Do you find yourself wondering if managing your rental properties is worth the investment? The stress of managing your own properties can give you unexpected headaches. Here are the most common rental property headaches and how to remedy them—no Advil required!
You’re not an expert in customer service (and you don’t want to be)
You invested in your properties to build streams of passive income and wealth, NOT to become an around-the-clock customer service expert. Let me guess; vacancies in your unit lead to time-consuming tenant search and conducting interviews. When your units are full, you’re answering calls from tenants, neighbors, and maintenance more frequently than you anticipated. Most tenants pay their rent on time, but the occasional late or partial payments send you running around town during your already busy schedule. And what do you do when a lease is violated or a tenant is upset? You’re starting to feel more like a full-time tenant relations manager, wondering if it’s worth the headache.
We recommend using a Property Management Software to systemize documents with programs similar to Yardi or Buildium. At the Blackarc, we prefer to use Appfolio to manage all of our client’s documents, schedules, appointments, and payments. There is some heavy lifting on the front end to get things set up, but the result is a streamlined process to get you back to your life.
You hired the wrong help
Maybe you’ve tried to hire maintenance help that ended up being a waste of money because you were trying to save money with the lowest rates in town. So then DIY seemed like the most economical option and here you find yourself, another late night answering a not-so-simple maintenance call. You thought you fixed the toilet “well enough” last time, but it’s leaking all over the bathroom again, and this time leaking into the basement. More of your time. More of your money.
Treat your property as an investment and invest in high-quality help. It’s money upfront that will pay you back with both time and money.
Getting away doesn’t feel like a vacation anymore
Billings is known as Montana’s trailhead, but getting away doesn’t feel like a vacation anymore. The last time you hiked out of service you were welcomed back with 10+ missed calls, texts, and frustrated tenants. You can’t leave town without lining up help or keeping your cell on to manage all of your properties. And sure, you’ve found a business partner who’s willing to keep an eye on things for you, but when push comes to shove, you’re the one everyone ends up calling. This isn’t the financial “freedom” you were envisioning.
Set down the Advil. For this Property Management headache, we recommend setting clear boundaries with your tenants before they sign the lease and sticking to them. Make it clear that you only respond to emergencies. Everything else can wait until the next business day. Let your tenants know what hours you’re available to call and when you’re out of town. While we don’t recommend letting a tenant contact a sub for services, setting up your management software so tenants can submit maintenance requests is an efficient choice.
Property Manager Companies who aren’t the right fit
If you’re considering hiring a Property Management company, our advice is that you should! Professional Property Managers who are the right fit can help you turn your rental properties into truly passive income. Property Managers who are the wrong fit: they’ll take you right back to the headache of square one.
Here are 3 important benefits to look for when hiring a Property Management Company:
- Find a company that will treat your properties like their own.
- Ask about a no rent, no pay policy. This is a rare policy that ensures your tenant’s rent payments come in full before you owe a dime.
- A 90-day satisfaction guarantee. Property Management companies should have your best interest in mind. If the match isn’t a win-win, you should be able to cancel without a long-term commitment.
What’s your biggest rental property management headache?
“The Blackarc relieved a headache of mine in managing a commercial strip mall off of our portfolio. Ali and Amanda took all the burden and pain with professionalism, ease, and efficiency.” – Blackarc Client
Make the money and take out the hassle with Billings Premier Property Management: The Blackarc. We care for properties like they’re our own. Let’s see if we’re a good fit to work together in Billings, Montana.