20 April Should You Hire a Property Management Company? 5 Ways to Tell It’s Time April 20, 2022 By sma Property Investment, Property Management business tips, commercial real estate tenants, multi-family property, real estate trends 0 SHOULD YOU HIRE A PROPERTY MANAGEMENT COMPANY? 5 WAYS TO TELL IT’S TIME April 20, 2022 | Investment, Management | real estate trends, business tips, commercial real estate tenants, multi-family property If your portfolio is growing beyond what you can handle, it may be time to consider hiring a property management firm. Here are the best ways to whether a property manager is right for you. 1. You’re struggling to manage the day-to-day from afar. The best investment opportunities won’t always be in your area, let alone your state. To an extent, it’s doable to manage a property remotely. But as your portfolio grows, it may not always be possible to be “boots on the ground” when your buildings need it the most. In the event of an eviction or a more serious issue like a fire or flood, you want to have a professional on site ASAP. 2. You don’t have a go-to list of vendors for maintenance issues. When maintenance needs arise for buildings in multiple locations, you need a go-to network of local vendors to draw from. It can be challenging to know who to call, not to mention it’s practically impossible to assess a company’s qualifications and expertise from a distance. That’s where a property management company steps in. They’ll have specialized experts either on staff or at the ready to assist with repairs and upkeep. 3. Your investments are multiplying, and you’re falling behind. Juggling all the details of multiple properties is . . . a lot. At a certain point, it no longer makes sense to even attempt to do it all yourself, and it boils down to more than simply letting go of your pride. When you have too much on your plate, tasks can start slipping through the cracks or getting eliminated from your list out of necessity. This opens you up to liability issues and other ramifications that can come from cutting corners, like skipping out on tenant screening or getting behind on your maintenance schedule. 4. On the other hand, maybe your investments aren’t growing at the rate you’d like. If all the work surrounding owning your properties is taking up so much of your time that you’re not able to seek out other investment opportunities, it’s past time to hire a property management company. You need a company that can manage your books and all the day-to-day details of your properties so you have more time to focus on growth, possibility, and a healthy work-life balance. 5. You’re feeling the market shift, and now you’re not sure how to fill vacancies. Not only will the right property management company manage your properties, they’ll also help you market them. Many companies offer advertising opportunities for their clients because when you’re successful, they’re successful. They’ll know the best audience to target, they’ll have knowledge of competitive rental rates, and they’ll have the tools you need to get the word out about your vacant properties. At National Property Inspections, our inspectors are qualified to inspect a wide variety of commercial buildings, including multi-family properties, office space, and retail space. We work closely with property owners and property management companies to ensure that buildings are evaluated on a regular basis and all maintenance needs are recorded and planned for. Reach out today at 402-333-9807 ex. 30 to find an inspector near you. Comments are closed.