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Questions to ask yourself to determine if you need to hire a property manager

Top Landlord Rules That You Don’t Want To Break

You’ve reached this article for one reason; you been thinking about hiring a property management company but you’re not sure if it’s the right decision for you to make or not.

This is an understandable position to be in because you may have been managing your portfolio of rental properties yourself for years and don’t like the idea of handing over the responsibilities of management to another company or individual.

To help give you 100% confidence in your decision to hire a property management company we’ve compiled questions to ask yourself which will help you to determine if now is the right time for you to hire a property management company or not.

Question #1 – Has Your Rental Properties Become Like A Second Job To You?

The first question that you should ask yourself which will help you to determine if now is the right time for you to hire a property management company or not is: has your portfolio of rental properties become like a second job to you?

If your answer to this question is yes, this is reason enough to hire a professional property management company because you may already have a full-time job, or be retired, and don’t want to have a full-time job again.

With a property management company managing your portfolio of rental properties for you, you can have confidence that every aspect of property management will be handled on a monthly basis. All you will have to do is check your bank account each month to verify that the rent has been deposited into your account and let your property manager do the rest.

Question #2 – Do You Have Any Personal Time Or Are You Always On Call?

Another excellent reason to hire a property management company is if you are always on call and are never able to enjoy spending time by yourself or with your family without the possibility of having your phone ring with a call from one of your tenants.

When you hire a property management company, you can expect your property manager to act as the “middleman” between you and your tenants so that you no longer will have to worry about taking phone calls, emails, or texts from tenants at night, on weekends, or holidays again  because your property management company will handle all of that communication for you.

Question #3 – Are You Earning Passive Income?

Last of all, but most important, another question that you should ask yourself is if you really are earning passive income from your rental properties. This means that you’re earning money from your rentals that you didn’t have to do any work to earn yourself.

 Most investors start out purchasing income properties with the goal of earning passive income but, after they start managing those properties themselves, the rental property goes from being a passive income venture to being something that resembles a second or third job.

If any of your answers from the questions in this article have resonated with you, we encourage you to learn more about the services we can offer you. Contact us today by calling (209) 572-2222 or connect with us online.

Services A Property Manager Will Offer You

Have you been thinking about hiring a property management company to professionally manage your portfolio of income properties but you’re not sure about what types of services a property manager can offer you?

In this article will provide you with a list of services that you can expect a property management company to offer you so that you can have complete confidence in knowing the full extent of services that you can expect from a property management company once you hire them.

Property Marketing

The first service a property management company will offer you is property marketing.

Your property management company will come out to your rental property to take pictures and video of your rental property that they will use for marketing your property online and in the local area.

Tenant Screening, Selection, And Placement

Once your property management company starts professionally marketing your rental property online, you can next expect them to go through a complete screening process with each property that they manage for you including answering phone calls and emails from prospective tenants, scheduling tours of the property and reviewing applications when they come in.

During the process of screening potential tenants, you can also count on your property manager to follow all Fair Housing Laws so that the most qualified tenant is chosen in an ethical manner.

After your property manager has verified income and done a complete background check on the prospective tenants that have submitted applications, they will choose and place the most qualified tenant to live in your rental property

Customer Service

From the moment that your rental property is first rented it out, you can also expect your property management company to handle all questions or customer service issues that may arise with your new tenant.

This will save you the time and hassle of having to answer your phone, emails, texts or deal with your tenant in person yourself. Your property management company will act as the “middleman” between yourself, and your tenant, saving you the hassle of having any communication with your tenant yourself.

Maintenance

As with owning any other home, you can expect there to be a need for maintenance that will come up with your rental property at least some time in the near future. This is to be expected. The good news though is that when it comes to maintenance, your property management company will also handle all aspects of maintenance for you so you won’t have to concern yourself with routine maintenance or major projects again.  

Rent Collection

Rent collection is typically one of the toughest areas that most owners have problems with because, instead of setting a standard with their tenants immediately when the rent is due, it’s not uncommon for an owner to let their tenant take advantage of them and not pay their rent on time.

Thankfully, when you hire a property management company, you can take yourself out of the equation and have confidence that rent will be collected on time and deposited into your account consistently each month without you having to do any work to collect the rent yourself.

Lease Renewal

After building a great relationship with the tenant who lives in your rental property, you can expect your property manager to take the initiative to get your tenant to renew their lease before it’s due.

This will give you confidence that your property will be producing cash flow for another 12 months and you can have confidence that your rental will continue to produce consistent ROI.

Rent Increase

Your property manager will be an excellent asset that will also help you to increase the rent and earn more money from your rental property.

Thanks to Rent.com’s 2015 Property Manager Report, we know that 88% of the property managers who were surveyed confirmed that they were able to increase the rental rates for their owner clients during the previous year.

Evictions

Let’s say that your tenant ends up breaking their lease, or they chose to not pay their rent on time; another benefit that comes from hiring a property management company is that if the need does come to evict the tenant, you can count on your property manager to handle every aspect of the eviction process for you. This will save you the time, money and hassle of having to go to court yourself to evict your tenant and it will also ensure that every aspect of the eviction process is handled legally from start to finish.

Build Your Portfolio Of Rental Properties With Property Management

Thanks to the 2010 US Census, we know that 34.9% of all US homes are occupied by renters and in 2019 that number is even higher. You can capitalize on the demand for rental properties by investing in more income properties and hiring a property manager to manage those properties for you.

Contact RPM Central Valley

To learn more about the property management services that we can offer you contact us today by calling (209) 572-2222 or click here to connect with us online.