When you’re a landlord, there are a lot of things that need to be taken care of in order to make sure your property is fully-functioning. That means taking care of maintenance issues, keeping an eye on the market for tenants, and determining whether or not you need to raise the rent.
It can all feel like too much at times—that’s why many people choose Rental Property Management Christchurch companies or real estate agents who specialize in managing rental properties. But what if you don’t have time?
Or if you don’t trust someone else with your finances? Or maybe your experience as an entrepreneur has given you enough confidence that feels comfortable handling everything on your own? If any of these situations apply to you then read on!
Do You Have Time?
If you’re a busy professional, it may seem like there’s just not enough time in the day to handle all of the responsibilities of being a landlord. And if your rental property is in another city or state, it can be even harder to find the time to manage your investments.
But if you have a few weeks between tenants and don’t mind juggling multiple phone calls and emails at once, self-managing may be for you!
Here are some tips for maximizing your potential as a self-manager:
Do You Know Where To Find Tenants Quickly?
If you’re looking to fill your property quickly and don’t want to wait for the right tenants to come along, then you should consider using a real estate agent. This can be an expensive option, but it can also be very effective in finding tenants who are interested in renting your property.
A good agent will have access to a large database of potential tenants who have already been screened and approved by the bank or mortgage lender. This means that they know exactly how much income they can afford each month with their current financial situation.
They will also know if there is any reason why these people may not be able to pay rent on time each month (like if they have just been through bankruptcy).
Another benefit of working with an experienced real estate agent is that they understand how long it takes for homes in your area to sell compared with other places nearby—so if there is something about your house or location that would make it harder for someone else looking at similar properties nearby then this information will come out during negotiations between both parties involved before signing anything official!
Can You Handle Maintenance Requests?
When you’re self-managing, it’s important to know when to call a professional. If something breaks in your rental property, you need to have the skills or the time and energy to fix it yourself. If not, then hire a professional on your own dime—and don’t charge the renter for any service rendered.
You also want to be able to prioritize requests from tenants. For example: if they’re asking for something small like new light bulbs or a simple cleaning service (not included in their lease), are those things worth spending money on?
Or should you spend that cash somewhere else? It’s up to you! But I’d recommend making sure that all maintenance requests are valid ones—if there are several frivolous requests within one week, this could be an indication of other problems with tenant relations at your property and might warrant talking with them about how they’re doing in general—or even giving them notice so that another landlord can take over management duties sooner rather than later if needed.
Can You Be Unbiased When Collecting Rent?
Being a landlord means you have to collect rent from your tenants. This can be a very delicate situation, especially if you ever have to evict them.
If you’re going to self-manage your rental property without an agent, then you need to be fair and impartial when collecting rent. You need the ability to collect rent without being perceived as unfair by anyone involved in the process: tenant, landlord, and family members alike.
The best way for landlords that are trying their hand at self-managing their property is to create a payment arrangement between themselves and their tenants ahead of time before they move into their homes. This way there won’t be any surprises come time for payment!
Remember, the fact that you’re self-managing your property doesn’t mean that you have to do it all alone. You can hire a property manager or find a company to help with Rental Property Management Christchurch services.
If you need assistance with finding tenants or filling vacancies, there are many companies out there that can help with this process as well. The important thing is to find a partner who meets your needs—whether they’re an agent or not!