If you’re a landlord, you’ve got your work cut out for you during the pandemic. You’ve probably already experienced the frustration of tenants being unable to pay rent. You may have already encountered an upset tenant or two in the process.
Hopefully you’ve got other sources of income to supplement the loss of your rental income. However, lack of rent isn’t the only issue you’ll have to manage. You’ll also need to handle frustrated and angry tenants and at some point, evictions.
It’s not easy being a landlord during the pandemic. If you’re struggling, here’s why hiring a property manager is an excellent solution.
1. Experienced property managers know how to handle conflict that leads to eviction
It’s critical to respond to upset tenants in a manner that keeps the situation from escalating and brings resolution to the issue. Ideally, you’ll be able to resolve issues through conversation. Sometimes, however, resolution will require legal action like an eviction. An experienced property manager will have plenty of experience to ensure evictions are filed swiftly and legally.
Tenants are experiencing high levels of frustration from the impact of the COVID-19 pandemic. Many have lost their jobs and their businesses and are struggling to make ends meet. These hardships put some tenants into a combative state of mind where they react to just about everything.
During the pandemic, you’ll likely need to evict multiple tenants and each situation could escalate quickly. Make sure you have a property manager to keep things legal.
2. You’ll experience a reduction in stress
Having a property management company take over your landlord duties is the fastest way to reduce the stress in your life.
Reducing your stress during the COVID-19 pandemic is a must. Stress is a major health problem according to the American Psychological Association (APA) and can cause a variety of physical symptoms, including:
- Headaches and migraines
- Upset stomach
- GI issues, including diarrhea and nausea
- Body aches
- Tense muscles
- Insomnia and sleep deprivation
- Frequent colds
- High blood pressure
During the pandemic, when tensions are high, you’re more likely to experience stress more intensely than during normal times. The more ways you can reduce overwhelm, the better.
3. Landlord-tenant laws are changing rapidly
You can’t afford to break the law as a landlord. Your tenants can sue you into oblivion for making certain mistakes. Breaking the eviction moratorium is just one example of a new law you don’t want to break.
However, the legality of the eviction moratorium is somewhat up in the air. For example, a federal judge in Texas ruled that the CDC’s eviction moratorium is unconstitutional. The Texas judge ruled against the moratorium because it interferes with property rights.
The judge fully expects the CDC to cease enforcing the moratorium, but the CDC has not responded to the ruling. It doesn’t look like the CDC will be backing down on the matter.
Although the ruling is clear and in line with the U.S. Constitution, the consequences for moving forward with evictions during the moratorium could be severe.
Having a property management team working for you will give you access to legal expertise. Professional property managers work closely with attorneys who advise them on these sensitive matters.
4. Your time will be freed up to generate more income
If you need time to generate additional sources of income, you won’t have much time if you have to tend to your properties. If you’re spending most of your time performing repairs and maintenance, collecting rent, marketing, and showing empty units, you won’t have time to pursue other income opportunities.
By handing off your landlord duties to a property manager, you’ll be free to pursue any income opportunity you like. Whether you’re starting a new business on the side or just looking to acquire more properties, having adequate time is essential.
5. You won’t be the ‘bad guy’
One of the best reasons to hire a property management company is to avoid being the ‘bad guy.’ If you need to evict a tenant, let your property manager handle the lawsuit. You might have to show up in court at some point, but at least you won’t have to serve the notice to your tenants or answer angry phone calls late at night.
Property managers exist to support investors
You can’t do everything by yourself and still have time to live your personal life. Whether you have a family or not, hiring a property management company is the single best thing you can do during these tumultuous and unpredictable times.