When you are a landlord or rental property owner, you learn quickly that no two tenants are alike. The first one may pay the rent on time, only call you during emergency situations, and leave the property looking exactly how they found it. The next one may pay rent weeks and months late, call you at all hours of the night for non-emergency situations, and damage your property so badly that it costs you thousands in repairs.
In other words, there is no one-size-fits-all when it comes to renting out a property. Some landlords and equipped to deal with these constant ups and downs, while many others are not.
As a matter of fact, even some of the most dedicated landlords and property owners may decide it’s just not worth it and throw in the towel before they see a real profit on a house, apartment, condo, or commercial building.
Fortunately, there is another option. If being a landlord becomes too overwhelming for you, you don’t have to give up on the idea. You probably just need to hire an Oakland property management company. Take a look at 10 signs that this may be the right option for you.
1. You are new to renting properties
Some of the most experienced landlords and property owners admit that they can’t do it all by themselves. Preparing the property, screening tenants, collecting rents, performing repairs, handling evictions, and so on — it can be a lot for someone, especially if they have no experience or background in real estate or the property rental business.
That is where your Oakland property manager comes in. He or she can do as much or as little of the work as you want and has likely done it so many times that they can do it in their sleep.
This means that you don’t have to worry about making a costly mistake, like renting a property that is not up to standards, overpricing your property, or choosing bad tenants. Your property manager can also help ensure that you are meeting all laws and requirements in the state of California.
2. You own or manage multiple properties
Just renting out a single-family home can feel like a full-time job. Renting out several homes or an entire apartment building or condo may be more than you can handle. You may even find that you are doing nothing but managing your properties 7 days a week.
This means no family time, no vacation, no sick days, and no time to sit back and enjoy the income you make from your investment. Imagine telling your son you missed his Little League game because you were evicting a tenant or your daughter that you can’t be at her high school graduation because a pipe busted in your apartment building and you can’t find a plumber.
Again, a property manager will handle as much or as little of the job as you desire. So, if you just want some assistance so you can make it to those important events or you want to move to the Caribbean and have someone back in California handle it all, they can do it.
3. You don’t live in or around Oakland
Speaking of living in the Caribbean, it’s possible you’ve invested in a property that isn’t near where you live or you’ve moved and don’t want to give up a property that you can rent. Being a remote landlord isn’t always realistic when it’s time to sign a new lease and hand over the keys, and it’s nearly impossible to check in on your properties to ensure your tenants aren’t destroying them.
Even if you do live in town, maybe you travel often. Maybe you live here, but you’re gonna take a job in Atlanta or London or Washington, DC for a year or two and want to rent out your home. When you work with an Oakland property manager, he or she can take care of all that and keep you in the loop via phone, text, or email.
4. You’re having a hard time finding professionals to help with maintenance and repairs
Maintaining a property is a big undertaking. From everyday tasks like garbage collection and landscaping to emergency situations like a leaky roof or broken HVAC system, you need to have the names of some reputable local contractors on standby.
Putting that list together can be frustrating, especially after the first two electricians you called didn’t do the job correctly. When you work with Oakland property management, they already have that list together and will help you hire the right local person or business for the job every time.
5. You’re losing money due to your workload
No matter how many properties you own, if you’re not making money on them, there really is no point in having them.
For example, if you have a problem tenant in one house or apartment that is taking up so much time that you don’t have a spare moment to look for tenants for an empty property, you are losing money on that place as long as it sits empty. If this sounds familiar, it might be time to think about a property manager.
6. You just don’t like some or all aspects of property management
Many people dream of making a living by investing in properties, but the reality isn’t quite what they pictured. This may sound familiar. Perhaps you’ve learned that you like managing the building but not the tenants.
Maybe you don’t like any of it but you still enjoy the income. Let an Oakland property management company take on the parts you don’t like. No one should stay at a job they don’t love if they don’t have to.
7. You continuously choose bad tenants
Does it feel like no matter what you try, you just can’t find good tenants to rent your properties? If so, you may want to have a property management company handle the screening for you. Professional property managers have a system in place that allows them to choose the best potential tenant for your space.
It generally involves marketing the property in the right places, performing a series of background checks, and ensuring you are renting a property that is in good shape for the right amount of money. Working with a professional property manager in itself may even attract good tenants. Bad tenants typically know they can get away with more when the landlord is also the property manager.
8. You can’t find any tenants at all
No tenant at all can be just as tough to deal with when you know you are losing money. The reason why no one wants to rent your property could be that you are unrealistic about how much you want to rent it for. Maybe you aren’t advertising the space properly. Perhaps the house or building needs some maintenance to spruce up its curb appeal. Your property management can help you find the problem and fix it.
9. You’re facing a tough legal matter
Whether it’s an eviction or a lawsuit from a formal tenant, real estate law can be overwhelming for someone who doesn’t have much experience with it. Not only will your property manager help you handle the situation, he or she will become an advocate for you.
10. You’re ready to retire
Maybe you’ve been at this property rental thing for a while, but it’s time to take a step back. You want to spend more time with your grandchildren, travel with your spouse, or take up golf. Maybe you just want to sleep in on Saturdays without worrying that a tenant is going to call about a plumbing problem. This doesn’t mean you have to sell your properties. You just need to call in some reliable help, and you’ll find it with a property manager.