Detroit property management can be a Do-It-Yourself (DIY) job, but what you save in dollars will likely be outweighed by what you spend in time. If you can dedicate time to be a landlord, and you can hire competent vendors to help with the maintenance at discounted prices, then the DIY method might work for you. But if you have other plans for how you wish to spend your time, consider the option of hiring a professional property manager to work on your behalf.
An investment property demands time and money. Yet if managed properly, you can see positive returns on your investment while spending your time as you choose. However, if DIY is still your selection, then be informed of these three risks.
1. Finding a prospective tenant equals hard work
Finding a good prospective tenant is just the tip of the iceberg. You must do advertising, be present for property showings, handle appointment no-shows, and work after hours and weekends until the house is rented. It can be a tedious and expensive process, but with a professional Detroit property management company, all these can be taken care of by professionals for you.
2. Tenant applications are even more hard work
All rental applicants above 18 years old must pass the necessary requirements, including credit reports, background checks, sex offender lists, and rental histories. Doing this requires time and money, but you must be a responsible landlord for the sake of both your property and the community. Remember to review the Federal Fair Housing Act, as well as local and state ordinances and statutes to ensure that you are not violating any laws or regulations.
3. Ongoing maintenance
If you have renters, you will usually get repair complaints. Things will need to be fixed or replaced as part of the house’s normal wear and tear process. Large appliances like heaters or air conditioning units must undergo regular maintenance, too. You need to decide whether you can handle these things alone or will need to ask for professional help. So, when you look at the expenses and time needed to maintain and repair, you may wish to think about the benefits a Detroit property management company can provide.
Would you like to learn more about Detroit property management? Please contact us for more information.