How hard is it really to manage your own rental property? Find a nice renter who will take care of the place as if it were their own and collect a rent check every month. Maybe send someone over to do yard work every once in a while. While it sounds easy enough, the perfect tenant/owner relationship does not come around very often.
Acting as your own property manager can be challenging and daunting. In this industry, experience is key. Some questions to ask yourself before you go the self-managed or professional management route:
- How far do you live from the property? Can you visit it regularly?
- Are you willing to give up control of your property?
- What is your tolerance like for dealing with tenants? Can you deal with the stress that can come with it?
- How well do you understand the laws on landlord-tenant relationships?
- How many rental properties do you have?
- Are you struggling to fill your vacancies?
- Are you experienced enough with home repairs and maintenance?
- Are you capable of dealing with the taxes and accounting of your property?
- Are you willing to be on call 24/7?
- Do you know how to deal with a tenant who damages your property?
- Are you prepared to confront and evict tenants who don't pay their rent on time?
If you feel comfortable with your answers to the above questions then you probably do not need a property manager and self-management is right for you! If any of the questions made you pause, it might be worth looking into a professional property manager.
A professional property manager will take on all the stress of managing a rental property. You won't have to deal with being on call, tenant issues, finding a tenant, or collecting rent. Adding a buffer between the home owner and tenant can help diffuse tricky situations and manage emotions. All that is required from you is the occasional input on repairs and small details in the lease agreement.
If you want something done right, it doesn't necessarily mean you have to do it yourself. If you have any questions about professional property management or property management in general, feel free to give us a call at 503.635.4477 or email us at email@example.com. We'd love to help!