Are you planning to invest in multiple real estate properties in Boulder, Colorado, this year? You're not the only real investor feeling optimistic about the market.
Research shows more than 70% of investors in early 2023 said their businesses grew between 2021 and 2022 and intended to buy more properties this year.
Real estate investing can be lucrative, but managing rental properties can be time-consuming. Let's explore four signs you need to hire a property management company.
1. More Than One Property
Do you own two or more properties? Trying to manage these homes yourself may lead to burnout. You might also struggle to give your properties the high-quality care they need to attract and retain tenants.
Hiring a reputable property management company will free you up to focus on growing your real estate portfolio without harming your current homes' success. You'll also have more time to concentrate on other important parts of your life, including home projects, vacations, family, and full-time work.
2. Being Unavailable
Another sign you need to hire a property management company is you live far away from your rental home. Managing a rental property is hard if you can't be there physically.
Perhaps your vacation rental is only one hour away. A two-hour commute can quickly become tiring and cost you gas and time.
A dependable property management company can eliminate the cost and stress of traveling to and from your rental property to ensure it's running smoothly. The company can update you on necessary repairs and other urgent matters, like a tenant complaint, so you can address these matters without having to leave town.
3. Tenant Retention Issues
Yet another sign you need a property management firm is you're struggling to find or keep tenants. Effective marketing and screening can help you attract and retain quality tenants.
A trustworthy property manager can help you market your property on social media or sites like Zillow to draw potential renters. They'll also use their internal systems to screen prospective tenants. This will increase your chances of getting tenants who'll pay their rent on time and take care of your property.
4. Feeling Overwhelmed
Feeling stressed out about managing your real estate properties? Hire a quality property manager.
Managing vacation rental homes can especially be taxing during the busy seasons. A property management company can help you oversee every aspect of your rental home business. This includes handling guest correspondence and even Airbnb account maintenance.
Property Management Company
Hire a property management company in Boulder if you're having trouble managing more than one property or live far away from them. A property manager may also help you if you're struggling to find or keep quality tenants.
At PMI Coal Creek, we can analyze your property, recommend repairs, and market your property. We can also arrange showings, screen tenants, maintain your property, collect rent, and handle your accounting tasks.
Get in touch with us to learn more about our services, and partner with us now!