TOP TEN QUESTIONS
Three Truths About Rental Property Self-Management
It may seem counter-intuitive, but after decades of experience as property managers, Fort Worth Specialized Property Management recommends you self-manage your property, that is until you learn how much work it takes. Some of our most appreciative clients used to self-manage or piece together services from cut-rate discount shops. Why do they appreciate us after their do-it-yourself experience?
Self-Management is More Expensive
Cost is most often the reason landlords choose the do-it-yourself route. What they don’t factor in, however, is the cost of their own time as property managers. Fort Worth property owners need to ask themselves if their time is worth more than $10-$25/hour. If yes, then it’s more cost effective to hire someone else to do the work. Also, self-management means you pay full price for parts and services and don’t have access to the bulk discounts and negotiated rates Specialized Property Management can offer. Lastly, mistakes may be costly, and it’s easy to make them given the various demands of an inexperienced property manager.
Self-Management is More Time Consuming
If we were to make a list of demanding 24/7 jobs, one job that would make it on the list would be property management. Fort Worth landlords who go it alone must field late-night maintenance calls, deal personally with difficult renters, and balance frequent unexpected interruptions with their day-job and personal responsibilities.
Self-Management is Complicated
Property managers need to know the complex details of owning rental property. Fort Worth landlords who want to rent their units on their own should meet the TX educational requirements for property management, understand trust accounting, and know all applicable federal and local regulations and codes (as well as have time to stay up on current laws). They must build systems and processes to avoid vacancies and manage cash flow, research marketing efforts most effective in the Fort Worth area, and identify cost-effective maintenance resources. Beyond that, they need to develop a customer service plan and adhere to all legal requirements related to the collections and evictions processes. It’s an exhausting list just to read.
So unless you have extra time and money on your hands, call the professionals at Specialized Property Management who can focus full-time on your property management. Fort Worth rental properties are complex to manage, and no single landlord is an expert at everything. Tapping into the resources of your Specialized team may soon be the most intuitive act of running your rental property business. Adding us to your team as your all-service property management company means you have maintenance specialists, leasing agents, trust accountants, tenant service coordinators, and highly experienced property managers working to help you get the most out of your investment.
Call Specialized Property Management today to learn more about how our exhaustive set of services can most benefit you.