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Risks of Managing Rentals Solo

Overworked man with his face slammed down on his laptop in exhausted defeatIS IT WORTH MANAGING ON YOUR OWN?

Among property management companies you’ll hear a similar response to the idea of managing your property yourself. Managing property can be a Do-It-Yourself type job, but while you might see yourself as saving dollars, what you’re really doing is costing yourself more than you realize due to the amount of time you’re putting in. It’s always a good idea to consider what’s most important to you and decide what you would be willing to give up for it. If you’re willing to spend your time serving as the landlord and have the resources to find qualified vendors that can assist with maintenance at discounted rates, then the DIY method might work for you. However, if you would like to spend your time in any other manner you may want to consider the benefits of having a professional property manager working for you.

Investment properties require time and money, but if managed correctly you can see significant returns on your investment and be able to spend your free time as you like. Here are three concerns of the DIY method for you to consider:

1.      Renting a property is hard work

Securing a resident is just the start of the process in real estate investing. Unfortunately, finding a qualified resident who fits your long-term ideal typically takes a long time. You’ll have to place ads, be available for showings, deal with appointment no-shows, and work after hours and weekends until the house is leased. This can be an extremely long and costly process. With Real Property Management Investment Solutions, all this can be handled by professionals who have placed thousands of residents in properties in almost every major area of the US.

2.      Setup is even more hard work

The work isn’t over just because you think you’ve found the perfect resident. Responsible management starts with the application. Credit reports, background checks, sex offender lists, and rental histories should be checked on all rental applicants over the age of 18. This will cost both time and money but is a necessary process to be responsible with regard to both your property and the community. Don’t forget to review the Federal Fair Housing Act and local and state ordinances and statutes to ensure you are not breaking any laws or renting regulations.

3.      You’ll have to deal with ongoing maintenance

Real estate is like anything else in life—things will need to be repaired or replaced over time. It’s all part of the normal wear and tear on a house but the bigger appliances like heaters or air conditioning units need regular maintenance. You will need to decide if you can take care of these things yourself or whether you need to hire someone else for the job. When you have residents, you will also have regular requests from them for repairs.

When looking at the cost and time commitment of maintenance and repairs, you may be considering the benefits of a property management company. Doing things yourself can have its rewards like cultivating a personal relationship with your residents but doing things yourself also creates risk which Real Property Management Investment Solutions can mitigate for you.

There are fees for management services but given all the headaches you’ll avoid and time you’ll save, the service is well worth it.

If you are interested in having your property managed by Real Property Management Investment Solutions, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at 616-419-8880 today!

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.