Owning a rental home, especially in Gainesville and surrounding areas, is a smart investment that allows you to collect what some people lovingly think of as “mailbox money.” In other words, it provides passive income that you don’t have to do much to earn. But, hold the phone — that’s not exactly true. While you can choose to manage your own rental home, it’s much better not to. Read on to learn the top headaches you’ll have to deal with if you decide to handle managing your own rental.
Things That Suck About Handling Your Own Rental Property
1. Finding a Quality Tenant
When you choose to act as your own property manager, you have to find and vet potential tenants yourself. And let’s face it, unless you’re willing to risk that you end up with a serial killer or, worse, an indoor chain-smoker, it will not be an easy process for you to find the perfect person to occupy your home. You’ll have to handle drafting the lease agreement, running credit checks, and coordinating handing over the keys, just to name a few of the tasks that will be on your plate.
2. Protecting Your Property
Let’s say for a minute you actually find a quality tenant for your rental home. They may be the tidiest, most responsible person in the world, but accidents will inevitably happen. When you go it alone, you’re the one having to handle the calls about incidental damage caused by kids, pets, and drunk Aunt Nancy at New Year’s.
3. Collecting Rent
Asking people for money is not everyone’s cup of tea. But when you act as your own property manager, you’ll have to get very comfortable with it. And not all tenants will pay on time, so when they don’t, who has to go all The Godfather on them? If you guessed you, that’s correct.
4. Needing to Be Available 24/7
When you act as your own property manager, you don’t get to clock out between the hours of 5 p.m. and 8 a.m. Instead, you will receive texts, calls, and maybe even Tweets at all hours about “emergencies,” some legitimate and some not, as well as repair requests and complaints.
5. Being the Bad Guy
You won’t always be your tenant’s favorite person. Especially when you have to enforce the lease, assign late fees, and handle notices and evictions if needed (eek). You may have to remind your tenant that people can’t stay for extended periods or that they can’t knock down walls to make another bedroom. Whatever the case may be, you’re the one having to lay down the law, and that will not be fun if it’s not a role you’re used to or want.
We (Golden)Rule at Property Management
It’s clear that rental properties are a wise move for building your wealth because their value appreciates in the long run, and they provide you with monthly income. But you can enjoy those benefits without the headaches of property management, so why wouldn’t you? Make it as easy on yourself as possible by calling the best Gainesville property managers in the business. Contact us so we can take the stress of managing a rental property off of your shoulders. At Golden Rule, we handle the hassle, so you don’t have to.