When should you hire a Dayton property manager?
For many people, the obvious answer is that you should hire a property manager when you’re ready to rent out a property.
Plenty of other people would say that you should start working with a management company before you even begin looking for an investment property. Some experts say that when you’re planning to buy a rental property, hiring your property manager should come before you hire a real estate agent.
The problem with that approach is that it can take a lot of time from property managers and lead to absolutely nothing. At ManCo Property Services, we spend a lot of time talking to people who will never buy a house in Dayton. They will never even buy a rental property in Dayton. But, they come and talk to us about what they should buy and where they should buy and what kind of rents they should expect because that’s what the books and the blogs tell them they should do.
The real answer to this question is tough. Buying a house that you plan to live in yourself is one thing; you contact a Realtor and that gets the ball rolling. Buying a rental property as an investment is different.
Here’s our answer to the question about when to partner with a Dayton property management company.
We recommend that you contact a property manager just as you’re entering the market. You really need to have decided that this is a market you want to buy in. You have to be ready to purchase a property. Don’t contact a property manager just to do some information gathering. It wastes everyone’s time.
We’re here to help you navigate the market. We’ll lead you through every step of the investment process. We only ask that you’re serious about buying and renting out a property here.
Hire a Dayton Property Management Team to Protect your Time
Timing is everything, and so is your time.
If you’re new to the market and you’re not sure of where your starting point should be but you know you’re ready to buy, a Dayton property manager can help you get things moving. We’ll not only save you money and protect you from mistakes, we’ll also save you time. We can move you through the process of identifying a property, making an offer, conducting inspections, and then renting it out once you close.
If you’ve already bought a rental property and you’ve been renting it out yourself but you find you don’t have the time to show your property, organize repairs, or respond to tenants – it’s well beyond the time that you hire a professional property manager.
Surely, you’d rather focus on your own career, your family, or your own passions and pursuits. Instead of worrying about what’s happening at your rental property, you should do more important things with the limited number of hours you have in your days. You need a property manager.
You don’t want to spend your weekends looking for plumbers, collecting rent, and landscaping your rental properties. Those late night emergency phone calls get old quickly. Let your management partner handle these things for you.
If your time is valuable and you would rather be spending it your own way, this is the time to hire a property manager.
Growing Your Real Estate Investment Portfolio
If you’re renting out more than two or three properties and you’re thinking about investing in more, it’s definitely time to work with professional management.
You’ve probably managed to juggle the leasing, management, and maintenance of your one or two investments. Now, as you have multiple income streams and a number of different properties in your portfolio, you should be less concerned with day-to-day management and more concerned with big-picture financial performance.
Landlords manage their own properties. Investors leave it to professionals.
Your job is to ensure your assets are earning you money. Maybe you’re looking around for ways to grow your portfolio and increase its performance. You’ll need some professional help.
When you have professional property managers in Dayton working for you, our team can manage your properties and send you monthly reports so you can analyze what’s going on with each property and make decisions based on numbers. You don’t want to make these decisions while you’re fixing a sink or painting a wall or arguing with a tenant about late rent.
As your real estate portfolio grows, your need for professional management grows, too. Don’t wait too long to partner with a management company that can impact and influence what you earn and how your properties perform.
Proactive Property Management Gets Ahead of Problems
You’ll want to have your property management relationships in place already if you find yourself struggling to find a vendor to make a repair. You’ll want to lean on your property manager when you’re not sure how to price your property or where to list it or how to screen tenants.
Problems are much easier to solve when your solutions are already in place. Typically, your property manager has that solution.
For example, if you encounter problem tenants, you’ll wish you had a property manager who could deal with those relationships so you don’t have to. Tenants who don’t pay rent may need to be evicted. If neighbors are complaining and tenant disputes are frequent, it’s better to have a professional rental manager handle the situation. When a tenant moves out and leaves excessive property damage, you should call a management company.
Don’t wait for a bad situation to get worse. If you have not already hired a property manager, do it now.
We understand wanting to gather as much information as you can when you’re preparing to invest, and we encourage you to do so. When you’re thinking about hiring a Dayton property manager, make sure you’re actually ready to buy, make sure you know some things about the Dayton market, and make sure you’re ready to be a hands-off investor who is comfortable handing the day-to-day activities over to their trusted partner.
We’d love to talk with you more about this. Please contact us at ManCo Property Services.