So you finally own your own rental property. You’ve brought in your first tenant and you’re ready to get all of that sweet passive income. But wait, you actually have a lot to take care of.

The tenant has maintenance requests, you’re not sure how to collect rent, and you’re busy with your other responsibilities. You didn’t anticipate this!

Why not hire a property management company to help? We’re here to talk about when you may want to reconsider DIY landlord management and go with the pros. Read on to learn more.

You Own Multiple Properties (or One Multi-Family Property)

When you own one single-family rental home, or if you’re in a duplex that you live in alongside another tenant, managing your property is easy. You’re only dealing with one tenant (or one group of tenants) and you don’t have to deal with many maintenance tasks. As long as you hire an accountant when it’s tax time, you should be good to go.

But what if you own a large multi-family property, or if you own several properties? In this case, hiring a property manager might be your best option.

Property management services can handle everything from tenant communication to property maintenance so you don’t have to. They’ll make sure that everyone pays rent on time, that the property is always in good condition, and that you’ll have potential tenants to fill up vacancies in a matter of days.

You Don’t Understand Rental Laws

There are plenty of laws that landlords have to follow. Fair housing laws are a huge deal, and mistakes can cost you more than you can afford.

Any good property management company will be able to guide you through the difficult legal matters regarding rental properties. They’ll make sure that you don’t accidentally discriminate against tenants or start an illegal eviction process. They’ll also walk you through the eviction process if it becomes necessary.

You’re Busy With Your Day Job

While some landlords are able to live off of rental income, this isn’t the case for most new landlords. It’s very likely that you’re still busy with your day job or other responsibilities.

A good property management company will pick up the slack. While you’re busy at work, they’ll be there to take care of all of the behind-the-scenes work of property ownership.

You Want (Almost) Passive Income

As we mentioned before, rental properties aren’t passive income for most landlords. You can have almost passive income, however, if you use rental companies for your property management needs.

For a low cost, they’ll take care of everything. While you might worry that you’ll be making less money because you’re paying someone else, this isn’t the case. Because they’ll fill vacancies for you, you’re less likely to experience gaps between tenants, so you’ll make more money overall.

DIY Landlord Management Isn’t for Everyone

Sure, DIY landlord management might be good for someone who’s retired or who only runs one property, but busy people might need a bit of help. Hiring a property manager will make life easier for you and your tenants alike.

Talk to a local property management company to see how they can help.

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