We receive phone calls every day from homeowners who have specific questions about property management. We also receive phone calls from people who have a variety of questions, which are centered on whether or not professional property management is necessary. When you’re considering self-management, think about three things.
What is a Property Manager? Education
Before you place your first ad, take your first phone call, or process your first application, you need to know the federal fair housing laws, which deal with discrimination. You also need to know your landlord and tenant law, which is a state law that deals with the relationship between you and your tenant. Any disputes will be settled in magistrate court. Here in Gwinnett County, Georgia, the proceedings are held several times a week. The judge spends 40 minutes or so explaining what he will hear and what he won’t hear. It’s a good opportunity for you to see what real property management is like.
How to be a Landlord: Systems and Processes
Before a tenant is placed in your property, you need to consider how you are going to handle the application process. Think about how you will handle rent collection, maintenance calls, HOA letters, and inspections. Anything dealing with the property needs to be put in some sort of system so you aren’t reacting to what’s going on with your property. You want to be proactive and in control.
Establishing Investment Goals
You will also need to decide if you’re going to keep the home long term or if you want a short term rental. It makes a difference if you’re going to keep it one year, two years, or more than five years. Are you willing to take the time to get the education you need, go through the steps to stay within the law, set up processes, and systems if you are not going to hold onto this rental long-term? Hiring a property management company might be your best option
If you decide you want to manage your own property, you need to be thinking about these 3 items. If you decide you would rather find out how to hire a property management company, please contact us at 4th Avenue Property Management and we’ll be happy to help you.