If you have any experience managing your own household affairs, you probably already have a good idea of the various challenges of managing a rental property by yourself. Managing one or more rental properties is always going to be difficult due to the seemingly never-ending tasks you have to accomplish. On top of this, you are expected to make good returns on your expensive investment each month! Here are the many challenges to managing a rental property that you can expect.
Tenant Screening and Selection
When beginning the tenant process, we are sure that you will experience many challenges. Unfortunately, the world of tenants can be a very unfortunate world to be part of—especially depending on the area. Dealing with a plethora of people is never easy, but having to constantly vet tenants based on their employment history and background check can get absolutely exhausting.
Eviction is one of those activities that people would rather just stay away from. Depending on the tenant you are evicting, you may very well be walking into a dangerous eviction. In other cases, it may be a single mother with three kids. Because of these situations, the profession of managing a rental property by yourself is so hard.
If you like cleaning gutters and trimming hedges, then more power to you! But for the rest of us, expect to spend a lot of grueling hours tending to the various problems that the rental property goes through on a daily basis. You can also expect a lot of in-house fixes, such as problems with plumbing or electricity. Remember—as a landlord, you are responsible for all upkeep!
Property Management Services
If some or all of these activities sound like something you would not like to be doing, have no fear! That is the reason why professional property management services exist. Some of these companies provide full service (some even provide out-of-state service), which takes care of everything from rental collection to plumbing to vetting tenants. These programs essentially act as the middleman, collecting rent payments and keeping up with any daily upkeep tasks. As such, for the rental owner who wants a more self-managing investment, property management services are the way to go!
We hope that this article has opened your eyes to the various challenges of managing a rental property. Consider hiring a property management service. These companies will greatly improve the situation as far as your property and tenants are concerned while still getting a good return on your investment!