If you have a rental property, is it worth the cost to hire a professional property manager?
When going through the process you need to know what it takes to get the property rented. First you'll need to take quality photos, figure out where you're going to advertise to receive necessary exposure, showing the property as needed once interested parties begin to reach out, screen them, understand what you're looking for and pick up on any red flags. Once you approve someone, you will need a lease that is in line with your local jurisdiction's laws.
Once you have secured a tenant, you will want to ensure that you conduct a thorough check-in inspection (pictures are highly recommended), and collect and hold the security deposit in an escrow account.
Also, you will need to be prepared for the tenants to reach out whenever they have an issue with the home, know what is their responsibility and what is yours, and have trusted contractors to assess and repair issues as they arise. You will need to be firm in enforcement of the lease. If rent is late, it is wise to immediately begin the eviction process. This sets the standard that late rent will not be tolerated. You will also want to know the legal procedure for an eviction should it come to that. Self-help evictions are not permitted.
In advance of the lease expiring, you will want to run numbers and determine if an increase in rent is warranted, negotiate with the tenants a renewal. If none is reached, be prepared to conduct a move-out inspection and properly return the deposit, or an itemize list of withholdings within the allowable time period.
Aside from the obvious financial implications with hiring a management company or not, you need to determine if managing yourself is worth your time. Properly marketing and showing your home, along with qualifying and then managing takes time, and oftentimes your time is more precious than a fee to someone else to manage.
If you're local, it may not be such a big deal. If you're out of state or even out of the country, as many of our landlords are, it may be in your best interest to hire someone to step in and assist.
If you'd like more information on our services, or the overall process involved in renting and managing your home yourself, click on our blue "Get A Free Quote" button.
Flat Fee Landlord - DC Metro
2106 Gallows Rd. Suite G
Vienna, VA 22182
http://www.flatfeelandlord.com/
703-261-9414
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