Real Property, Real Management, for your Home and Vacation Home
As a property manager, you’ll hear many of the same concerns and worries from the “do-it-yourself” landlords. Often times, they say something to me, and it is clear that they don’t even know the laws.
Here are some questions and solutions independent landlords should consider regarding these common issues and worries:
- “The tenants are 5 months behind in rent, how much is the cost of an eviction”?
Answer: The eviction, if no issues, will be about $1200. Your loss is that it took you 5 months to call me. The 5-month loss in rent is $7500.00 ($1500.00/mo rent) and $3000.00 to get through the eviction calendar. The eviction is not the cost, it’s the inaction by the landlord.
- How to avoid getting a destructive or non-paying tenant.
Answer: Find someone that had a good screening process. Things that need to be checked are; credit score, current job, past rental history, eviction history, criminal history. Also, make sure to meet the applicant.
- Problems with checks. They may be late or slow in the mail. They might bounce or get lost.
Answer: Have rent deposited electronically.
- What to if they get an emergency maintenance call in the middle of a holiday dinner.
Answer: Make sure you define what an emergency is ahead of time. Some tenants believe everything is an emergency, but this is not always true. Defining what counts as an “emergency” will help you spend your time and money accordingly.
- It’s too much for me to do.
Answer: This generally will happen if things are not organized well. Are you using an automated accounting and maintenance system or still tracking everything on excel?
- I want to keep my home and rent it out.
Answer: This is a great reason to hire a property manager. A good property manager will preserve the asset, minimize the costs, and maximize the income.
Hire a property manager, so you can enjoy a hassle-free life and get a good night’s sleep.
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