Do you still rotate your own car tires? Do you change your own oil? Do you still believe you can rely on your gutt to help you screen tenants? Well, then you are probably not the right person to hire a Property Manager for your rentals.
Let’s face it, property management is a full time task and you already have a life. In fact, Property management entails:
1) Tenant Screening
2) Rent Collection
3) Rekey Services
4) Eviction Services
5) Remodeling and Rehab Services
6) Low Cost Maintenance
7) Emergency Repairs
8) Monthly/Annual Reports
9) Regular Property Inspections
For example, tenant screening is a huge headache even for property managers. More than 80% of the job applicants admit that they lie on their resume. Guess what these people will do on their rental applications?
This weekend we got a text message during the 49er games from one of your Los Gatos rentals that: “the oven is not working”. Lucky for us, since we live in Los Gatos we were aware of the PG&E outage in the area and suspected the problem with the oven was related to the outage. If you were managing this property yourself, it would have cost you $200 of unnecessary service cost only to find out that perhaps the breaker was off.
The fact remains that most real estate investors and home owners underestimate the amount of work required to manage rental properties. They also underestimate the amount of legal trouble they can initiate by screening the tenants themselves without proper knowledge of Federal, State and Local laws on discrimination.
Bottom line is that if you can retain a property management company who will cut the difficult challenges associated with renal property ownership, it is only wise to take advantage of it. After all, who wants to change their own car oil these days?