As a landlord, you may be tempted to manage your property yourself. While this can work well, there are some considerations you should make. You must know what you're obligations are as a landlord regarding your property and your tenants.
With that in mind, we at Pinnacle Property Management have listed out the essential duties of a landlord should you decide to manage your property alone, as well as how a property management company can help you fill in any gaps.
Maintain and Repair Your Property
As the owner of the property, you're responsible for making sure your home is adequately maintained. This means installing or replacing broken windows or doors, fixing faulty electrical outlets, repairing leaky faucets, and many other faults.
A good landlord understands the types of repairs that often happen and which ones require immediate action. So keeping on top of these ensures a better relationship with your tenants and a higher chance they will stay longer.
Hiring a reputable property management company ensures all repairs are met in a timely manner. As they will be the point of contact for your tenant along with coordinating any repairs with a reputable contractor.
Manage Any Vacancies
If you’re going to manage your property yourself, it’s important to anticipate and address all potential issues related to filling vacancies. Successful landlords know how to find tenants and line up showings.
By self-managing, have control over who you market to and inevitably who lives in your rental units. But no matter how thorough you are in screening applicants, you may be unable to perform crucial credit and criminal history checks. So, approaching a property management company may be useful.
A property management company can also create and manage your vacancy adverts, ensuring the advert reaches the most amount of potential tenants.
Check-In With Your Tenants
Landlords who choose to manage their own properties take it upon themselves to manage their relationships with their tenants. This includes all aspects of the lease agreement, screening, and maintaining tenant relations for your portfolio. All of which can take up much of your time.
A property management company, on the other hand, can represent you and ensure that all your tenants get excellent service.
Collect Your Rent
If you choose to manage your rental property yourself then you are responsible for collecting your rent. Additionally, you will be reviewing the lease agreements creating rent checks, and going through the eviction process or dealing with holdover tenants if need be.
But, hiring an experienced property management company means they manage how your rent is collected and how it gets to you. They can provide your tenants with up-to-date online solutions giving your tenants the easiest and most efficient ways to pay their rent.
Enforce the Lease Agreement
As a landlord, you will be responsible for managing and potentially enforcing your lease agreement. You must be aware of your state’s rental laws to enforce the lease and manage your tenant from a legal perspective.
The best property management companies have teams of lawyers and paralegals who make it their business to keep on top of changes in rental laws. In addition, they make sure that the clients’ leases conform to state and federal statutes.
Hire A Property Management Company
Self-managing your property may give you more freedom and control over how things are run. But, it also takes time and requires intimate knowledge of every detail of your investment.
A good property management company knows how to deal with all types of tenants, and any other responsibility that would otherwise need your attendance. These include enforcement and compliance of rental laws, property inspections, insurance, taxes, and many more.
Property management companies are in charge of leasing out your property and ensuring it is taken care of on an ongoing basis. Meaning you can enjoy the fruits of your labor.
But, if you choose to manage your property yourself, you are required to take those responsibilities and the risks, alone.
Bottom Line
Becoming a landlord can be profitable, but it can also be time-consuming and stressful.
If you have the time, energy, and money to manage your property on your own, then you can do so. But if you’re concerned about losing money or want to minimize your level of stress, consider hiring a competent property management company.
Being professionals in managing rental properties, these companies ensure that everything is running smoothly and the needs of your tenants are being met.
If you have any further questions regarding property management services or would like to receive a quote, then please don’t hesitate to contact us at Pinnacle Property Management.
