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Owning a rental is a smart investment. But before you decide to own, there’s a few things you will need to consider if your thinking of doing it all yourself. While you can manage your rental yourself, it’s much better not to.
The first thing you will need is a quality tenant. You will need to find them and vet them yourself. While this may seem easy, you never can be sure exactly what you’re in for without a management company doing all the background work. Let’s face it, you don’t want to hand your keys over to a serial killer! After you do find what you feel is the perfect tenant, you will have to draft the lease agreement, run credit checks and coordinate handing out the keys- among other things.
Ok, so now you think you’ve found a quality tenant. No one is perfect, so there is always a possibility of incidental damage caused by kids, pets, or even the tenant themselves- You are the one that will be handling the calls-no matter the day or night.
And then there’s the matter of collecting the rent. Are you comfortable asking people for money? What happens if they don’t pay? How will you feel about them going several months without paying? Would you be comfortable taking them to court if you had to? Providence Management will coordinate with attorney on those delinquent accounts.
How would you feel about having to be available 24/7? As you act as your own property manager, your day is never over. You are always on call. When you’re at your kid’s basketball game, or planning a long needed getaway you have to remember that the phone will always be near you and you will always need to handle whatever situations arise-regardless of what you’re doing or whether or not you feel they are true emergencies.
Now let’s talk about personalities.
There’s a good chance you won’t be your tenant’s best friend- and if you have to enforce the lease, charge late fees, or give an eviction notice, they probably never will be. And really you wouldn’t want to be best friends but at least it would make life nicer if you didn’t have to be the bad guy in their lives.
So Now What?
It’s clear that rental properties are a wise move for building your wealth because their value appreciates in the long run, and they provide monthly income. But handling the issues that arise daily can make life difficult to manage. If you could enjoy the benefits without the headaches of property management, wouldn’t you? At Providence we take the stress out of managing a rental property. Our staff is highly trained and very responsive. They will help you avoid costly mistakes and maximize your tenant retention. Whether your property requires an on or off-site manager, the Providence team can handle the day-to-day managerial tasks of leasing, customer service, processing rents and issuing notices. Our one-stop solution for Providence Management leaves you with long-term stability for your investments. Let our team save you the time and frustration that comes with managing your own property. Get in touch today or visit our website for more information. https://providencenc.com/