Is it time to hand over the keys and let someone else manage your property? Possibly. Here are 10 signs it’s time to hire professional property managers to take care of your investment.
- You Have No Time
You already have a full-time job, family obligations, not to mention hobbies and a social life. As a busy professional in Toronto, you don’t have a lot of time already. Throw a property into the mix and you might find yourself with no time at all.
- You Are Stressed
With no time and more obligations to your investment property, you can become very stressed. You may not have noticed that you aren’t spending time doing what you love or enjoying activities with your family. But, you may have noticed yourself feeling more on edge.
- You Are Burnt Out
Similarly, to stress, burn out can sneak up on you. And, you might not feel stressed or have noticed that you’re working all the time. But you do feel exhausted. If you had more time and less obligations, you would have more time to do what makes you happy, alleviating stress, and feeling recharged.
- You Feel Lost
Some people buy property and hope to rent it out. Some people inherit their investment property. However you acquired your property, it’s common to feel lost. There are plenty of things to keep in mind.
- You’re Not Sure How to Screen Tenants
The first common mistake new investment property owners make is bringing in the wrong tenants. A tenancy may last several years so it’s very important to find and screen applicants properly. Professional managers have a proven process and experience in tenant search and screening.
- You Need a Financial Strategy
Investing in property is simple: You buy a place, rent it out, and make money. Right? Not really. Without an educated market forecast and sound financial strategy, you might not make as much money as fast as you hoped. Property mangers can help you plan for everything.
- You Don’t Know the Law
A solid understanding of real estate law is essential in your success. It can be complicated, so it’s something best left to the professionals. Working with property managers will ensure you are abiding by the law, and not getting exploited.
- You Don’t Have the Right Insurance
Are you sure you are insured for everything that happens to your tenant? What about issues caused by your tenant? If you’re not confident you have the best insurance for your investment property, talk to a professional immediately. Be safe now and prevent unexpected costs in the future.
- You Are Doing Everything Yourself
There are so many tasks involved in successful property management. If you are performing everything from screening to banking to maintenance, it’s a full-time job. But, it’s not your full-time job. Property management companies have multiple departments and professional networks for each part of the management process. So, instead of you spending all your time each task, you could let a professional handle it.
- You Are Making Money
Finally, a positive sign! Through all the hard work you put into your investment property you are seeing results. This looks like a sign you are doing it right, and you are doing something right. But, if you’re making money, it’s the best time to hand over the reigns and put your investment on cruise control. With your property in trusted hands you can spend your time on new initiatives worry free!
I hope this article offered some insight on hiring a professional property manager. If you think its time to hand over the keys to a professional, please consider working with LandLord Property & Rental Management.