Learning Center
Can You Handle Managing a Rental Property On Your Own?
Sunday, February 11, 2018
If you're among the 27% of Americans who believe real estate is a great investment idea, you may find yourself owning a property you're looking to rent out. If that's the case, you could be having trouble making an important decision: self-management or working with a property management company. This is a decision all property owners are faced with. With that in mind, this article is going to take a look at a few differences between self-management and a local property management company to help you decide what's best for you.
Working with a Professional Property Manager
Utilizing the help of a professional property management can offer you many benefits if you're not looking to be completely involved with your rental properties.
For starters, working with a local property management company can save you time. Home rental property management takes up a lot of your spare time, especially if you own multiple properties. Additionally, you won't have to manage emergency repairs, perform annual inspections, or spend time trying to find tenants for vacant properties.
When it comes to managing tenants, you'll experience minimal vacancies. The property management company you choose to work with will advertise your rentals in a way that reaches a large tenant pool. With maximum exposure, you'll experience fewer vacancies and be able to fill open spots with the finest tenants.
Fortunately, property management services can offer the skills and knowledge necessary to navigate the business of rental properties. With this knowledge and abundance of skills, the management company will be able to get better prices on necessary materials and services. This will help save you time and money when it comes to replacements or repairs.
Self-Managing a Rental Property
If you decide to manage your rental properties on your own, you should remember that there is a lot of work you'll need to do. However, there are some benefits to managing your own properties.
If you're looking to save on management fees, going the self-managing route is the way to go. However, even though you'll be saving on management fees, it's important to remember you'll be left to handle all of the other related expenses. These expenses may include maintenance, legal matters, advertising, and tenant-screening services.
3 Benefits of Becoming a Property Manager
Sunday, February 11, 2018
Property managing can be a tough job. As a property manager, you have to deal with tenant issues, phone calls at all hours of the day, and problems with your buildings. However, the right person can tackle these challenges with vigor and resilience.
Along with turning the negatives into positives, there are many different benefits of becoming a property manager. Let’s take a look at a few of them.
Flexible Scheduling
As a property manager, you have the ability to create your own rules regarding things like when leases are due, when a tenant’s rent is due, property maintenance fees, among other things. This can be extremely helpful as you can create your schedule to fit your lifestyle. For example, if your own rent or mortgage payment is due on a certain day, you can coordinate with tenants to make sure everyone can make their payments on time. Including you!
Tax Deductions
Another benefit of being a part of rental management services is that some of the things you pay for may be eligible for tax deductions. For instance, if you have to make repairs on a tenants space or to the building itself, the cost of the tools or materials you paid for might be redeemable. Any expenses that come from traveling to and from your property might also qualify for tax deduction.
Social Benefits
One of the best parts of being a part of rental management services is meeting people of all kinds. Since home rental property management is a job that requires talking to people, you’ll have the opportunity to converse with many different people on a daily basis. These people will include your tenants, other property managers, and even distributors of things you need for the rental spaces you're managing. It’s the perfect job for anyone who likes to get to know people.
Individuals who own more than one property as real estate investors number just over 10 million, proving that it's a popular field to get into. As a part of a residential property management company, you’re able to make the terms based on your own needs, potentially get some money back, and meet many different people. If this sounds like something you’d be interested in, getting involved with the property management community is definitely for you!
