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Managing property can be a tough job especially if you are trying to balance it with a regular day job, have multiple properties, or are relocated away from your property. At Sheila Burdett Agency, we seek to provide the best property management service with the most value and assist you in making your experience with rental properties an enjoyable one. Below are some points to consider when thinking about hiring a professional service versus managing on your own.
Hiring a Professional
- Possess proper insurance
- Understand basic laws about tenant and landlord rights
- Pay for necessary repairs[/su_spoiler]
Managing Your Own Property
- Set rent – Be aware of current market trends and price your property in a way that can compete with other comparable rentals
- Advertise – Daily if possible, across multiple sites to ensure exposure and generate leads so as to decrease your vacancy loss. (Vacancies can last 2 or more months sometimes)
- Be extremely aware of Fair Housing laws in order to avoid serious lawsuits and/or investigations
- Show your property
- Screen your tenants – and practice legal, nondiscriminatory screening policies
- Create and maintain proper leasing files/documents
- Coordinate regular maintenance – and hire trustworthy staff if you are unable to complete the work yourself.
- When necessary, contact professional contractors and coordinate appointments between them and your tenants.
- Ensure your lease is not only legal but also that it fully covers you and your tenants with no gaps or loopholes.
- Collect rent – take proper legal procedures to evict tenants that default on their rent.
- Keep detailed and accurate records for tax and accounting purposes
- Handle lease violations
- Attend to non-emergent tenant needs quickly
- Be available 24/7 for any emergencies that may arise