45% of rental owners manage their own properties.
While this works for some investors, it's not right for everyone. There are many instances where having a property manager is invaluable, and the bigger your portfolio, the more helpful they will be.
But how do you know if it's time to get help with your portfolio management? This answer will be different for everyone depending on their priorities.
Hiring a management company may look like a big expense at first, but don't let that stop you from looking further. Property management companies can help to save you a lot of time, stress, and even money in the long run.
In this post, we'll go over four reasons you may want to consider adding portfolio management, so you can decide if it's right for you.
Keep reading to learn more.
1. Your Portfolio Is Growing
At a certain point in growing your investment portfolio, you won't be able to do it all on your own anymore. For every property you own and manage, there is so much to do. Eventually, you will drop the ball somewhere.
By hiring a property management company, you will get all of that time back so you can instead focus on growing the business. Let the property managers worry about the day-to-day operations of the properties. In the long run, this will likely be better for you, your bottom line, and your tenants.
2. You're Struggling With Vacancies
Vacancies are one of the biggest issues when managing a property. Having a property or unit sitting vacant gets very expensive very fast. However, renting to the wrong tenant can be an even bigger issue.
By hiring people to handle leasing management, you can lower vacancies and bring in higher-quality tenants. Professional property managers are trained on how to find and qualify tenants. They know what questions to ask.
3. You Aren't Familiar With The Relevant Laws
If you aren't familiar with the relevant landlord laws in your area, you need to consider getting help with portfolio management. You may be able to get by without issues as a small operation, but as your portfolio grows, it gets riskier.
Fair housing laws are no joke and are relatively easy to violate if you don't know them well. There are also many other laws and regulations you will need to know that can change depending on the area you're in.
4. You're Struggling With Vendor Management
The vendors you work with can make or break your property, so it's critical to have good vendor management. But doing it on your own is a lot of work.
It takes a significant amount of research just to find a good vendor. Then you will need to negotiate a contract with them and monitor the quality of their work, all while maintaining a good working relationship with them.
Property management companies put a lot of time and effort into developing and maintaining relationships with vendors. You will get back a lot of time by letting go of this responsibility.
Get Help With Portfolio Management Today
While owning investment properties is a great way to earn income, it can also be incredibly stressful. Even when everything is going well, dealing with tenants and property maintenance every day is a lot of work.
Hiring a company to take over your portfolio management can make all the difference. Let someone else deal with the late-night phone calls, lease negotiations, all of it.
If you're looking for portfolio management help in Hampton Roads, VA contact us today!