Hiring a Property Manager vs. Self-Managing: What’s Better?
Those new to being a landlord may not consider the full scope of what it means to have a rental business. To be a successful landlord, you’ll have to think beyond just the profits to be earned and keep in mind your role and responsibilities.
With a growing portfolio, property management tasks only get harder to handle. You may want to consider the tasks given to you as a property owner and decide whether or not some extra help from a professional property management team would benefit you and your investment.
The Primary Property Management Responsibilities Of A Landlord
Rental Property Maintenance
To keep building value for your rental space, you need to ensure it is well-maintained by conducting regular inspections. Regularly check on your home systems to ensure they’re fully operational. Ensure that preventative maintenance and regular remedies to wear and tear are being performed to maintain the quality of your rental.
The quicker you schedule repairs, the more pleased your tenants will be. Performing routine tasks such as gutter cleaning and HVAC system inspections can also guarantee fewer issues and happier residents. After all, a landlord’s top priority should be keeping their renters safe and satisfied.
Dealing With Vacancies
When your unit is empty for quite some time, you can end up in a financial rut. That’s why marketing your property is so important. You’ll need to spend a lot of time in between tenancies on marketing and showings to fill that vacancy as quickly as possible.
There are several marketing strategies commonly used by landlords. You can leverage social media and online listing sites to spread the word about your vacancy. You can also participate in community events to hand out physical advertisements like fliers.
Handle potential tenants’ inquiries with patience and respond as fast as you can to keep their interest. You also need to design a good tenant screening procedure to ensure you land excellent renters who pay on time and treat your unit well.
Collecting The Rent
You might think that rent collection is an easy task, but a lot of things can go wrong. From dealing with delayed checks in the mail to simply forgetful tenants, there are plenty of things that can delay your monthly income. Because of these issues, you should develop a rent collection system you can rely on.
Collecting the rent on time is crucial to cover your operating costs, especially if you are still paying for a mortgage. As a way to encourage renters to pay on time, you can collect a late rent fee so delays will be minimized.
Evicting renters who are delinquent in paying rental dues can also be part of the solution, but you need to comply with the legal method to avoid being subjected to a lawsuit. Learn what notices you need to send and always document everything so you can show full proof when required.
Before finalizing your decision to evict a tenant, communicate to learn the reasons behind the delay. There might be a valid reason and you can also compromise on a solution rather than needing the courts to settle the case.
Managing Tenant Relations
One of the most challenging tasks of landlords is to deal with tenant issues. Cultivate a good relationship with your renters to inspire loyalty. You also need to talk with them regularly to find out how you can make their stay even better.
Regular check-ins with your tenants can help gather feedback to ensure that the condition of your property is outstanding. Should necessary maintenance be involved, you can address them quickly and make renters comfortable.
Enforcing The Lease
Part of your job as a landlord is ensuring that renters remain compliant with the lease terms. If a renter violates your policies, you’ll need to issue a verbal warning. And if nothing changes, you can send a written warning before proceeding with an eviction. Make sure to be familiar with the eviction procedure in your state to avoid escalating the problem.
What are the Benefits Offered by Property Management Companies?
Compared to self-managing landlords, property management companies are more experienced and have built foolproof ways to solve specific situations. They apply the best property management practices that streamline the work and their expertise can contribute to the success of a rental property.
You can also relax knowing that you are legally protected when you partner with them, since they have mastered state property laws and are well-versed with the Fair Housing Act.
What Is Best: Self-Management or Property Management
Even if you need to pay for the services of a property management company, you can still end up with more benefits. Their dedicated effort in managing your rental space can save you money and stress. Their services will also pay off through long-term tenants and a well-kept rental property.
If you need more property management support, contact Superior West Property Management today!
