Why Can’t I Manage It Myself?
April 30, 2018
I own it. What can be so difficult about managing my rental property? I’ve been taking care of my own home for years, mowing the grass, making small repairs, working through the to-do list. Why can’t I manage my rental property myself? As professional property managers in Gilbert, AZ, Austin Fleck Property Management’s response is: yes, you probably can manage your rental . . . but should you?
You own your car, right? You might even change the oil and flush the radiator. But you wouldn’t try to tear down and rebuild the engine, would you? No, you would take it to a mechanic who has the experience and tools to do the job right the first time. Choosing to manage your own rental property presents a similar challenge. You own the home, but you may not be knowledgeable on how to manage it, especially when it comes to the seemingly endless legal and clerical tasks involved.
It’s All About The Details
There are many obscure aspects to property management. For instance, you need to register under the Arizona Slumlord Act; you need to have an Arizona Transaction Privilege Tax license; you also need to have a city tax license for most cities in the Phoenix AZ Metropolitan area, including Gilbert; and you need to file city taxes for your rental property. In addition, you need to be a marketing and advertising specialist if you’re going to find great tenants. And when you do find tenants, you’ll need to do credit and criminal background checks on the applicants.
But wait, there’s more! Those little repairs you’re used to doing at home in your spare time? When you’re a property owner they’ll need to be done immediately: are you always available? Your rental property must have curb appeal, because the next tenants are always looking for a nice place to call home. Do you have the time to keep it looking fresh? Are you ready to handle any rent collection issues that may arise? There are so many things to keep track of, you can end up spending more time and money than you planned.
Why Take The Risk?
In the complicated world of real estate management, trying to manage the property yourself could expose you to unnecessary liability, not to mention an inefficient use of your time and resources. Hiring professional property managers such as Austin Fleck Property Management will give you the specialists you need to handle the details, and more. Give us a call today at 480-361-6105 for more information, and let us give you back your time and peace of mind.
Images used under creative commons license – commercial use (4/25/2018) olesya41 (Pixabay)