Why You Should Manage Your Own Property

Managing your rental property is not as hard as you think it is. In fact, this move has many advantages for you because you will be in charge and make more money in the process.

Here are five ways you can save good money when you manage your own rental.

1. Do Your Own Repairs

Many of the repairs that are needed in your home are minor ones so you can do them yourself and save the cash. Now, we are not talking about major repairs here. Major projects should be contracted to experts who have the skill and the experience to do the job.

You can definitely handle minor projects like a leaky faucet, a clogged drain or a blocked kitchen sink. However, installing or upgrading your plumbing is not something you can handle. You should leave projects of this nature to an experienced professional. In addition, you should not embark on projects that require the use of a ladder or scaffolding. Again, you should not get involved with lead paint removal or electrical wiring. Leave these projects to be trained and qualified experts who have the skills to handle them in a safe and competent manner.

Necessary repairs like loosening a stuck window and fixing a leaky faucet are things you can easily handle. If you do the job successfully, you will save money and enjoy the sense of satisfaction that comes from doing the job yourself. You can get useful information from websites like YouTube and HomeRepairTutor.com.

To put things in perspective, when you call in a contractor, you will spend a minimum of $75 on just the service call. This does not include labor and the cash you might pay to replace fittings.

2. Compare Professionals

Many property managers have their favorite contractors. Most of these contractors do not bother to get multiple bids before awarding contracts. In some cases, the agreement stipulates that you must use the contractor’s handyman service. Clearly, this is not likely to save you money.

On the other hand, if you get the quotes yourself from different candidates, you will choose the one that makes economic sense. You can get valuable information from websites like HomeAdvisor.com because this site offers useful reviews.

3. Show a Property While It’s Occupied

In most cases, your property manager will not show the rental property to prospective tenants unless it is vacant. This costs you money because there will be a bit of time-lapse between when the present tenant moves out and when a new one moves into the property.

You can reach an agreement with your tenant to show the property to prospective tenants even while the present tenant has not vacated the building. However, this should be done with tact and a bit of diplomacy.

The best way to do this is to give enough notice (at least 24 hours) to your tenant before each showing. For obvious reasons, you should offer the prospective tenant limited showings. This way, you do not intrude on the privacy of the present tenant.

If the present tenant has left the building in a terrible state, it might be better to wait until that tenant vacates the building before showing it to prospective tenants. The same thing applies if the present tenant has pets because the new tenant might not be a pet lover.

4. Find and Screen Applicants Yourself

Many property managers charge you a finder’s fee for getting you tenants. This fee is not fixed, but it can be as high as one month’s rent or even more. You can save this money if you find your own tenants.

One smart way to find your own tenant is to list your property through Cozy. Just upload some great pictures along with a brief description of the property. Cozy will advertise your property on its partner websites and provide links to your property. You can share the link in your emails, social media, or even on your website. This will create awareness and get you new tenants in no time.

Prospective tenants can apply via a website. You can request background checks and credit reports from the applicants through your website. The best part is that the applicants pay for the screening reports and this saves you money.

5. Be Your Own Property Manager

Most property management Mesa AZ companies will charge you a princely 10% percent monthly fee for their services. Their services include rent collection, documentation (signing leases), and coordinating repairs on your behalf. Now, you do not have to pay this money to any property manager. Rental management is not rocket science. Manage your own property and pay yourself the money.

Apart from using for both marketing and screening of tenants, you can use Cozy for rent collection as well. The best part of the deal is that this service is free for smart landlords like you.

Tips For Becoming A Better Property Manager

Being a property manager can be very demanding. Tenants, owners, coworkers, maintenance technicians – someone is continually trying to find you. It also takes several different skills to balance your daily responsibilities and tasks. But property management can also be rewarding if the stress doesn’t consume you.

To help you become a stress-free property manager, the best property management company gathered their property managers to compile a list of tips thought out to help you.

Tip #1: Know Your Properties Inside & Out

It is vital to be very knowledgeable about each specific property that you manage to answer all questions asked by potential renters.

Get to know the property and learn about its unique quirks or qualities. It helps you provide detailed information to renters, it shows you have physically been on the premises, and it saves you precious time by not needing to look it up every time.

Knowing about the neighborhood is good, as well. It allows you to provide prospective clients with important information such as nearby shopping centers, restaurants, freeway access, and so on. That helps them decide if it is a place they would like to live in. Avoid sensitive subjects such as school districts, crime rates, racial population, and churches in the area. It is considered illegal steering to provide information on these.

Those interested in renting in that area have to do their own research and make the best decision by themselves. Knowledge is power; the greater your knowledge is from each specific property, the higher your success will be renting it, as well as keeping a good rapport with the renter and owner.

Tip #2: Be Available and Dependable

Being dependable is very beneficial to becoming a successful property manager.

It is important to respond promptly to e-mails and phone calls. You will be busy if you are managing several properties. Being available when tenants and owners need to reach you is essential. It makes the client trust that they can rely on you and fosters trust within your business relationship.

Everyone has a life outside of work. You don’t share your personal mobile number. As long as you keep yourself available on your e-mail address as much as possible during business hours, that is sufficient.

Organization and time management are also very important in being dependable. Make sure you schedule your meetings accordingly to accommodate your clients’ needs.

Finally, people skills are of great quality. You will work with numerous people. It is your job to keep them all satisfied. You will surely meet unhappy folks. Give them all a positive customer service experience.

Tip #3: Practice Good Marketing Techniques

Managing property is not about working in sales. On the other hand, you need to sell owners on your capabilities. Owners should trust that you will succeed in renting their property to quality tenants.

You also need to raise prospective tenants interest in the property. Tenants need to be intrigued by it.

This is where marketing enters. The internet is your best friend. Many renters use it for hunting for apartments and houses. For us, the best sites to advertise our listings on are Facebook, Zillow, and Craigslist. Make sure you have detailed descriptions, useful information, plenty of good-quality pictures.

Tip #4: Work with a Great Team

All of the responsibilities of a property manager are too many for one single person to take on. The more resources you have for tenants and owners to make use of, the more satisfied they will be.

You could implement the tier system: property manager, assistant property manager, and leasing agent.

The property manager handles owner-related and delicate issues. The assistant property manager is the point of contact for existing tenants. The leasing agent handles rental inquiries and schedules property showings.

This way, there is a specific person for clients to speak with. Plus, issues are solved quicker. It is also important to have accounting, insurance, and maintenance departments in order to handle specific issues.

Who We Are

Universal Realty and Property Management (“URPM”) is a fully licensed real estate brokerage serving Tampa, Orlando and everywhere in between. While our firm specializes in Leasing and Property Management, many of our clients ask us to sell their property when they decide not to continue leasing.Also, many of the tenants we lease to, ask us to assist them in buying their first home after their renting time is over. Why? They trust us because of our approach to real estate.

How do we approach real estate, leasing and property management?

Energy – We work hard for our clients every day.

Experience – With well over 100 years of Leasing & Property Management experience, it is rare that we find a situation that we have not seen before.

Excellence – When you work hard, combine that with being an expert in your field, you expect the highest results. That is what you can expect from us.