Self managing or with a property manager : Which one is best for you?
Owning rental properties comes with a decision that you will ultimately have to make, do i self manage my properties or do i hire a property manager to help do it? Uptown properties gives you these simple things to consider when picking the best way to go.
Self managing : What you need to know and what are the responsibilities that comes with it?
As a self managing owner of rental properties, you need to learn some basic aspect that goes with the job. You will need proper training to be knowledgeable enough with these two::
rights and responsibilities as a landlord, latest legislation.
rights and responsibilities of tenants.
These things that you need to learn is necessary for you to be able to self manage your properties in the right way. Whether you self manage or hired a property manager to handle your rentals for you, the following are necessities :
Any type of renting guide to be given to your tenants before signing the lease, this should explain the their rights as required your state legislation.
A lease agreement ,
A property conditions report and
A bond of application form.
Also, you need ask yourself these questions :
Am i capable of commiting time and energy in managing my rental properties?
Is it financially worth my while?
How would it affect my tax position?
Am i committed to being a responsible landlord?
How many units do you own
How Much Experience Do You Have Managing Property?
Do You Have a High Vacancy Rate or Problems With Your Cash Flow?
What Is Your Tolerance for Dealing With Tenants?
Now if you said yes to all of these and if you are prepared to invest precious time and commitment to managing, then this is the best way to go. Now what do you do if it’s not the best option for you?
What are my alternatives? Hire a property manager!
Being property managers we here at Uptown Properties take great pride and joy in what we do. “What exactly does a property manager do?” you might ask? Here are some of the duties and responsibilities that property managers are committed to doing :
Property managers collect rents, assess rental rates by determine the factors that would affect rent prices, researching the neighborhood and investigating nearby rentals. And any adjustments needed are taken care of by the property managers.
Property Managers also provide assistance to tenants, help keep work orders as flawless as possible and create positive tenant relations by utilizing technologies to help tenants save time and effort when paying rents. They also screen applicants and stay on top of vacancies to make sure cash flow is steady and maintained. Handling move outs, complaints/emergencies and leases are also taken care of by property managers.
Maintenance and Repairs
With Uptown Properties 24 hour maintenance line you can rest worry free that a tenant will be calling you in the middle of the night for a leaking faucet or clogged toilet. Our tenant work order requests are sent to our entire team, to verify that your property is well taken care of the moment a request is submitted. Our full time maintenance team is on call to take care of any request that may arise and if it beyond our abilities our vast network of qualified professionals are just a phone call away for us! That means peace of mind for you as the owner!