Sometimes, we talk to potential landlords who are thinking about managing their own rental property. They will ask themselves if they should hire a professional management company or do it on their own. Before you get into managing your own property, consider whether you have prior property management experience. If you do, then you’re a great candidate for self-management, otherwise, consider a property manager to handle your rental property.
There are a few other things to consider.
Treat Your Rental Property Like a Business
Decide whether you will be able to treat your property as a business. Once it becomes a rental, you have to remove yourself emotionally from the property and make business decisions that are not clouded by emotions.
Legal Knowledge and Compliance
Are you up to date with all the laws? Every year, we get new laws in California and at the federal level. You need to be aware of these laws if you’re going to manage your own property.
Maintenance and Rental Property Repairs
You’ll need to have enough time to coordinate repairs and maintenance. You’ll also need a list of vendors who can help with everything you need, especially during emergencies. If you get a phone call in the middle of the night from a tenant, you have to know exactly who to call.
Local Market Knowledge
If you want to manage your own property, you’ll need to have access to current market rental data. If you don’t have this data a property manager can help price your rental so you don’t underprice your home. In addition, if you overprice the property, it will sit vacant on the rental market for a long time. This will result in lost income that you cannot ever re-catch. Make sure you know which websites have the most viewers for potential renters, and which ones you’ll need to pay for.
Look into all of this if you decide to manage your own property. You’ll also want to be well-connected to the real estate community.
Sometimes, agents have clients who want to buy a home, but they’re not ready yet. They’re good resources for you.
If you have any questions about San Ramon property management, please contact us at Windsor Pacific Property Management. We serve San Ramon, Danville, Dublin, Pleasanton, and the surrounding areas.