It goes without saying that having help to do your job cuts down on time, effort and well, money spent. If you’re a do-it-yourself (DIY) landlord or property manager, well, you’re probably doing about 10 different jobs at one time.
For some property owners, their rental house has an emotional tie to a former time in their life. It was their home, which can make it difficult to allow a stranger to manage their property. Hiring a professional property manager allows you to delegate responsibilities, freeing you up for more time to spend with family and doing what you want. It costs too much? You might be surprised…Keep reading.
As a DIY landlord, the last thing you want and need–above and beyond a leaky roof, flooding and the occasional natural disaster–is to have more work. Why hire a property manager? Good question. Here are five reasons to change your mind.
Is your renter qualified?
It’s a valid question. As a DIY landlord or property manager, you may lack the resources necessary to conduct a thorough background and credit check. Also, does the renter make two to three times in gross income what he or she will be paying in rent? Do they have at least two years of references from previous landlords? All good questions, so be sure to measure risk vs. reward if you go at it alone. The advantage to going through a property management company is–drum roll–they do all of this for you!
Are you spending your Saturdays showing your home?
Time is money. Do you have the time to take calls and run to your rental every half hour to show your property? If you want to get it rented, it takes a priority over everything else, as it should, however wouldn’t you rather be doing something else? Taking off time from work on a Thursday morning or spending your entire weekend showing your rental to potential tenants is not what most people would say is a good time for them.
Collect rent on time and in full?
Just about every smart landlord has a policy through which he or she institutes a three or five-day grace period on or before the 1st of each month. Why? Well, life happens and sometimes, a tenant can’t always pay the rent on time–be it to a family emergency or budgetary concern. And what if you live out of state or not close by to collect the rent or even check up on the home? Professional property managers will have systems in place for rent collection, like online payments, automatic withdrawals, and payment history.
Do you know about fair housing laws?
There’s a reason why there is so much paperwork and red tape in real estate; ethics and legal issues. As a DIY landlord, how much do you know about fair housing laws, HOA restrictions, and local and state laws? What about evictions? Every state has different laws when it comes to the tenant/landlord relationship and if you overstep your boundaries, you’ll wind up in court. A professional property manager knows these laws and are licensed to deal with any situation that comes at them. Are you?
Taking forever to fix something?
Repairs and maintenance are probably the most time consuming and costly problem and property owner will face. Do you know how to fix a leaky toilet or a broken A/C? Do you have the financial resources and contacts with repair contractors? Putting off repairs and maintenance can only cause more problems for the property, not to mention the unhappy tenant, which is precisely the reason–among five mentioned–that you should call a property manager.
Hiring a professional property manager most likely costs less than you think. Barely making your mortgage payment after rent is collected? Well, have you considered that maybe you may not be charging enough for rent? At Real Property Management we can help you determine just how much you should be charging for rent, find you a great qualified tenant, and handle everything for you.
Save yourself the afore-mentioned time, money and effort and call a pro. We’re here to help.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.