once! A person can only do so much. If this is the case, don’t be afraid to look for professional help.
- You don’t like dealing with other people
As a landlord, you are required to deal with a lot of people. This includes your tenants, as well as other contractors. Tenant management, in particular, requires excellent people skills. You need to be friendly, firm, and respected. This way, you can attend to your tenants’ needs and enforce policies (and even evictions) when needed. Things can quickly go south with poor handling, so if this isn’t your cup of tea, a property manager can handle the job for you.
- You live far away
Property management is a hands-on job, so if you live far away from your rental property, you won’t be able to do it properly. Furthermore, it will eat up more of your resources, such as time, gas, as well as money, especially if you live in an entirely different region or country. In such cases, it’s best to find a property manager you can trust and who will keep you up to date on a regular basis.
- You have zero experience in property management
Experience is key in successful property management. The benefits are endless: a steady stream of rental income, happy tenants, and a high tenant retention rate. While you can learn on the job, don’t force yourself to fill the position if you’re not confident with your skills. Let a professional do it for you. If you do want to be a hands-on landlord in the future, you can still play an active role at present and learn from the property manager you hired.
- You have too many rental properties
With a lot of rental properties come a lot of responsibilities. If you find yourself drowning in work with hardly any time to relax or even breathe, hire a professional to split the work with you. You can keep the properties you don’t have trouble managing, and assign the complicated ones to your property manager.
Do you need some help with your rental properties? Perhaps we can assist you!
Sundance Property Management specializes in handling mobile home and apartment rentals as well as multi-family communities in Cincinnati and around the Tri-State area. We’d be happy to give you tried-and-tested property management tips or lend you our services. Get in touch with our team to schedule a property management consultation today.