“I can do it myself.”
“Why pay someone else?”
“How hard can it be?”
“I’m a hands on kind of person.”
These are just a few of the responses from homeowners regarding whether or not they use a property manager. It really comes down to three key factors: time, effort and money.
Managing a Rental Takes Time
Managing a property takes time and effort. From finding great tenants to keeping them happy, it can be a time consuming job. I take the time to negotiate a custom Residential Tenancy Agreement which covers many aspects not included in the standard RTA. Just a few examples of the “extra” clauses, are number of vehicles permitted (must be licensed and insured), parking, no water beds, no business use, no smoking, number of people allowed etc.
Keeping the home in good repair prevents the little things from becoming big headaches down the road.
As a property manager I take the calls from tenants and become the go between taking the stress out of owner-tenant relations. It’s my job to make sure that tenants are complying with agreed terms in the RTA and to work with tenants to resolve issues that nay come up.
Location, Location, Location
There are some unique challenges for homeowners who choose to rent their properties from a distance. Finding a reliable repair person (or juggling a few on larger jobs) and having someone visit your home periodically to check the condition are of utmost importance. Dealing with maintenance requests long distance can be time consuming and frustrating. I have a list of contacts that I can depend upon to get the job done, as a home owner on the coast and working as a property manager I’ve built strong working relationships with many trades people that I can trust and I get timely service from them. I always check in before spending your money on large jobs.
How Hands On Do You Want to Be?
I have clients that live just blocks away from their rental properties and clients as far as Australia and the UK. The idea of greeting renters, knowing them by name and setting up a professional agreement with tenants means a lot to some homeowners. They want to know who is in their home and have a personal relationship with them.
However, some would like to be a bit more distant. They want someone who can step in and handle the tricky interactions, like serving an eviction notice. They want someone who can handle the less than gleaming aspects of home rentals, like confrontations over rule violations. I will handle such situations and protect your rights and the tenants.
At the end of the day, the choice to hiring a property manager is an important decision and shouldn’t be taken lightly. It includes taking stock of how much you want to be involved (including troubleshooting issues with tenants) and how close you are to the rental location. It’s a personal choice.