Deciding whether you should hire a professional residential property manager to manage your rental property doesn't have to be an agonizing decision. The choice ultimately depends on your own needs and expectations as a property owner.
Some investors are able to manage a sizeable D.C. area investment property portfolio without any stress. Others didn't expect to ever become a rental property owner in the first place, and see significant benefits from working with the best property management Washington D.C. offers.
One thing is for sure: whether you have a single-family, detached rental home or a condo, to successfully manage properties efficiently, time and energy are essential. What are some of the signs you should be looking for as a property owner to invest in high-quality property management services?
Here are some things to consider before you proceed with hiring a property management group in the D.C. area to manage your investments.
Signs You're Doing Fine on Your Own
If you're already having a great experience managing your D.C. rentals, then you may not need to seek out professional property management. Property owners who tend to enjoy a do-it-yourself approach to their rentals have a lot of expertise in various fields and enjoy the work for its own sake.
What are the hallmarks of successful solo investors?
- They already have long-term knowledge of the local and national laws regarding renters and their rights—including during tenant screening.
- They have worked in property maintenance or have extensive knowledge of various kinds of building repair and are able to tackle preventative maintenance tasks.
- They already have long-term, stable residents in their properties and aren't anticipating needing new renters any time soon.
Signs You Might Benefit From a Property Manager
Plenty of knowledgeable and skilled property investors realize that they would enjoy the ability to outsource some aspects of their work, even if they technically could do these elements themselves. They don't want to spend the time combing through legal jargon or building codes if they can work with reliable property management Washington D.C. offers instead. For instance:
- They may have other work or leisure activities that make them less interested in covering the 24/7, on-call elements of working as a property owner.
- They are moving to another city and want someone nearby to handle the day-to-day work.
- They have long-term renters moving out soon and want an experienced property manager on hand to market the property, screen potential applicants, and collect rent over time.
- They want the technological benefits of a Washington D.C. property management company, such as online portals for maintenance requests and rent collection.
Additional Reasons to Hire a Property Manager
Of course, there are also property owners who are frustrated or overwhelmed by landlord-tenant interactions. The good news is that these situations are the kinds of scenarios that EJF Real Estate Services sees often, so we can put our experience to work for you as your professional buffer.
Furthermore, we can help you keep the parts of the work that you most enjoy and have hands-on access to the way we handle properties so that you are still in the loop. We know clear communication matters with property owners and residents alike!
Why get in touch right now? Here are just a few reasons:
- If all your free time is devoted to maintenance and repairs, or the properties you own have more maintenance issues than you anticipated
- If your vacancy rate is cutting into profits and you're not sure how to find reliable, long-term renters
- If the property investment business is new to you and the legal hoops are daunting
- If you know that you need to evict a renter but aren't sure how to go about it or how to represent yourself in court
- If communication with residents and rent collection are challenges every month
- If other aspects of the work are different than you expected and extremely time-consuming
EJF Real Estate Services is here for you! Our skilled team has seen so many of the property management scenarios above, and we've developed the expertise needed to address the issues that concern you most through years of experience. If you're feeling the pains of being a property owner with a nonfunctional rental property in a competitive rental market like the D.C. area, get in touch with us to put our skills to work for you!