Do-It-Yourself (DIY) residential property management is not for the faint-hearted. It’s a great investment to own rental property, but don’t let the excitement make you believe you have the time, energy, and disposition to do it all yourself.
As a landlord, you’ll have duties that require your attention and usually on a regular basis. Let’s look at some of the landlord duties you’ll have if you decide to go it alone.
There will be routine maintenance, of course, but there will also be emergencies. There’s no escaping it. Renters, as a rule, simply don’t take care of a rental property the way an owner does. That automatically means more work for you. Schedule seasonal maintenance to keep appliances functioning, gutters cleared, and to check on your tenants.
When you have rental property sitting empty, you are losing money and you’re vulnerable to vandalism. Having your next tenant lined up and ready to move in takes more work than just running an ad. Talking to prospective tenants and meeting them for showings takes time out of your day. Then you need to collect rental applications, complete tenant screenings, and approve them, all before you have a paying tenant. And this is not part of the process where you can skimp. Getting quality tenants is an investment of your time and energy.
Collecting rentals should be an easy process, but when the rental checks don’t show up on time, then what? You are on the phone contacting your tenant, listening to why they’re late and so it goes. Using a professional residential property management company would free you from such inconvenience.
Rental leases are in place for a reason and as the landlord, it’s your responsibility to make sure your tenants are following the lease rules. It’s important to know what the state laws are for a Cure or Quit Notice, which gives a renter to option to fix a lease violation or be faced with eviction.
Benefits of Professional Residential Property Management
Professional property managers know the rental industry. They understand rental law and what it takes to meet federal Fair Housing laws and other state statutes. Residential property management pros are usually connected to the industry through associations and professional groups that give them updates on rental law and policy changes.
DIY Management vs. Property Management
How much time do you have to devote to DIY Management? You will need the extra energy it takes to keep up maintenance, rentals, paperwork in the screening process. It all takes time and energy. Be sure you’re ready and willing to take it on.
Purchasing rental property is a great way to build equity and diversify your portfolio. When choosing whether to invest your time by DIY managing, or pass the management duties along to a residential property management professional, understanding all the duties required of maintaining a successful rental property will help you make the decision that’s best for you.
Contact Cousin James Management if you decide to work with a professional residential property management company. We’re the best and we know how to help you.