23 Sep Why Hire a Property Manager When You Can Manage a Rental Yourself?
Here in Austin we have a steady, stable economy. Rental properties are in demand and prices are slowly rising. So why would an investor want to pay someone else to manage their rental property for them? In one word – perspective.
Oftentimes, performing a particular job can look easier from the outside than it truly is. How many times have you personally said “I can do that,” just to find out that it was way more of a headache than originally perceived? The truth is, we all could probably do some aspects of a job to an “acceptable” degree. The challenge is that when we don’t do those jobs on a daily basis, that makes us a novice in that particular field, leaving room for error. And making errors in property management can be costly…very costly.
Why Choose Professionals?
Professional property managers go through attaining professional certifications and on-the-job training and learning curves that allow them to become experts in their field. Some self-managing rental owners may have some background or knowledge in this particular field and can and do perform property management duties.
But to put it frankly, just because you can walk doesn’t make you a triathlete. Or because you know how to use hair clippers, doesn’t make you a go-to barber. And just because you can buy real estate, you’ve owned a home, you’ve read a few internet articles or maybe you’re even licensed as a real estate agent, that doesn’t mean you’re an expert property manager.
Like Warren Buffet once wrote in his letter to shareholders,
“I’d like you to know that almost all of the directors I have met over the years have been decent, likable and intelligent. They dressed well, made good neighbors and were fine citizens. I’ve enjoyed their company.
Among the group are some men and women that I would not have met except for our mutual board service and who have become close friends. Nevertheless, many of these good souls are people whom I would never have chosen to handle money or business matters. It simply was not their game.
They, in turn, would never have asked me for help in removing a tooth, decorating their home or improving their golf swing. Moreover, if I were ever scheduled to appear on ‘Dancing With the Stars,’ I would immediately seek refuge in the Witness Protection Program.”
Managing rental properties is time-consuming, requires attention to the smallest details, quality communication efforts, and consistent research on federal, state and local regulations.
In fact, the most litigated item in real estate is the security deposit itemization. Do you know where to draw the line between normal wear and tear and damage? Can you remove your own feelings from the situation on a property you own? Do you have years of training and experience protecting hundreds of owners and dealing with multiple courts and JP’s? And that’s just a few examples of what professional property managers know and what they can do versus a self-managing investor.
It’s recommended that if you’re considering managing your own property that you consider all of the variables, time and research it takes to do the job right. Because after all, when property management is done right, your property stays well maintained, your tenants remain in contract, and your investment financially succeeds for the long haul.
75% of what we do as a professional property management company is prevention. 100% of that knowledge comes from on-the-job experience. If you want to avoid trouble, have a positive experience with your rental, and achieve the best possible performance for your Austin, Texas investment property, then we’re ready to partner with you!
Give us a call anytime at 512-994-4323 or send us a quick email at firstname.lastname@example.org. We’re here to answer any questions and get you on the path toward financial independence.
By: Matt Leschber, 1836 PM Founder and Kayla Gonzales, 1836 PM Marketing Manager