Today, we are providing landlords with an idea of what it takes to manage your own property. Everyone looks at property management and thinks it’s simple and easy to do themselves with the intent of saving money. In reality, most people managing their own properties end up paying more.
One of the things you have to consider is that Aurora has licensing requirements. You need to be licensed to manage property and your property also has to be licensed. It’s also subject to annual inspections. When you have that inspection, you need to know what they’ll look for. If you already have your smoke detectors and carbon monoxide detectors in place and working, it will save you money on repairs the inspections will require. Knowing the codes also keeps you out of trouble. With a property manager, you have licensed people who are able to keep you compliant and up to code.
Working with a property manager gives you access to trained maintenance staff. A repair can be done for less than having to hire a contractor on your own, which can cost you up to seven times the amount. Having the maintenance offered by a property manager will save you more than what you’d pay managing yourself.
Fair Housing Laws
Landlords managing their own property need to understand fair housing laws and be careful about discrimination. You can do it so easily without even meaning to. For example, if person hands in an application for your property and meets your qualifications and 30 minutes later, a more qualified person comes in, taking the second person means you’ve discriminated against that first person. Be familiar with laws to stay out of trouble.
Picking out tenants is important. Having a quality tenant to begin with will make a big difference throughout the tenancy. You have to do credit and criminal checks so you know you’re getting someone good. This will save more money than rushing a tenant into your property. A bad tenant can destroy your property or stop paying rent. It can cost you over $10,000, which is not a chance you want to take. If you don’t have the experience you need screening tenants, you need a property manager.
If you have any questions about managing your own property, please contact us at Kirch Property Management.