4 Signs of an Overworked Landlord
Hi, this is Tanya at Envy Property Management. Whether you’ve recently become a landlord or you’ve been renting out properties for years, there will always be headaches associated with being a landlord. But what you don’t want is to become an overworked, overstressed, and unhappy landlord. That’s why today I want to talk about 4 signs that you’re an overworked landlord and when you should consider hiring a property management company.
#1: You Stress Out About Having a Vacancy
When your property becomes vacant are you constantly worrying about how long it’ll take to get it filled, or how long it will take you to get it back to “rent ready” status? If you don’t have tenants, you aren’t making money and this can be stressful to many landlords. But vacancies are inevitable with rental properties and as a landlord you should be very educated on how to get in there and get new tenants as quickly as possible.
If vacancies stress you out, you should consider hiring a professional management company, like Envy Property Management. Professional management companies have a higher rate of occupancy when compared to DIY landlords and are attractive to tenants as well. Oftentimes tenants want a professional company to rent from, making the rental process smooth and simple.
2. You Worry You Will Miss Something During the Applicant Screening Process
Doing a thorough screening of potential tenants is an absolute must when renting out your investment property. One small miss on screening could result in big headaches further down the road.
At Envy, we are dedicated to quality tenant placement and leasing of all of our rental properties. By having strict policies and procedures in place, we reduce the need for costly evictions and make our investment property owners the most money possible on their investment properties.
Another thing you must keep in mind is as a housing provider is you must follow all the Fair Housing and Discrimination laws. This is yet another reason to hire a professional like Envy Property Management, we make sure that we comply with all the strict Fair Housing and Discrimination laws in order to keep our owners out of lawsuits and litigation. Make sure you are also keeping up to date on these frequently changing laws in accordance with your local and state laws.
3. You Don’t Have a Good Maintenance Team at Your Disposal
Having the benefit of expertise and relationships when it comes to maintenance is priceless in the rental property industry. Something many landlords may not know is there are laws surrounding how long a landlord has to respond and take action on property repairs and maintenance. If you don’t have the ability to respond in a timely manner, you could find yourself in some trouble.
When hiring a professional to manage your investment, they will have a team of professional maintenance staff to attend to your property maintenance needs quickly and more cost-effectively than using a third-party vendor. At Envy Property Management, we handle all routine, emergency, and preventative maintenance on your property. Not only are we on call for you 24/7 we will also be able to ensure the work is done professionally and cost-effectively. When work needs to be done that is out of our area of expertise, we work with only the best vendors and contractors in Northern Utah.
#4: You Don’t Run Your Investment Properties Like a Business
If you are the type of landlord that allows your tenants to pay rent late, text you at any hour, or allow for lease violations, then it may be time to hire a professional to take over. With a professional Northern Utah property manager, you can leave the running of your business in capable and experienced hands. You’ll be working with professionals who have established policies, procedures, and structured systems and processes in place. Your property manager is ensuring the revenue of your business is strong.
There’s also valuable protection when you work with a management company. One out of three landlords are involved in a lawsuit every year, you can expect your property manager will keep you safe from claims and lawsuits. These lawsuits may concern things like fair housing violations, mistakes with the Fair Credit Reporting Act, evictions, and discrimination. If you’re not operating your investment like a business, then you’re putting yourself at risk.
If you are an overworked landlord who needs the experience and expertise of a professional, give Envy Property Management a call. We have years of experience, and can take the headaches of being a landlord out of your hands. Please contact us today, we are a wealth of information when it comes to the professional property management of your investment. You can always ask us for valuable tips and extra resources to make the choice simple and painless. Give us a call today, 801-337-4337 or visit our website at envypm.com where you can easily view our three-tiered pricing plan, so you can choose the package that best fits you and your needs.