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DIY Landlords, Is it Time To Hire a Property Manager?

 

If you have the time and experience to manage your rental property yourself, it can be a rewarding proposition for all involved.  In this instance, you would be building a relationship with your tenants, maintaining the property, and screening the tenants yourself.  However, if you have a demanding job and active family, it may be a smart move to hire a property management company such as Real Property Management Three Rivers.  We can handle all of the time consuming activities like qualifying and leasing the property to vetting high quality contractors for maintenance needs.  Here are some of the responsibilities that we can take off your plate, so that you can start living your life more stress-free:

 

Leasing

  • Establishing a fair rental price- Identify other rental units in the area and determine rent that is comparable
  • Advertising-There is a lot of internet and yard sign marketing that property managers have access to that DIY landlords do not have.
  • Screening Applicants over the phone-Before meeting an applicant at the property, it is important to vet the applicants over the phone to make sure that they meet minimum requirements.
  • Property showings-Establish times for open houses or private showings while making sure that the house is presentable.
  • Application process-Background checks and credit checks are absolutely key to making sure that they take care of the property and have the proper income to support the rent and necessary utilities.
  • Establish leasing policies-Security deposit and fees. Make sure that you have a consistent policy up front that they are aware of and consistent with.

 

Maintenance

  • Maintain the house/building on a consistent schedule so that furnace filters and gutters (among other household mechanicals) are kept functional to mitigate unnecessary repairs. We offer bi-annual or quarterly inspections in order to proactively avoid larger costly repairs.
  • Making minor repairs- Everyone likes to think that they can handle plumbing issues or lock replacement.  However, most of the time it is more efficient to get a licensed plumber or locksmith to do the job.
  • Contract with Service Professionals- Do you have a trusted contractor to complete repairs in a timely fashion? We have vetted contractors and in house maintenance that can save you money and time with repairs.

 

Legal Knowledge

  • Fair Housing Laws-Property managers have to be licensed agents in the state in which they operate.  This means that we are familiar with all of the current real estate laws.
  • Leases-We have leases that are crafted to protect the owners property and interests.
  • Answers to sticky questions like, how to legally end a tenancy or go about an eviction. 

Administrative

  • Collect rent-Sometimes it is necessary to send out late letters and have phone calls with tenants that have failed to pay on time.
  • Keep records for accounting and tax purposes-We have a dedicated accounting team that takes care of this for you.
  • Getting the right insurance-We can make sure that you are up to date and refer you to agents that specialize in providing insurance policies, especially for landlords. 

Tenant Management

  • Being available to handle tenant emergencies 24/7
  • Return non-emergency phone calls quickly
  • Deal with lease violations
  • Retain good tenants through offering incentives

 

If this partial list of responsibilities sound daunting, please take the time to pick up the phone and see how Real Property Management Three Rivers can help you maximize your profits while saving you time, money and headaches.

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