Property Management or DIY: Which One is For You?

February 6, 2020 admin

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Property Management Leasing

When you manage your own property, you are in charge of setting the rent. You are also responsible for advertising your property to let people know that you’re looking for a tenant. Sure, this sounds simple enough. Look at the rental section of Craigslist and you will find a bunch of rental properties. However, that approach is not foolproof, as homes can sit vacant for over two months. As such, you should be prepared to update both price and your advertisement. You will also be responsible for screening applicants, and performing background and credit checks that many rental properties require. Then you will need to complete the leasing policies with the tenant and tend to any questions or concerns the tenant may have when they move into your rental property.

If you decide to go with a property management company, the professionals will take care of advertising your property. They will complete the background checks, and lease signing. You will be able to work with your property management company to finalize the choice of tenant.

Property Maintenance

The joy of home ownership often comes with a number of maintenance headaches. If you don’t keep on top of maintenance, it can often lead to bigger issues down the line. If you manage your own rental property, you will be the one to respond to tenant maintenance emergencies. Using a regular maintenance schedule can help to prevent catastrophes. However, you will still need to be available for making minor repairs. You’ll need to be able to contract local professionals to tend to the repairs that outside your expertise.

When you opt to hire a property management company to handle your rental property, your responsibility becomes narrowed down to one: paying for any necessary repairs. Seems a lot easier, right?

Legal Knowledge

Leases are a legal document between you and your tenant. While that may sound simple, you will need to be familiar with Fair Housing laws. Additionally, you will need to know what constitutes a habitable environment. This way, you can ensure that your rental property remains in line with the laws, up to and including the eviction process. The rules and laws of operating a rental property can and often do change, so you’ll need to stay on top of this too!

Opting for partnering with a property management company can allow you more freedom and reduced liability in the event something goes awry. You will likely need to understand the basic tenant and landlord rights, but your property management team will handle the rest!

Administrative

Tasks, such as collecting rent and record-keeping for tax purposes will rest on your shoulders. Tenants that submit their rent on their schedule, rather than the date agreed on the lease can be difficult. Much like the tenant laws, tax laws can change from year to year. This means you may need to consult an accountant, to make sure that you are following the most current laws. When you hire a property management company, they can help you to determine which level of insurance would be best for your property, freeing up much of your valuable time!

Conclusion

You will likely need to wear many hats when it comes to managing your own rental property. Fortunately, the pros at The Property Manager are well-versed in everything when it comes to property management. This includes finding and maintain tenants, as well as the legal regulations that homeowners must abide by when renting out properties. Feeling overwhelmed by all of the responsibilities of operating your own rental property? Why not give the office a call to see how The Property Manager can help!