Call it the cycle of renting a home. Many people end up becoming landlords because they do not want to pay someone to do it. It might take some time, and almost anyone can rent their home out. Right?! And things are peachy great - rents coming in, tenants never call with problems, it's so easy!
And what most of these happy go lucky landlords don't expect is the inevitable - problems. And it is a cycle - problems will come up at some point - whether those great tenants suddenly go bad, or a major repair is needed or you start getting notices or complaints. And it is not IF it happens - it is WHEN that most people aren't prepared for.
And when things start going real bad, suddenly DIY landlords start dialing for a property manager to take over. The question is - will a property manager take on your problem? Some might, most won't.
There are many reasons why a property manager will not take on your problem -here are my top three:
- It will cost money to fix the problem - and it's probably money you don't want to spend.
- Property management is a long term relationship. The risk is high that if you managed your own property and it failed, you are likely to let a property manager fix everything, and then back out of the contract. Although it costs to back out of a contract, many DIY think it's cheaper to eventually dump a property manager than to keep them on - and we know that.
- Many property managers simply do not want to get involved with a bad problem - it's likely that what a DIY landlord in trouble says, is probably just scratching the surface and they aren't telling the whole story.
When you hire a property manager, you need to be committed from the get go, find a good one and remember, hiring one from the start is usually a lot cheaper than digging yourself out of the bad when the happy peachy cycle of being a landlord hits bottom.
This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .