We get calls to our office all the time from owners who have tried to self-manage their rental properties. They are to the point where something had gone wrong and they are done with the process. In the beginning, it may seem like a good idea and money-saver to manage your properties, but sometimes it makes more sense to call on the professionals. Having a dedicated full-time licensed manager for your rental property may be the better idea.
It is possible to self-manage your rental property, of course. Many people do. But self-managing can take a lot of time and patience, and time is money. If you are not managing it efficiently, it is ultimately hurting your profit margin on your income property.
As landlord, you must begin by understanding all laws that apply to your property and tenants. This not only includes federal laws but state and local laws and any association requirements. These rules must be properly shared, in writing, with your tenants. Not knowing is not an excuse for not complying with laws and regulations. That is why anyone who is going to engage in property management services for you must have a real estate license.
A management company such as ours can help, as we already have all the legal paperwork you'll need. If you don’t have a strong lease or forms to document activities during the tenancy, it can be hard to start legal proceedings if a tenant doesn’t do what he or she is supposed to. Since we’ve been doing this for more than 20 years, we have the infrastructure to make the rental process smooth and easy. We have been in almost every possible tenant situation and know how to handle things.
When it comes to finding tenants and having a good occupancy rate, a management company can help you get seen and stay seen in potential renters’ searches. Also, a lot of non-qualified renters will not even approach a reputable manager as they know they can’t get away with anything. I’ve talked before about all the ways a management company can be vital to your property’s online reputation management. If you DIY your property management, remember to build in time for marketing, internet optimization and social media placement.
If you are planning to self-manage your property, you also must be prepared to answer all maintenance requests in a timely manner. If you are local, you can consider being the person to do the repairs or upkeep. But you must have the capacity to act quickly and responsively. Also, as it is your property, you want to make sure the work is done right. Do you know the laws relating to maintenance when it comes to a rental? If you hire a handyman who is not licensed or insured and something happens, have you saved money? Local or not, it can be complicated and time consuming to have responsive and qualified teams in place who also bill at reasonable rates Alternatively, a management company will be the first called to make sure that routine maintenance is performed and emergency responses tended to.
One thing I often find forgotten when individuals manage their own properties is good accounting and bookkeeping. Financial tracking and appropriate documentation of all expenses and income is crucial. As I have shared, a rental can be a great way to gain tax advantages, but this only works if you can properly document it all.
Many people choose to self-manage their rental properties and take a chance. Remember, there are companies like ours with significant experience in the rental management field who can help make the entire process, from occupancy to maintenance, easier. Streamlining property management through us may even save you money and yield a bigger return on investment in the long run.
Contact us today to get started!
Sweyer Property Management has been providing real estate property management services and long-term rentals to the Wilmington area since 1987. The company continues to be the industry leader with more than 1400+ units and more than 20 employees. Sweyer Property Management has exhibited continuous growth throughout the Wilmington, Leland and Hampstead areas while maintaining a 4.8 Google+ rating for customer service. To inquire about the company’s full-service management services, or to take a tour of houses for rent in the area, email [email protected], visit us online at WilmingtonForRent.com or download our mobile app, Sweyer Rentals. You can also Like and follow the Sweyer Property Management Facebook page to get property management tips or see properties for rent.