Do It Yourself Property Management: A 3-Step Guide
“Can I manage my own property?” If this question has been lingering in your head for a while now, the answer you need to hear is: Yes, you can self-manage a rental property. Though it can be challenging, it is possible.
There are just some things you need to know first before you proceed with your decision. To help you, here’s a little guide on how to be a do-it-yourself landlord:
1. Remember: Your property is your business
That is the number one thing you should put in mind when entering the property business. When you decide to be a landlord, you need to be hands-on all the time. It is not something you can only do when you have the time. Being a do-it-yourself landlord is a full-time job that will require time and dedication. You also need to be professional about it, how you present yourself and your business.
Know that your goal is to get tenants, keep them, and make them happy and satisfied with their stay at your place. To achieve that, you need to do the following:
- Advertise your property well
- Build a good relationship with your tenants
- Have regular property maintenance and update, whenever necessary
- Efficiently and transparently manage the legalities including the payment collection
Make sure you can perform all these duties well.
2. Your work will involve managing legal requirements
Choosing to manage your property on your own means that you also manage all the legal responsibilities it entails. You need to keep yourself familiar and informed about all the property laws and regulations applicable to your business and location.
That will include understanding the process of rent collection, electrical safety, fire safety, cleanliness guidelines, tenancy deposit protection, and more. You need to be knowledgable about this important information for you and your tenants’ safety and security.
It would be helpful to take a short course on property management to help you prepare for what’s to come. In terms of payment collection, what works best for most landlords is setting up a direct debit for each tenant before they move in.
3. Find an efficient setup for communication
Once your property gets into the listing, you should expect lots of inquiries. It is recommended to limit your contact information to one contact number or email only. This way you will avoid repeated queries, and you’ll not miss out on any important message or update.
That may seem like a small detail, but landlords often get the mistake of providing two contact information and getting lost in their process.
4. Don’t forget to do the background check
This may take some time and more work for the part of the landlord, but before accepting a tenant to enter and live in your property, make sure they do not have any bad records or that they can pay the rent on time. Tenant referencing is usually done by property managers, but not skipping this step will give you peace of mind.
Now, you have an idea of how things work if you choose to become a do-it-yourself landlord. If you think the tasks mentioned above are something you can easily handle, then, go for it!
If you’re looking for real estate management companies in Jacksonville, FL, to do the job for you, we can help – contact us today at Quest Real Estate!