If you’re someone who likes to tackle do-it-yourself projects around the house, you probably think that managing your own rental property will come naturally. That might be true if you have the time, experience and availability necessary to take care of tenants, maintenance, rent collection, inspections, legal issues and all the other things that go into being a landlord. However, if you don’t have the time and the resources, you might want to consider hiring someone who does. Today we’re discussing the difference between DIY management and professional management.
Property management is not a project you can pay attention to when you have the time. Things will go wrong at your property at inconvenient times, and if you’re taking care of everything on your own, you’ll have to respond to leaking water heaters in the middle of the night and furnaces that break down while you’re on vacation. If you have your own full time job or family responsibilities to take care of, DIY property management will really cut into your time. A professional property manager is able to devote the time necessary to take care of your property well and ensure it’s a successful investment.
There are a number of local, state and federal laws pertaining to rental property and landlord/tenant relationships, and they are constantly changing. If you’re not familiar with the Virginia Residential Landlord Tenant Act as well as the Federal Fair Housing Act and all the other laws you need to know, you’re setting yourself up for potential liability. A professional property management company is able to understand, explain and comply with all necessary legal requirements and stay up to date on their changes. It keeps your property and your financial health protected.
There is a huge misconception among landlords that managing the property yourself saves money. While it’s true you won’t have to pay a management fee, you’ll actually save more money when you work with a professional. For starters, all your property management fees are tax deductible. You’ll also be able to take advantage of deep discounts property managers receive from vendors. Because of the volume of work they provide to contractors and repair people, the quotes a property manager receives for repairs and maintenance are often much lower than the quotes an individual will receive. If you price your properly incorrectly or you take too long getting it ready for the market, the vacancy also costs you money. Professionals can do these things efficiently. Hiring a professional property manager will save you time, money and the liability risk that comes with renting a home out to tenants. If you’d like to hear more about the services we provide, please contact us at ARMI Property Management.