Many property owners don’t want to hire a property management company to save a few dollars, but self-management comes with its own set of challenges. Property management requires a lot of time and energy. In order to decide what option is the best, you must be aware of and understand the duties you will be taking on if you decide to self-manage. Here are some of the landlord duties that you will have to embrace:
Maintenance
Handling maintenance can be a huge headache. You will need to repair maintenance issues and emergencies as well as respond to tenant complaints. When maintenance is not done well it can become a real problem putting your investment at risk. Research has shown that not responding to maintenance reports is one of the main reasons why tenants do not renew their leases. If you want a long-term tenant, you will need to handle maintenance like a pro. As a landlord, you are also responsible for protecting the safety of their tenants. You need to make sure the property complies with all local building and safety codes.
Here are some building and safety codes (these can differ depending on the state or city) :
- Lead-Based Paint for Properties Built Before 1978.
- Toxic Mold
- Asbestos
- Maximum Number of People Per Unit
- Smoke Detectors
- Carbon Monoxide Detectors
- Safety Guards on Windows
- Plumbing
- Electrical Wiring
- Lease Enforcement
- Evictions
- Insurance
- Taxes
- Tenant turnover
- Inspections
- Raising rent