Your Ultimate Information Destination
LIFE INSURANCE
DENTAL INSURANCE
HEALTH INSURANCE
DISABILITY INSURANCE
RENTAL PROPERTY INVESTING
INFORMATION HOME

 

 

 

Begin


Next
Previous

Go Last

Information-on...

Do It Yourself Of Hire A Management Company?

 

Yes, here's another decision - an important one. You need to decide if you are going to handle the rental real estate yourself or pay a professional. Before making a decision, you need to consider several things.

If you have only a few units, have the time, and like dealing with people, problems etc. and phone calls in the middle of the night and on holidays, then you may want to try doing it yourself. (You can always turn it over to a professional). On the other hand, if you don't want to get be involved with this part of real estate investing or you have several units and feel it would be too much, you may want the professional. (Remember, the fee is tax deductible).

Advantages to Hiring a Professional

Hire a professional management company and YOU DON'T:
A. Have to advertise the real estate, handle phone calls and set appointments to show unit.
B. Have to screen tenants and also explain why you didn't rent to them.
C. Have to do 'walk thru' with the tenant before they move in and after they move out, doing an
Inspection report.
D. Have to do leases and addendums.
E. Have to collect rents, make deposits and handle bad checks.
F. Have to deal with tenants with difficult issues like too much noise, taking better care of the unit, etc.
G. Have to keep records of rents paid, security deposits paid, etc.
H. Have to start legal action for non-payment of rent, breach of lease, destruction of real estate, etc.
I. Have to hire contractors for painting, cleaning, making repairs, etc and in a timely fashion.
J. Have to arrange for someone to handle at least emergencies calls if you are away vacation, etc.
K. Have to start all over when a unit becomes vacant.

DO IT YOURSELF real estate MANAGEMENT

Now don't let the list above discourage you. If you are a hand's on type of person, you may be happier doing it yourself. If you like doing painting, repairs, etc. you may want to do it yourself. If you want the rent money right away (usually the management co. mails a check and report once a month), you may be happier to do it yourself. If you don't mind phone calls, going out meeting prospects, etc. you may be happier doing it yourself. If you like dealing with people, problems, etc. you may want to do it yourself. If you can be uninvolved emotionally you may want to do it yourself. The point being there are pros and cons and you need to look them over before making your decision.

Real Estate MANAGEMENT - ANOTHER DECISION

Some people are good at choosing investment property but terrible at actually managing the property. Which are you?.

Page uses these keywords: investment property, manage rentals

Reference: Do It Yourself Of Hire A Management Company?

More information...