Many rental property owners bristle at the idea of paying a monthly management fee or a leasing fee when it seems like finding a tenant and renting out a property is something that can be easily done on their own.
We get it. You’re trying to earn as much as possible on your investment, and those fees for professional services seem to put you in the negative column right away.
Professional property managers can actually earn you more on your property than doing it yourself. With professional management, you have access to tools, resources, and expertise that you just don’t have when you’re managing on your own. You also get your time back, and placing a monetary value on time is pretty hard to do.
There are a few myths that do-it-yourself landlords cling to, and today we want to make sure you’re not believing the wrong things about property management. Now more than ever, it’s important to have a qualified, experienced professional leasing, managing, and
maintaining
your rental property.
Mistakes DIY Landlords Make
It’s very easy to make a mistake when you’re renting out your own home.
Mistakes are a part of every business, but when it comes to
fair housing
and discrimination and security deposit disputes, even a small mistake can cost you thousands of dollars.
We have heard about landlords showing up at occupied properties whenever they want. That’s a violation of your tenant’s right to privacy and quiet enjoyment of the home. We’ve also heard about DIY landlords unlawfully evicting tenants by changing the locks or turning off the utilities. That’s going to get you sued.
You have to understand the laws and follow all of the careful and detailed regulations that are in place.
You cannot discriminate in your marketing or your screening process against protected classes of tenants, including people with disabilities or tenants with children. These are mistakes you can easily make without intending to. A professional property manager is careful, deliberate, and experienced. You’ll be protected from risk and liability. You won’t fall victim to those costly errors.
One of the biggest myths is that property management isn’t worth the money. Protecting your property and your reputation is well worth the monthly management fee.
Finding and Keeping High Quality Tenants
Another myth we run into is that tenants don’t need to be screened; as long as they have a job and they can pay the security deposit, why not hand over the keys?
This is dangerous. A bad tenant can cause a lot of financial damage for a rental property owner. You run the risk of late and missing rent payments if you haven’t talked to former landlords or done a criminal background check. There could be property damage left behind that exceeds your security deposit.
Tenant screening is one of the best ways to protect your property.
Vacancy and turnover costs are far higher than the cost of professional property management. If it takes you an extra month to find a tenant or you spend six weeks getting a property ready to re-rent after a tenant moves out, you’re losing a lot of money.
Saving Money on Maintenance with Professional Property Management
We know it can be difficult to decide whether to self-manage or hire a professional. Don’t believe inaccurate information, however.
Talk to us at Midwest Property Resources, and we’ll tell you more about how a professional property manager can help.
Since its founding in 2011,
Midwest Property Resources has been innovating property management and leasing in eastern Jackson County, northern Cass County, Missouri as well as Johnson County, KS, serving the communities of Lee’s Summit, Blue Springs, Greenwood, Raymore, Independence, Overland Park, and others that surround them.
