29 Oct Professional Property Management
Professional Property Management
If you are a real estate investor you have two options when it comes to managing your property. You can either self-manage or hire a professional property management company. While managing a rental property may seem like a breeze, don’t be fooled. Property management is a complicated business! From marketing and filling vacancies to negotiating and enforcing leases, it’s nothing short of time-consuming, if not overwhelming.
Although managing the physical aspects of your rental like keeping track of your income and expenses can be fairly straightforward. Managing all the people is not. In fact, many rental property owners’ most difficult lesson is the management of people. And, this business will require you to manage more people than you may think. In many cases, it’s the people not the property that create most of your rental management problems. For this reason, we offer some insight on things you should consider when deciding to self-manage or hire a pro.
Self-Management vs. Hire A Pro
One of the most important decisions you’ll have to make as a landlord is whether or not to hire a professional property management company. While nothing beats the excitement and pride of owning and running your own business. Rental property management, can be stressful. To be successful in managing your rental, you’ll need to find and screen tenants, collect rent payments, and address maintenance issues for starters. You’ll even have to inspect your rentals at different times of the year, deal with tenant complaints, and under worst-case scenarios handle evictions. While you may think you are gaining something by saving on not hiring a professional property management company, the questions is, are you really? Remember, managing people is the key to property management.
Managing Rental Property Is A People Business
Managing rental property is a people business. And as such, your ability to work with people is one of the most important skills you can have to be successful. In addition to your tenants, you will have to interact with rental applicants, contractors, suppliers, neighbors, and even government employees. In many cases, it’s the people not the property that create most rental management problems.
That’s because, emotion is always bound to get in the way when it comes to handling some critical situations. Keep in mind, owning investment property and managing rentals are two separate functions. One only requires that you invest in real estate wisely, and the other requires time, special skills, and the right personality. In other words, self-managing means, you’ll have to wear many hats.
Self-Manage Means Wearing Many Hats
In the property management business, you’ll have to wear many hats. From advertiser to host and handyman to bookkeeper, there will be times you’ll also need to put your counselor’s hat on. Whether you are an accidental property owner or long-term investment property owner, in today’s world this business requires a lot of you. One of the first steps you should take in determining whether to completely self-manage or delegate some or all of the duties is to analyze your own experience and skills. That’s because, property management requires some basic skills like marketing management, accounting, people skills, and handyman skills just to name a few to be successful.
Stress Free Property Management
You don’t have to lose sleep worried about how you are going to find new tenants. Or, whether they are the right people to live in your rental property. That’s because we offer a stress free property management process that includes:
- Assessing: how much rent to charge and how long it will take to rent your home
- Inspecting: make recommendations on how to get your property rent ready
- Marketing: list and effectively market your home to people looking for homes to rent
- Showing: show vacant units to prospective tenants
- Screening: use a thorough screening process to find good tenants you can be confident in
- Signing: take care of the leasing paperwork for you & collect the security deposit
- Collecting: collect the rent and deal with late rent payments (if any)
- Maintaining: handle and perform all property maintenance including maintenance emergencies
- Repairing: handle and perform all necessary rental property repairs
- Renewing: deal with the lease renewal process
- Move In & Move Out: keep the property in optimal condition by inspecting it each time a tenant moves in or moves out
- Eviction: take care of the difficult eviction process for you (if and when needed)
Whether you are interested in changing property managers, or simply looking to hire a property management company for the first time, we can help. We take care of all types of residential properties including homes, condos, multiplexes such as duplex and triplexes, and even small apartment buildings. Let us manage your rental properties, so you can enjoy your life! Call us today at (858) 576-2176.