You often hear the phrase, “If you want a job done right, you must do it yourself…” but when it comes to property management that is not always the case.
The first question to ask yourself when you enter the situation of being a landlord is whether you would like to take on the responsibility of maintaining your investment or leave it to the professionals.
Self-managing allows you to handle your tenant’s issues personally, maintain a close relationship with them, and gives you total control over your rental. However, you may find yourself running into things you don’t necessarily want to handle or know how too.
- How much rent is my property worth? Do I have the ability to appraise it and compare it against what else is on the market that is similar? (Hint… Zillow is not a good source to get rent value from—they are wrong more often than right)
- How do I market my property? Where do I put the add to attract the type of tenant I want?
- If I find a Tenant, how can I check and see if they will take care of my property and if they have a history of paying their rent on time?
- What is needed in a lease document that makes is a valid contract?
- How do I construct a proper lease agreement?
- Do I have time to take phone calls about dripping sinks, doors that won’t close, hot water systems that have exploded, or the air-conditioners that are not cooling?
- Do I then have time to book a vendor, check to see if they have completed the work properly, wait for the invoice, and pay them?
- Do I have time to inspect my property to ensure it has been taken care of? If I find the Tenant, how do I found out if they are mistreating my property and what can I do? What will the law allow me to do?
- What do I do if the Tenant keeps paying rent late? How can I legally evict them?
If the path of renting your home seems a bit too bumpy for you, you may want to consider seeking further information on property management. Luckily that is our area of expertise! With the right policies, procedures, and team the potential pitfalls will be no more! Let the professionals take care of all the things that can make being a Landlord so frustrating.
Fill free to contact McKenna Property Management with any questions you may have; we are here to help!