The 4 Essential Duties of A Do-It-Yourself Landlord – What to Know

So, you want to be a do-it-yourself landlord? Contrary to popular belief, it’s not as difficult as people make it out to be! However, before you take the plunge, you have to know a great deal about property management. Though becoming a do-it-yourself landlord may not be as difficult as you’ve been led to believe, it still won’t be an easy thing to do. 

Here are some of the things that you need to know before you embark on do-it-yourself property management

1. Know & Understand Your Liabilities

There are plenty of laws and regulations to know about when it comes to rental properties. Thus, you need to do your due diligence and learn the ins and outs of the rental property management industry to ensure that you’re running your property legally. This will include learning about insurance, licenses, landlord and tenant laws, and the like.

2. Tenant Issues

Consider this one of the most difficult parts of property management—dealing with tenant issues. At some point, you’re going to have to deal with some of your tenants’ personal issues, such as their problems with their jobs, relationships, etc. Remember: these situations don’t equate to “free” rent or late payments. At the end of the day, it’s your job you collect rent fees or even deal with evictions. That’s just how it works and you need to be prepared for difficult situations like this.

You also have to remember that even if you implement a thorough screening process, there are some situations in anyone’s life that are unavoidable. In these cases, remember also to be kind and lenient when you can.

3. 24/7 Availability

If you are your own property manager, you need to be prepared to be available for your tenants 24/7. It could be to address a plumbing issue, or it could be something more serious, such as trespassing, that will require your presence and availability. One of the property manager’s duties is to address the needs of the tenants as quickly as possible, no matter what time it is. Albeit some issues can wait, there are also some that can’t, so be prepared.

4. Marketing and Advertising

When your property is empty, you lose money. Thus, you need to advertise and market your property to always attract potential tenants. If you want to be your own property manager, you need to have the right set of marketing and advertising skills to expose your rental property to consumers in the market. This is going to take a lot of time and effort on your end, but when you get the hang of it, you’ll find attracting clients more manageable. However, if your budget allows it, consider hiring a marketing firm to help you out. 

Conclusion

There’s nothing stopping you from managing your property on your own. However, it’s also important to know that this is going to take a lot of work. 

You have to assess your schedule and how dedicated you are to manage your property full-time. Should you find that it won’t be possible for you to do this, you can always take a step back and hire a trusted property management company. A property management company can take the load off of your shoulders while you focus on other aspects of your business. You can count on them to deal with anything related to your property. 

We are a leading property management company in Jacksonville, Florida. Get in touch with us today and let us know how we can help you.