Investing in real estate has usually been a safe bet over the last 50 years. While it has had its ups and downs, for most investors, real estate is something that can be counted on for strong returns. However, with the rise of more investors, comes the increased number DIY property managers that sometimes do not have the skills or experience to effectively manage properties. Many DIY Property Managers do an excellent job, but the potential downside of some DIY property managers is that they may not have the time or the resources to properly manage a rental property. This can result in tenants that are poorly screened, inconsistent maintenance being performed on the property, and a host of other issues-some that can be quite costly. Some issues can even cause problems to home values in the neighborhood of the unit and degrade your investment. Many property management companies have spent years creating systems and have developed an expertise of what to expect and how to prevent many issues that arise in property management.
The opportunity for real estate investment remains strong. For some DIY property owners that do not effectively manage their properties, they’re sentencing their property to an early breakdown and causing negative impacts on their neighborhoods. Education is one of the most important investments a DIY property manager can make to improve the chances of a better returns on their investments. Most DIY property managers have not spent decades studying real estate law and researching new and upcoming developments in the field of property management. Most DIY property managers simply don’t have the time to focus on researching when they have other time investments on their hands. It is not easy for one person to market, screen tenants, create a viable contract, make repairs, learn the proper accounting practices – the list goes on and on. Then what do you do if the tenants start allowing unauthorized tenants, don’t pay rent, or damage your home- do you know how to legally move to enforce payment of rent, properly document violations, or even evict a tenant?
Many DIY Property Managers who do not have the time or desire to make that investment, choose to hire a property management company that will be their best partner for your investing needs. Most long-term investors in real estate say you can’t realize a good return on your property without a good property management team. They’re not just invaluable, they are necessary for a successful investment.
There are a lot of resources for Do it Yourself Property Managers, you can find some information online and it is best if they come from a reliable source such as the Real Property Management blog you are reading right now. However, with your most expensive investment, and quite possibly your family home – a good Property Manager may be worth considering. For property management in Eureka and Arcata, the solution to all of these potential issues may be to find the right kind of company to partner with.
About Real Property Management
Real Property Management assists Humboldt property owners in finding the right rental properties, setting rent rates, advertising the property, screening tenant applications, leasing the property, maintaining and inspecting the property, handling accounting and even assisting through the eviction process when necessary. We are the trusted leader in property management – contact us today for a free rental assessment, and more information about property management.
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