Managing a Property: Hire a Property Manager or Do It Yourself?
Everybody wants to make money, but making money is never easy. Some people work more than forty hours a week to get by, while others utilize different avenues to earn more than their current salary. Making money is difficult, but if you are clever enough and have the proper knowledge, you may just generate enough profit to last you for decades.
Finding Ways to Make Money
There are many ways to make money—the most common of which is becoming a salaryman, working from 9 to 5, and receiving a stable income. Most people go this route—a safe, steady path to take in life.
On the other hand, some are not content with the 9 to 5 salary and strive to look for different ways to earn without exerting much effort in the long run. And so, they invest and eventually generate enough income as time passes.
However, investing is not for everybody. If you find investing too complicated but don’t want to rely on a salaryman’s income, you can use real estate to your advantage.
Living the Landlord Life
Earning money through real estate doesn’t mean you have to sell houses—you can also rent rooms by becoming a landlord! Being a landlord seems like a dream, doesn’t it? While others dread rent, you look forward to it—generating profit month after month.
As great as that sounds, the job of a landlord doesn’t come without its own set of responsibilities and challenges.
The Troubles of Being a Landlord
With great power comes great responsibility. Owning a property is one thing, but renting it out is another. Managing your own property can be confusing—you have to deal with a lot of paperwork. If you’re not organized or careful enough, you can get into a few legal troubles and even lose money along the way.
Landlords can also face problems with their tenants—not everyone can pay their rent on time, after all. Do you think you can forcibly evict someone out of their homes? Are you financially and mentally prepared for what could happen?
Being a landlord doesn’t mean you have to shoulder all the burden alone. Everyone needs a helping hand, including you. If you wish to make managing your property an easier and smoother process, you have two ways to choose from—hiring a property manager or doing it yourself.
Hiring a Property Manager
If you don’t think you can manage a rental property on your own, you can turn the process over to a property management company.
Property management companies have property managers that are experts in handling the day-to-day operations of a property. From daily operations to addressing tenants’ questions or concerns, they can do it for you!
Hiring a property manager can free up your time, lower vacancy periods, and handle any maintenance issues. However, this service does come at a costly price. The cost of a property manager’s services usually ranges from 8 to 10 percent of the monthly rent.
Become a Do-It-Yourself Landlord
If you don’t have the budget to hire a property manager and prefer having just a bit of help, you can opt for Do-It-Yourself property management. Contrary to its name, Do-It-Yourself property management doesn’t mean you have to handle everything alone. You are responsible for most aspects of managing the property—but you can have a company help you with other areas.
Quest Real Estate’s Do-It-Yourself property management is a new and revolutionary type of property management service where you are given the option to pick and choose the level of involvement with your rental property.
Depending on your preference, Quest Real Estate can assist you with the following:
- Background checks
- Rent collection
- Vendor dispatch
Just like any job, being a landlord has its fair share of problems and responsibilities. If you aren’t responsible and competent enough, you might face serious legal issues, as well as mental and emotional distress. If you can’t do it alone, you can hire a property manager or partake of a Do-It-Yourself property management service. Just make sure that the professionals you will hire have the knowledge and skills to help you successfully manage your property.
Are you having trouble managing your property? We at Quest Real Estate can help you! We are a property management company that has been helping investment homeowners make the most from their rental properties through our professional, personalized services. Call us at (904) 373-9171 to get a free quote!