Although being a rental property investment owner can be exciting, successfully managing your property alone requires much more than simply placing a For Rent sign and cashing rent checks. This article discusses what a do-it-yourself Troy MI property manager will need to do to professionally manage a rental property.
Understand Your Liabilities
New landlords must know that following all rental property laws and regulations is a requirement for property management companies. You must research and understand the Federal, State, and local laws and know which of these laws apply to your property and how. This can take a significant amount of time. Also, there are insurance requirements, licensing requirements, landlord/tenant laws, Fair Housing laws, and other elements you must know about. Some of these laws and regulations can get complicated. Inability to understand or comply with property management laws may lead you to mistakes that can cause you to lose your reputation and money.
Troublesome Tenant Situations
Life lets you down at times. Your tenants may face problems that lead to an inability to pay the rent. So their problems can affect you. Being a do-it-yourself Troy MI property manager means that any financial misfortune a tenant experiences can also affect your income in a negative way. You may need to ask for late rent or even deal with expensive and time-consuming evictions. Having stressful tenant situations is an ugly part of managing your property alone.
Once you choose to be a do-it-yourself Troy MI property manager, you must be readily available to your tenants at all times. Some tenant concerns can wait, but others will need your attention now. For instance, plumbing issues seldom occur at a convenient time. Imagine just starting to relax after a hard day at work, but then receiving a call from an upset tenant demanding your time and attention.
Self-property management can cause headaches and hassles that can even impact your cash flow. Are you well versed in the applicable laws and regulations? Can you deal with any situation that can and will happen with your tenants? Can you make yourself constantly available anytime and anywhere to manage and maintain your property? You may soon appreciate that a professional property management company can provide you with a better return, and peace of mind, and help keep you away from costly mistakes.