Whether you have a single rental property or an entire portfolio of investments, deciding how to manage those homes and the tenants who live in them is an important decision. You can either choose to manage the properties on your own, as a self-managing landlord, or you can hire a professional Vancouver property management company to do it for you.
This is a decision that’s completely personal, but we want to make sure you understand what each choice means for you and your property.
The first thing you need to consider when you decide to self-manage is your time and what it’s worth. You need to have enough time and availability to manage your own rental property. Tenants will call with repair issues and needs throughout the day and night and over weekends and holidays.
In addition to time, you need resources. It’s important that you have the right lease documents that are legally enforceable in Washington. The tenant screening process is critical, and you’ll need to know how to evaluate a tenant’s financial and rental history without violating fair housing laws. You’re also responsible for marketing the home when it’s vacant, showing the property to prospective tenants, and handling the move-in inspection, which is important in documenting the condition of your home.
There are legal implications to the collection and handling of the security deposit, and you have to be well-versed on the laws. The regulations can be complex, and it’s easy to make an expensive mistake with security deposits, emotional support animals, and other considerations. The legalities have increased so much in the last decade that you have to consider all these factors.
So, before you decide to self-manage, you really have to ask yourself if you have the time, the patience, and the expertise.
One of the benefits to hiring a professional property management company is that we are going to do everything for you. We can help you get the property ready for the rental market. We can help you price it accurately and market it strategically. We can handle showings and applications and we know exactly what to look for during the tenant screening process. We handle leases, security deposits, lease renewals, and lease enforcements every day. We collect rent on time and respond to routine and emergency maintenance issues. We have relationships with professional vendors and we know how to protect your property.
Professional property managers can handle the tenant relationship and ensure that every detail is cared for in the day-to-day management of your home. A good Vancouver property management company will help you save money and achieve better peace of mind.
There’s a lot to think about when you’re deciding how to manage your income properties. If you’d like to talk through your options, please contact us at SunWorld Group Property Management. We’d be happy to discuss what you need to know and whether you think you’re prepared for self-management.