What is the benefit of having a property management team if only listing one property and living in the same area? What is their normal cut? Best to list by yourself instead?
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Property Management or DIY for one property
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Last: 2 yr ago by itsyourboypookie
Manage it yourself and see if u can handle it. We manage our 4 doors and properties are about 25 min away. It's been fine....once I get to 6 I'll prob look at management.
You learn a lot about your property managing it yourself
You learn a lot about your property managing it yourself
What does that normally entail? I'm just worried about renters not paying on time or what to do if there is damage or basically the risks and pitfalls of not having a management team. Am I overthinking this?
We were very picky on who we allow our renters to be. We interview all of them, find them on Facebook, call previous landlords, etc.
We have not had an issue with not paying. They call for AC going out, disposal not working, leak in a sink, garage door motor going out, etc
We introduce ourselves and tell them we want them to feel like they have a home and we don't want to bother them but that these properties are for our children and we expect them to keep up with the home and to please let us know if we can ever fix anything. We can't always fix things immediately but we do need to know. We bring them cookies/presents for Christmas, never stop by without asking, and generally try to be very respectful of their space. We set our expectations that if they are going to be late to pay we would like to know as early as possible because we have to pay monthly as well.
What we have got in return is great communication and no issues at all with the tenants. Some are more "needy" than others but overall they have been great.
Find a handyman u like, find an AC guy you like, build relationships with them. We have their cell phone numbers and we text when we need things and they give us good pricing and the effort to get to know them has been worth it.
I'm sure many people think this is overboard but it has been great to put in the extra effort.
We have not had an issue with not paying. They call for AC going out, disposal not working, leak in a sink, garage door motor going out, etc
We introduce ourselves and tell them we want them to feel like they have a home and we don't want to bother them but that these properties are for our children and we expect them to keep up with the home and to please let us know if we can ever fix anything. We can't always fix things immediately but we do need to know. We bring them cookies/presents for Christmas, never stop by without asking, and generally try to be very respectful of their space. We set our expectations that if they are going to be late to pay we would like to know as early as possible because we have to pay monthly as well.
What we have got in return is great communication and no issues at all with the tenants. Some are more "needy" than others but overall they have been great.
Find a handyman u like, find an AC guy you like, build relationships with them. We have their cell phone numbers and we text when we need things and they give us good pricing and the effort to get to know them has been worth it.
I'm sure many people think this is overboard but it has been great to put in the extra effort.
Thanks a lot, I really appreciate the information. I will follow in your footsteps. One last question and I'm sorry to bug you but I really want to get this right. As far as drawing up the leasing paperwork, I've seen some sites that basically use a template, you input the information and that's about it. Did you use a similar website?
We used to find our own renters, but now I have a realtor list our house. The cost is 1/2 of one month's rent and the realtor draws up th lease for the home. I like this approach better.
We handle the maintenance ourselves.
We handle the maintenance ourselves.
Yes we do the same
But we still interview everyone he brings us
But we still interview everyone he brings us
Realtor helped us with this
I see. I see.
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I have a PM for my mine but that's because they are in different cities. If you are local and under a 3 properties you don't need them. The friendly approach outlined above is good but my rule of thumb is never forget this a business transaction for both parties. Maintain meticulous documentation, follow the letter of your leases, and for things you handle face to face or over the phone follow it up with emails of confirmation.
If they are late, have a system for reminding them, mine goes email, text before the late fee and then call until it's paid or otherwise acknowledged. Then, if you have to evict you want to start the process as early as feasible
Have a general handyman ready to go and contractors for you major systems. You trying to line up a contractor and shop the best price is an unacceptable reason for keeping your tenants without AC in August for 2 weeks.
Also know what safety features are required in your jurisdiction and make sure they are there, know what repairs you can make the tenant cover and what you will need to cover. Finally know what conditions you can and cannot legally deny a potential renter for, and document your decision making.
If they are late, have a system for reminding them, mine goes email, text before the late fee and then call until it's paid or otherwise acknowledged. Then, if you have to evict you want to start the process as early as feasible
Have a general handyman ready to go and contractors for you major systems. You trying to line up a contractor and shop the best price is an unacceptable reason for keeping your tenants without AC in August for 2 weeks.
Also know what safety features are required in your jurisdiction and make sure they are there, know what repairs you can make the tenant cover and what you will need to cover. Finally know what conditions you can and cannot legally deny a potential renter for, and document your decision making.
Gbt Property Management will do it for 4% and take all the bad parts of being a landlord out of the equation. It's Aggie owned. Email info@gbtpm.com