5 Signs You’re Ready to Hire a Property Management Company

Renting out a property can be rewarding, but it’s not without its challenges. While it’s easy to focus on the passive income opportunities that property rentals provide, the fact is that monetary gains are only a small part of the equation. Finding tenants, collecting rent, and navigating the legal aspects of renting a property can consume a significant amount of time and energy, resulting in high stress levels that impact the enjoyment of being a landlord.

Hiring a property management company can be an effective way to alleviate many of the challenges that property owners face when renting out their properties. If you’re struggling to cope with the demands of renting your property, then get in touch with the team at Rooftop Real Estate Management to discover how we can help.

Still not sure if a property management company is right for you? Following are five signs that it might be time. 

Impacts on Time and Stress

It would be nice if, as a property owner, you could simply sit back and watch as the tenant’s rent money landed in your bank account each month. Alas, that’s simply not realistic. Even at the best of times, looking after a property takes a considerable amount of time and effort, and it doesn’t take much for stress to sneak in. One late rent payment or maintenance task is all it may take for things to become overwhelming. 

Hiring a property management company can be an effective solution for reclaiming your time and lowering your stress levels, all the while helping preserve the positive aspects of renting property—such as getting paid. 

While you're free to recruit a property management company at any stage, doing so may be particularly important if you have any of the following issues:

• Struggles with providing maintenance services
• You don’t know how to find the best renters
• Struggles with tenant communication
• Rent collection difficulties
• You’re unfamiliar with legal responsibilities

Maintenance

Tenants rightly expect to live in a property that’s well-maintained. When something goes wrong, it’s often up to the landlord to make repairs. 

While that can be manageable if you only have one property and/or a network of professionals to call upon, if you don’t, then having to undertake maintenance tasks can quickly make the stress levels rise, especially if the tenant expects the issue to be repaired immediately. 

It’s not just about finding a professional. It’s about finding the right professional. After all, poorly executed work can lead to more pronounced problems that can be difficult and expensive to fix later on down the line.

At Rooftop Real Estate Management, we have a team of full-time maintenance experts who can take care of the vast majority of home repair tasks, and in most cases, can arrange for the repairs to take place without you having to lift a finger.

Identifying New Renters 

In the best-case scenario, qualified, responsible tenants would move into your rental property and stay there for years. However, that seldom happens.

Finding new renters can be challenging for a number of reasons. In some cases, such as when there’s an abundance of rental properties available, simply finding people interested in renting the property can be difficult. Even when there is interest, selecting the right tenants can be tough, especially for the inexperienced landlord. 

A property management company can handle all facets of the rental process, including marketing the property, screening applicants, and managing the paperwork. At Rooftop, our expert team is on hand to get your rental property filled quickly. 

Tenant Communication

Communication can be easy when everything’s going well, but things can quickly become problematic when there’s even the slightest of issues, such as delayed payments, small maintenance requests, rental agreement disputes, and so on. 

Arguing with tenants isn’t only frustrating. It’s also stressful. Left unchecked, it can quickly become a major concern. Rooftop Real Estate Management can handle tenant communication, making way for you to sit back, secure in the knowledge that the experts are taking care of it. 

Rent Collection

There may be times when renters send less rent than what they should have, or instances when they don’t send any money at all. These problems can happen to all landlords, but it’s increasingly likely for people who rent multiple properties.

Working with a property management company increases the probability of getting paid the full amount, on time, every single time. Additionally, if there are any issues with rent payment, then the property management company can work to fix the issue. If necessary, the company may impose late fees to ensure that you’re compensated for the payment delay.

Legal Aspects

Rental properties are subject to a wide range of laws and other legal obligations. Failure to understand—and thus abide by—those rules can lead to legal consequences that can significantly harm your long-term rental prospects.

Property owners may fall foul of the law because they simply don’t have accompanying legal experience or a comprehensive overview of the law. Property management companies can take steps to make sure agreements are within legal boundaries and take on legal issues that may occur. By working with a company like Rooftop Real Estate Management, you can have peace of mind that you’re on the right side of the law from the first moment you begin renting to the last.

Rental Management Solutions Near You

Ready to reclaim your time, energy, and stress levels, all the while enjoying the benefits of renting out your property? Then get in touch with Rooftop Real Estate Management to learn how we can help you with rental property management.