Is DIY Management Ever a Good Idea?
Many property owners feel reluctant to pay for a professional property manager, thinking it would save money to handle their property needs solo. Before you jump in feet first and hope for the best, it’s important to understand all of the responsibilities that come with managing a rental unit. This will allow you to make an informed decision about what will work best for your unique situation.
Finding the Right Tenants
The right tenants make a huge difference when it comes to your rental properties. With bad renters in place, you could find yourself dealing with a long list of nightmares: unpaid rent, property damage, and more! To keep this from happening, you’ll need to connect with interested applicants in Virginia, and then screen your rental applications thoroughly.
Many landlords don’t even know how to start searching for tenants. At Keyrenter, we create digital listings for every property we represent, and we syndicate our availabilities across a number of real estate sites. We also use traditional advertising methods to connect with the largest audience possible. After we begin receiving applications, we use our rigorous 14-step screening process to separate good candidates from the bad.
Handling Maintenance Problems
Landlords who want to take care of maintenance issues need to be skilled handymen. From repairing HVAC systems to fixing plumbing problems, the average rental home needs plenty of attention over the course of its lifetime. If a particular challenge requires speciality expertise, you’ll need to negotiate with local contractors to provide the service for you.
Of course, maintenance issues don’t only arise during “business” hours. We often receive phone calls in the middle of the night and on weekends, when emergencies occur in a property we manage. If you choose to manage your property on your own, you’ll need to stay on call around the clock—and if you feel like taking a vacation, you’ll need to find someone to take over.
Arranging Your Financial Affairs
Turning a profit is always the goal for landlords, but a lot of effort goes into keeping your financial affairs in top shape. From sending out rent bills to processing incoming payments each month, you’ll need to pay close attention to the monetary matters of your portfolio. You will also need to carefully manage security deposits, document expenses for tax purposes, and follow up with tenants who are behind on their rent.
Don’t let your finances spiral out of control, or you could be facing a massive headache.
Still Thinking about DIY Management?
If you feel comfortable marketing your property, screening tenants, answering maintenance calls, and handling all of the finances for your rental portfolio, you might be the right candidate for DIY management. At the end of the day, property management takes a lot of work. If you’re ready for that commitment and have the time and energy to spare, you may not need a property manager.
For everybody else, professional property management simply makes sense. By choosing Keyrenter, you’ll benefit from an affordable alternative that will help you save money, time, and stress. Ready to learn more? Call us today to get started: (804) 299-5100
Highly recommend Keyrenter! As homeowners self-managing our property, we found ourselves struggling to find tenants in the off-season. Calvin and Ashley went above and beyond to ensure the house was in the best condition possible and worked tirelessly to ensure we found the perfect tenants.
J'Tanya I., Satisfied Client
Keyrenter is very organized. I have had several problems with my condo, and Keyrenter has been on top of everything. I can’t say enough good things about the company.
Steve S., Satisfied Client
I'm absolutely delighted with how easy Keyrenter made everything for me. From start to getting a renter into my house, it's all been convenient and simple. Great company, great service, great people!
Lorrie M., Satisfied Client
I happened to stumble over Keyrenter Property Management after being jostled around by multiple property management companies. Not being from Richmond made finding a home even more difficult and Keyrenter was amazing in this process. The communication is great and Calvin and his team have been more than accommodating to my family and I. I would give this 10 stars if I could. Highly recommended.
Zach & Hannah B., Satisfied Tenant
PROVEN AND TRUSTED