5 Signs You're Ready to Hire a Property Management Company for Your Western Wisconsin Rental Home
Renters Warehouse Blog
Rental property is a smart decision in any state, and especially in Western Wisconsin. However, profiting from being a landlord and actually managing one or more rental homes can be two completely different things.
Sometimes, the best way to be a responsible and present landlord is to hire a property manager to handle the day-to-day tasks for you. But how do you know when it's the right time to hire a property manager for your rental home? Here are 5 signs that it's time to hire a property manager:
You're a Working Wisconsin Landlord and...
1) Tenant Calls are Interrupting Your Daily Life
Owning and leasing rental property doesn't have to mean giving up the rest of your life. If you have a career, family, and other projects you're focusing on, the reoccurring needs of your tenants can be inconvenient.
If you find that calls from tenant to ask questions, pay rent, or request repairs has begun to intrude on your daily life in a disruptive fashion, it may be time to hire a property manager to take those calls and handle those issues for you. This way, you can focus on your life, your career, and your family while confident your tenants are taken care of.
2) You're Having Trouble Keeping Up with the Paperwork
Another good reason to hire a property manager is the paperwork. Being a responsible investment home owner means keeping track of rent payments, mortgage payments, insurance, maintenance services, and taxes for each home you own and manage. So it's no surprise that the paperwork winds up being the biggest problem for many landlords.
A property manager has experience with managing multiple rental homes and can easily manage the basic paperwork and responsibilities for your rental property or properties.
3) You Have More Properties Than You Can Personally Manage
Some landlords have too much on their plates to keep managing every property personally. There are only so many hours in a day and maintenance tasks you can do individually. If you have too many rental homes to manage them all yourself, there's no problem with hiring a property management team to help lighten the load.
In fact, property managers are particularly experienced at handling large groups of local properties and can help you get all your ducks in a row in terms of both paperwork and tenant services.
4) Tenant Turnover is More Effort Than You Can Spare
Turning over a home between tenants can be a lot of work. Inspections and security deposits, cleaning and painting, then marketing and screening new tenants can take up all your time, just to return to the status-quo of a paying renter. If you don't have time for this rigamarole every time a tenant moves out, your property manager does! Property management teams can take care of the turnover process and help you select a new great tenant to move in next month.
5) You Don't Live In Western Wisconsin Anymore
You may be looking for a local property manager because you no longer live close enough to your rental homes to manage them personally. This is very normal for landlords who relocate because it's impossible to respond in-person to tenant needs or to handle tenant turnover on your own. Let our property management team pick up where you left off to keep your rental homes running smoothly in your absence.
You're Thinking About Investing in a Wisconsin Rental Home and...
1) You Want to Start on the Right Foot
First-time landlords don't have to wonder about doing the job right. Working with a property manager, you can be sure that all the paperwork will be filed, a good lease will be crafted, and all the correct steps will be taken to start your renting career on the right foot. Ask for the play-by-play as an opportunity to learn how to landlord the right way for your rental homes.
2) You're Hoping for 'Passive Income'
If you're investing in rental real estate to earn a passive income, you may be in for a surprise. Rental homes can involve a large number of maintenance calls and tenant interactions, not to mention the effort of marketing and finding a tenant. The good news is that property management really does make investment homeownership a source of passive income. Your property managers take care of the day-to-day and regular maintenance so you don't have to.
3) You Don't Live Nearby
Some investment home buyers choose homes in affordable neighborhoods all over the country as a way to invest smarter. However, if you don't live near a home you plan to rent, it can be pretty hard to manage it on your own. Property management teams are incredibly popular for helping new landlords manage distant, yet profitable, neighborhood properties.
4) You Don't Want to Handle Tenant Repairs and Emergencies
Many new landlords have no problem handling marketing, decorating, and tenant turnover. But they are not up to receiving phone calls at all hours of the night to answer tenant questions or accept tenant requests for repairs. If you are too busy, too far away, or wanting less involvement in the necessary landlord responsibilities, often the most responsible decision is to hire a property management team to take care of your tenants and respond to emergencies for you.
5) You're Not Sure How to Market or Select Good Tenants
Finally, there's rental home marketing. It's OK if you have no idea where to start or how to find a great tenant for your soon-to-be rented home. Property management teams often have special services and techniques that are built to bring in great new tenants with a combination of maintenance, decor, marketing assistance, and good applicant screening.
Do any of these points sound like your rental home situation? Being a quality landlord means knowing when to hire a property manager to take care of the nitty-gritty daily tasks for you. For more information about hiring a property manager for your Wester Wisconsin investment homes, contact us today!
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