8 Hindrances of Managing Multiple Properties by Yourself

As a landlord and investor, you may find yourself in a position where you are managing multiple properties by yourself. This can be a rather difficult and time-consuming task, especially if you have a large portfolio of properties. Luckily, there are property management companies that can help you with this burden.

A property management company can take care of a variety of tasks for you, such as marketing your units, screening and signing leases with tenants, collecting rent, and handling maintenance and repair issues. This can free up a lot of your time so that you can focus on other aspects of your business and ensure ROI.

Here’s a deeper look into a number of hindrances to managing multiple properties by yourself:

1) Marketing

One important aspect of being a landlord is marketing your units to potential tenants. It’s quite important to make sure that your properties are visible to as many people as possible and that they are appealing to potential tenants. A property management company can help you with this by creating and implementing a marketing plan for your units.

2) Showings

Showings can be quite a time-consuming aspect of being a landlord since you have to be available to show your units to potential tenants. This can take up a lot of your time and hassle. A property management company can handle showings for you, so you don’t have to worry about them.

3) Tenant Screening

Tenant screening is a vital stage of the rental process to make sure that the people you are renting to are responsible and will take care of your property. A property management company can help you screen potential tenants to make sure they are a good and decent fit who won’t damage your rental.

4) Tenant Selection

After the screening process, you need to choose the right tenant to rent to. This can be a tough decision, but a property management company can help you select the right tenant for your rental. They will take into account all the factors you are looking for in a tenant to help you accept and reject tenants.

5) Repairs and Maintenance

A property management company can arrange and conduct repairs and maintenance for your rental. They can help you find the right contractors to do the work and can even do the work themselves. Such a move can save you plenty of money in the long run.

6) Regulation Reviews

A property management company can surely keep your rental property up to code. Keeping your rental property compliant with the law can help you stay up to date on the latest rental laws and regulations to steer clear of penalties.

7) Tenant Mediation

A property management company can also help you mediate disputes between your tenants and resolve them quickly. It’s a plus that they will have experience in dealing with tenants and can help keep your tenants happy with their living situation.

8) Property Inspections

A property management company can also help you with property inspections. Running property inspections can help you find any issues with your rental property and fix them before they become bigger issues.

Conclusion

Managing multiple properties by yourself can be extremely difficult and time-consuming, presenting a number of challenges. Luckily, a property management company can help take some of the burdens off of your shoulders.

Searching for a property management company in Jacksonville, FL? At Quest Management Group, our full-service real estate company has helped clients throughout Northeast Florida since 1985 in the USA. Get in touch with us today!