Most people living in New York live in rental properties. In fact, New York's homeownership rate is 53.6%, much lower than the national average.
Landlords benefit from this statistic, meaning they rarely have trouble finding tenants. However, landlords have many other duties other than finding tenants.
As a result, many seek help from property managers. But do you need to hire a property management company for help?
Here are five signs to help you know.
1. You're Moving Away
You can manage rental properties in two ways: passive and active. An active owner participates in the everyday tasks, while a passive owner hires others to handle the work.
If you currently work as an active owner, you won't be able to do this if you move away. So if you plan to move to a different city or state, you'll need to hire a company to handle the work.
2. You Don't Run Background Checks
How thoroughly do you screen tenants? It might be time to hire a property management company if you don't use thorough screening techniques.
Running background checks is a crucial step before approving tenant applications. But, unfortunately, running these takes time, money, and knowledge.
If you're not doing these, it's likely because you need more time, money, or knowledge. Thus, it's a sign you need to hire a company to help.
3. You're Overwhelmed With Tasks
Many landlords feel overwhelmed with the work they must do for their rental properties. Unfortunately, the stress affects their life. In addition, it affects the quality of their rental properties.
When you feel overwhelmed, you might not have time to do everything. As a result, you might suffer from physical ailments or a loss of sleep. Stress is harmful to your body and decreases your quality of life.
You can relieve these feelings by hiring a company to take over these duties.
4. You Skip Tasks
Do you maintain your property? Do you handle every repair request in a timely manner?
When landlords feel stressed and overworked, they might start skipping duties. Of course, you can take steps to avoid this problem, such as using a maintenance checklist. But you might still skip tasks.
5. Your Tenants Aren't Happy
Every property management guide emphasizes the importance of happy tenants. Happy tenants pay their rent on time and avoid causing problems. Happy tenants also won't demand unreasonable requests.
However, tenants become disgruntled and unhappy when their landlords fail to address their concerns. For example, tenants expect their landlords to fix problems within a reasonable amount of time.
They also expect their landlords to keep up with routine maintenance and address problematic tenants. It's time to hire a property manager if your tenants aren't happy.
Hire a Property Management Company for Assistance
Do you see any of these signs? If so, you can relieve your duties by hiring a property management company. The company will handle the duties for you, providing you with more time and less stress.
Contact us at Veno Properties if you need assistance in Saratoga Springs, NY. We can help!