Should You Manage Property On Your Own
Professional property management offers a convenient solution for property owners, but it does carry a monthly fee. For this reason, some investors consider managing their property on their own. Before you embark on the DIY management journey, take some time to carefully consider the various responsibilities that accompany being your own landlord. This will help ensure you make an informed choice.
Marketing and Tenant Screening
In order to enjoy a healthy relationship with your property’s tenants, you’ll need to market your home to a wide population and find the best available renter. At HighPoint Property Management, we take care of the entire process, from A to Z. We photograph your home, create a digital listing, and syndicate the rental across local housing websites. Once we receive an application from an interested candidate, we carefully pour over the submitted documentation to ensure we don’t miss any potential red flags.
We work efficiently, which allows us to place a renter quickly. If you tackle this challenge on your own, you’ll need to build a thoughtful marketing plan, schedule showings with interested tenants, and carefully examine the ins and outs of the application. You’ll also need to create a legal lease that respects the regulations of landlord-tenant law in the state of Colorado.
Ongoing Maintenance and Repairs
Maintenance is a fact of life for landlords, who often receive phone calls for cosmetic problems, appliance failures, and emergency maintenance issues. As a property owner, you’ll need to handle these challenges quickly, protecting the health of your home and keeping your tenant satisfied. You’ll likely need to network with a trusted group of contractors who can help you handle problems, and you may need to negotiate your rates to stay profitable. Don’t forget, you’ll need to be on call 24/7, as problems don’t just crop up during business hours.
Accounting and Rent Collection
Rent comes due every month, and you’ll need to ensure every tenant pays diligently. If you’re missing a rent check, you should follow up immediately. You’ll need to learn to act diplomatically while remaining firm, or your tenants could take you for a ride.
Of course, collecting rent isn’t the only financial responsibility associated with home ownership. You should also carefully document all of your expenses, including maintenance costs and home improvements. All income should be carefully noted, and your earnings should be recorded for tax purposes. Finally, you need to take care of recurring bills and any invoices you’ve received for services rendered in the past month.
In an ideal world, you’ll never need to deal with the headache of an eviction, but some tenants may make the situation inevitable. If you haven’t received rent or your tenant is causing damage to the home, you may need to pursue a legal eviction. If you don’t understand the legal ins and outs of this process, you’ll want to work with a trusted attorney to sort out the paperwork and make certain you act in a legal manner. This process can be time consuming and quite expensive.
Feel exhausted just thinking about all of these responsibilities? The simple reality is that property management can quickly become a full-time job. If you’re ready to kiss the hassle of DIY management goodbye, once and forever, why not give us a call today? We’ll be happy to schedule a free rental analysis and answer any questions you may have: (720) 608-4700