It may have made sense when you first embarked on this Kansas City rental property journey to try and manage as many operational tasks yourself as possible. And in the beginning, performing your own showings, collecting rent, and meeting with contractors may not have been that big of a deal. But most rental property owners and investors will tell you that there comes a time when it simply makes more sense, financially and otherwise, to bring in some professional help. Today, we’ll offer five signs that indicate you might be ready to have that rental property manager discussion, as well.
You’re Experiencing More Vacancy Days
Whether you own one Kansas City rental property or several, a vacancy means a loss in profit. And while experiencing the occasional vacancy is just par for the course, extended periods without tenants can be problematic. If you are experiencing far more vacancy days, there could be an issue with your marketing efforts, your tenant pre-screening process, or your property condition. And the best way to remedy any of these issues is with the professional help of a rental property manager.
You Are Inadvertently Missing Maintenance Necessities
With so many irons in the rental property business fire, you might find yourself occasionally missing steps in your maintenance process. For example, you might forget to have the inspector come for his annual review of the property. Or it could slip your mind that spring in Kansas City means a check of the property’s air conditioning unit is in order. If you’re inadvertently missing these critical maintenance efforts, it’s time to think about bringing in a property manager who can help coordinate, schedule, and execute on your behalf.
Your Marketing Efforts Don’t Seem to Be Working
If your Kansas City rental property listings or online advertising doesn’t seem to be working, it may be a sign to rework your marketing strategy. But if managing a social media account, creating walk-through videos, and attending the local Chamber of Commerce business lunch is too much for your already busting calendar, property management is the answer.
You’re Losing Sleep or Feeling Overwhelmed
When you first began your journey as a rental property owner, you were probably excited and approached every task with enthusiasm. But over time, those operational duties become burdensome and can really weigh on an owner. If you’re taking calls after hours, falling behind on emails, and losing sleep, you should really consider partnering with a property management company.
Your Kansas City Rental Property Isn’t Profitable
If it’s been a while, like more than a few weeks, since you last sat down to review your rental property’s monthly statements or performed an analysis on your ROI, there’s a chance you’re losing money. It could be you just don’t have the time to dedicate to financial reviews. But you didn’t get into rental property ownership because you like to perform operational tasks. You likely invested because you recognized an opportunity for profit. If you’re losing money or not growing your portfolio the way you originally intended, a rental property manager can help. By delegating the operational tasks of pre-screening, rent collection, and maintenance scheduling, you’ll have more time to devote to improving your ROI. And you’ll be more diligent about identifying costly mistakes before they become overwhelming.
If any of these scenarios sound familiar, contact us to explore your Kansas City rental property management options. Our professionals can help you take the next step in your investment venture and, in the end, will allow you to see those benefits and rewards you aimed for when you started. Investing in a rental management partnership can ensure your profits continue to grow.