Many real estate investors imagine that being a Troy property manager simply involves collecting rent checks and doing some basic property maintenance, and so they do property management on their own. However, what they don’t realize is that property management involves quite a bit, and DIY property management can create problems for both the property owner and the rental property’s surrounding neighborhood.
For many property owners, being a DIY property manager is a matter of priority. They often have other jobs (and possibly even other properties) to manage and deal with, thus making property management just one of their many priorities. Since their focus is spread thinly, many will cut corners, or simply do a poor job in keeping up the quality of their rental properties. It may not be for lack of knowledge, but people can only do so much.
Once a property owner goes the DIY path, tenant screening issues can appear. An overwhelming 51% of DIY property managers do not conduct simple background and credit checks on new tenants. This stat is quite telling. When poor tenant screening happens, increased tenant turnover likely occurs. What’s worse is that they may have tenants with ongoing serious payment or legal issues. No investor, DIY or company managed, can afford tenants who don’t pay rent regularly, and/or with legal problems/issues.
It may be difficult for a DIY Troy property manager to promptly respond to maintenance requests. As a result, properties can decline, causing eyesores in the community and affecting home values. If you hire a competent and dependable Troy property manager, though, you can help your rental property maintain long-term value.