Becoming a landlord and managing rental property seems like easy work on the face of it. After all, you need to collect rent, and everything’s good, right? Actually, not so much once tenants are living in it day to day, things get a bit more complicated. This complexity increases as soon as you start adding more properties to your portfolio. And before you know it, you’re looking at messages you don’t have time to reply to, you’re chasing late payments, and you need to make sure you advertise a vacancy so you’re not losing money.
How do you handle it without becoming overwhelmed? At some point, you’re going to realise you need help managing your property, whether internally or via a management company. Let’s look at what signs indicate that help is a good idea.
You’re Constantly Chasing Rent
Here’s the thing: tenants don’t always pay on time or in full, and chasing missing payments can eat into your time, especially if you’re dealing with more than one late payer. But payment is essential; it’s part of the deal of renting out your property, and the aim to be frank.
But late payments can create a knock-on effect and impact your outgoings too. Cash flow becomes unpredictable, planning gets harder, and it’s a sure-fire sign that things aren’t working out as they should be.
Maintenance Requirements Are Handled Immediately
No one likes that call from a tenant at 2 am to say their plumbing has sprung a leak and you need to fix it now. But it’s not just the big emergencies that can impact your properties; it’s those small tasks that tenants need done that you just didn’t get around to.
If you’re not able to act instantly to get repairs fixed, you need help managing requests and organising contractors to carry out the work required.
This is where residential property management comes into the picture. Instead of taking on the requests, the management company does so on your behalf and engages with tenants and contractors for a quicker turnaround and an improved renter experience.
Tenant Issues Are Taking Over
You didn’t go into this to be dealing with clients 24/7. But sometimes it can feel like this is all you’re doing, it’s a cycle of questions, complaints, disputes, renewals, repairs, etc. They all add up, especially for multiple properties. And then if something more serious comes up, this can take even more of your time.
If you’re finding you simply don’t have the time to manage everything or the communication is taking over your life, you need help. Be it via a personal assistant who knows the landscape, via an in-house reception team, or outsourcing to a management company. It doesn’t matter, just that you get help.
You’re Falling Behind on Compliance
Compliance is essential, and for landlords, there are multiple areas you need to be compliant in to avoid fines or charges. From lease agreements to inspections, legal requirements, and financial records, there’s a lot to stay on top of.
When things slip here, it’s a slippery slope that you might not be able to crawl back on your own. Here’s where getting help: an administrative assistant or a company that can handle this for you, is essential to avoid risking everything you’ve built so far.
