Your plan to go into business with rental properties has been a good one. You have some experience under your belt, and you can see how being a landlord can be a lucrative gig. Maybe you’ve even added a few properties to your portfolio.
But the plan is beginning to show some cracks. There are a lot of tasks for a landlord to do. Sometimes tenants can cause headaches. And you’re beginning to realize just how complex the laws and liabilities of rental management in Indiana are.
Now you may be wondering, “Should I hire a rental property management company?”
Hiring a rental property management company isn’t for every owner. But for others, outsourcing some or all of their landlord duties can salvage their entrepreneurial dream. Below, we’ve offered some guidelines to help you determine if you could benefit from a management company in your rental ventures.
Your Property Management Tasks Are Falling Behind
Make no bones about it: you’re losing money if you’re struggling to find time to complete your duties as a landlord.
From prepping and marketing your rental property to collecting your rent checks, your success depends on timely completion of your landlord tasks. That leaky faucet will become a more expensive repair down the road. A tenant that slides with one late payment is going to pay even later next time.
Making your properties profitable depends on staying on top of the details. If you’re overwhelmed with tasks, it may be time to hand some of them to a rental property management company.
You Don’t Live Near Your Rental Property
Too many things can go wrong if you don’t have eyes on your properties.
Your tenant could move their friends in. Maybe you have a great tenant who is fed up with trying to contact you for a repair. Maybe the elm tree in the side yard is dying and threatening to fall on the roof.
If you’re hours away from the properties you’re managing, there are hundreds of worst-case scenarios that should be keeping you up at night. A rental property management company will keep things running smoothly so you can rest easy.
You Don’t Understand The Liabilities And Laws Of Rental Properties In Indiana
Staying out of legal trouble with your rentals should be higher on your list of priorities than even making money.
If you’re self-managing your properties, take the time to learn landlord-tenant laws in Indiana and on the federal level. You need to know exactly what questions you cannot ask potential tenants. You need to make sure your lease agreement is legal and also does not contain important omissions that make you vulnerable.
Every landlord will encounter a sticky situation that requires knowledge of landlord-tenant laws. If you’re not prepared to thoroughly research the laws you’re subject to as a landlord in Indiana, consider hiring a rental property management company.
You Don’t Know How To Have A Business Relationship With Your Tenant
Maybe your tenants are taking advantage of you because you’re such a nice person. Maybe you’re finding yourself saddled with poor tenants because you’re approving people you like instead of people with a decent credit score. Or maybe you’re chasing good tenants out because you’re coming across as too controlling.
In this business, your tenant is both your customer and, potentially, your biggest liability. If you have trouble being assertive or if you are sensitive to criticism, you may benefit from creating some distance between yourself and your tenants. A property management company can be your advocate while also providing your customers with good service.
Investing in rental properties is one of the oldest methods of building wealth. People decide to rent because purchasing a home isn’t always practical and desirable. Meeting their needs for a comfortable and safe place to live can be a rewarding and profitable business. But if you’re lacking the time or experience to maximize your rental business’s potential, hiring a rental property management company can save you both time and money.
