Should I Manage My Property On My Own

There are no two ways about it: professional property management comes with a monthly fee. Some rental home owners are reluctant to pay a management firm, instead choosing to handle the property's ongoing needs solo. While DIY management isn't always a recipe for disaster, it takes a particularly well-rounded landlord to handle all of the responsibilities associated with home ownership. From finding the right tenants for the rental to resolving maintenance issues, management can quickly become a full-time job.

If you're wondering whether or not you need a property manager, first answer the following questions:

How Much Time Do I Have?

Before you commit to managing a rental property, be realistic about the time demands associated with the property's upkeep. Are you ready to devote your evenings and weekends to house calls for repair calls? When the property becomes vacant, do you have the ability to schedule multiple showings, answer questions from potential tenants, and screen applications for potential red flags?

Of course, the time necessary to keep your property afloat only grows if you add additional homes to your portfolio.

Where Do My Talents Lie?

Some landlords simply should not try their hand at DIY management, because they lack the training and knowledge necessary to perform repairs correctly. If you're a handyman and comfortable resolving common household issues, this may be less of a problem for you. Remember, however, that you'll also need to handle the marketing and accounting needs of the property. If you don't have a thoughtful strategy for dealing with these challenges, you could quickly find yourself in hot water.

Paying an independent contractor to handle your billing processes or repair your home can quickly add up to more than the monthly management fee, which is also an important consideration.

Am I Comfortable Dealing with Conflict?

In an ideal situation, tenants and their landlords cooperate with one another and find amicable solutions to problems that arise. Unfortunately, it's not difficult for the landlord-tenant relationship to sour. If your renters stop paying their bills on time, or you discover damage has occurred within the home, are you comfortable dealing with a potentially hostile situation? Should worse come to worse, will you be able to manage eviction proceedings and take care of finding a new tenant for the property?

Many homeowners don't want to enforce rules or follow up on late accounts, but failure to do so could cause huge financial problems down the line. To be truly effective at managing your home, you'll need to develop a strong sense of customer service, but also stick firmly to the terms outlined by your lease.

Benefits of Professional Property Management:

• Stress & Hassle-Free: We handle the hard stuff for you. Never worry about the state of your property again.
• Efficient Responses: You can't afford to keep your tenants waiting for repairs, or take several days to follow up on a late rent check. Choosing a professional manager will resolve this problem.
• Long-Term Cost Savings: Think paying for professional management means saying goodbye to your profit margin? Think again. Many landlords save money with a property manager.

Ready to Learn More?

Want to get started today and discover how RPM Central Valley's unique approach to property management in Modesto, Stockton, and Tracy could help you maximize the return on your investment? Call us today to schedule a free consultation: (209) 572-2222