Boston has the third highest median rent in the country, making it a fantastic place for someone to rent out a spare property or unit for some side income. That said, being a landlord isn't always easy, and many find themselves needing landlord rescue.
Are you a landlord who's feeling a bit overwhelmed and underprepared? It may be time for you to consider hiring a property manager! Read on to learn the signs that you're ready to hire someone to help.
You Own Multiple Properties
Owning a single property or unit, or even renting out the other half of a duplex you live in, can be quite manageable for independent landlords. However, as soon as you start adding more units or properties, you may want to invest in property management for rentals.
Managing multiple properties can become overwhelming, especially if they're in different areas. A property manager can help you oversee all your properties so you don't have to.
You're a Long-Distance Landlord
Do you live near Boston, MA, or do you live elsewhere? Many landlords rent out their second homes in states or cities far away from where they live. This makes things like tenant communication, property inspections, and arranging maintenance quite difficult.
By hiring a property management company, you're hiring someone who lives nearby who can take your place for many of your responsibilities. This will also be beneficial for your tenants who need someone nearby when they have issues.
You're Struggling With Vacancies
Boston has a great rental market for landlords, but what do you do when you're struggling to find tenants? It may be time to consider using a property management company.
Struggling to find and retain quality tenants may indicate a need for professional marketing, tenant screening, and lease management services. An excellent property management company can take care of all of that for you so you can find great tenants in no time.
You Lack Expertise or Experience
Being a landlord comes with a lot of responsibilities. If you're new to it, there's no shame in hiring someone with more experience who can show you the ropes.
Property managers are well-versed in local and national housing laws. They can write leases, deal with tenant issues, and so much more, all because they have years of experience doing it.
You Want More Free Time
Many people think that being a landlord means passive income. This isn't the case, but you can get pretty close if you hire a property manager.
If you simply want to reduce the stress and responsibilities that come with property management and have peace of mind knowing your properties are well taken care of, hiring a property manager can provide that assurance - while you focus on what matters to you.
Do You Need a Landlord Rescue?
If these signs seem familiar to you, it might be time for a landlord rescue. Let an experienced property manager take care of your investment so you can focus on what's important. They can handle tenant issues, minimize vacancies, and so much more.
At PMI of Greater Boston, we want to help you with your rental property. Contact us so we can start working together today.