How do you know when it’s time to hire a property management company? The answer isn’t as simple as you might think. Feeling stressed and overworked is an indicator, but not every property owner sees this as a sign that they need professional assistance. For some, a stress at work comes with the territory, and they believe they’re handling it fine.
Some property owners hesitate to seek help because they believe the cost outweighs the benefits. Others prefer to have total control over their business and balk at the idea of giving that up. There may, however, be some signs that suggest a change in perspective is needed. The last thing a property owner wants is for their business to go under when it could have been avoided. A great first step is to consider trying something new.
Still, what’s the best way for you to know exactly when your company needs extra help? This guide will walk you through the signs to look for and the benefits of hiring a property management company.
How to Know You Need a Property Management Company
Once-Steady Revenue is Declining
Declining revenue is usually the first major sign that you need a property management company. However, some property owners don’t see it that way. They tell themselves that businesses always go through ups and downs. In their eyes, hitting a bump in the road isn’t anything to be worried about.
The truth is that it depends on the situation. If revenue declines for a month and quickly picks back up again, that may not be a serious problem. If profits continue dropping (especially across multiple properties), that’s more concerning. No property owner wants to lose their business. In this case, it’s best to reach out for outside help. Property management companies don’t just keep house; they help clients maximize their revenue. A skilled company will help set the right prices, keep your units occupied, and increase your cashflow.
You’re Losing Track of Important Tasks
It’s critical for property managers to stay organized. This is especially true if you own multiple properties. Being a property owner also requires you to stay on top of maintenance as well as federal and state laws. If maintenance calls are going unanswered for a long period of time, that’s a troubling sign. If you cannot maintain your legal knowledge, you are also at a disadvantage. Staying compliant with the law is key to running a successful property management business.
Let’s say repairs aren’t being completed quickly and the lack of upkeep is starting to show. Some laws have changed recently, but you haven’t had time to review them. It feels like you’re being spread thin and are losing track of what you need to do. Chances are, you’ll benefit from having a property management company by your side. They can make sure maintenance needs are addressed in a timely manner. Furthermore, they can protect you from violations that lead to expensive and sometimes devastating fees.
Tenants are Expressing Concerns
It’s normal for tenants to express concerns about the noise level or a broken dishwasher. However, if they’re unhappy with the way you’re running your business, it could be a sign of a larger issue. When your tenants aren’t satisfied or they feel like they’re not being treated fairly, they’ll likely move on. They might even post negative online reviews telling others to avoid your property. A poor reputation takes a long time to rebuild, and it can lead to more vacancies over time. If several tenants are expressing concerns regularly, you might benefit from hiring a property management company. They’ll not only manage your landlord-tenant relationships, but identify the root cause of problems that lead to complaints.
Choose All County Denver Metro for Expert Property Management Services
Looking for a top-notch property management company? All County Denver Metro Property Management is here to give property owners confidence in the quality of their tenants and the security of their property through knowledgeable and trustworthy property management services. From managing tenant relationships to pricing rent to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote or further information, call us today at (720) 575-6100.