22 Jul Potential Dangers of Self-Managing Your Investment Property
Again and again, we see and hear the horror stories from property owners and real estate investors that self-managed their rental properties. The potential dangers of self-managing an investment property vary greatly but often circle back to improper workflow processes and procedures when handling contracts, a lack of proper documentation and improper maintenance procedures.
For example, when a pipe bursts, failing to have an established emergency maintenance procedure in place or service provider ready to act immediately in order to control and remedy the situation. Or when a tenant sued their landlord for unseen and non-remediated mold. Or when a fire was set ablaze after unsafe handling of frequently used household paints and chemical solutions. And that’s just to name a few…
Before you decide to self-manage, or if you already are, it’s wise to consider if you have the time and knowledge to do it safely. It’s incredibly important to make sure all essential rules and regulations are followed and put into place to protect both your tenants and your investment. And if the thought of that responsibility weighs heavy (as it should), then not to worry, because peace of mind is exactly what a professional property management company delivers.
One of our trusted maintenance specialists, GARSC, actually ran into a rather terrifying situation recently after performing a junk-removal service at a self-managed property.
The self-managing landlord had performed maintenance on their property and unknowingly yet improperly stored and left behind chemical solutions that were to be picked up by GARSC team members. While driving down the highway, some of those chemicals spilled out onto the maintenance trailer and ignited in transit. The police and fire department had to be called to contain the blaze, and luckily, this did not happen at a resident occupied home, nor was anyone injured in the process!
We share these stories not to deter you from owning an investment property, but rather to support what you already know. There are some things that really should be left to the professionals.
Investment owners that decide to work with professional property managers can avoid these potentially dangerous situations in two ways.
- A professional property manager partners with trusted, experienced, licensed and insured maintenance companies that have years of working knowledge in the services they offer and also have liabilities in place to protect their clients and themselves.
- When you work with a professional property manager, part of the cost goes toward managing on-going maintenance (both emergency and non-emergency) promptly and efficiently. This way you can always rest assured that projects are getting done on-time and correctly, without you having to do the research or making the phone calls. Your property managers will even provide you with detailed reports of every maintenance project performed.
While accidents do happen, it’s always best to mitigate potentially bad situations whenever possible by simply letting those with years of experience, plenty of knowledge and the appropriate licenses step-in.
If you’re considering owning an investment property here in Austin, Texas, or if you already do and are tired of self-managing, give us a call. We’re here to answer any and all of your questions and to give you your time and mental peace back.
Visit our contact page or give us a call anytime! 512-994-4323
By: Kayla Gonzales, 1836PM Marketing Manager