Investing in a Jonesboro rental property may be one of your most crowning achievements. And it’s smart business, too, considering the rate at which people continue to move to this Clayton County area. When you first bought your rental, it may have seemed like a good idea to fly solo in managing all the responsibilities. However, self-management over time can present some serious setbacks and potential pitfalls. Today we’ll highlight just why it’s so hard to manage your rental property by yourself and explore great ideas and tips to help you identify solutions.
Property Management Can Be Overwhelming
You may sometimes feel like a juggler with poles and spinning plates in the air. Managing your Jonesboro rental property isn’t for those who aren’t multitasking masters. But over time, the tenant screening, rent collections, property maintenance, and scheduling can be overwhelming. What began as a side hustle for revenue has turned into a full-time job, leaving you tired and without the free time, you once had. For those with multiple properties, the burden can become doubly frustrating, as well. If you feel balancing your spinning plates is about to end in broken porcelain, you may be ready to consider outsourcing some or all of your tasks.
Costly Mistakes with Vendors
You may feel in control, with your finger on the pulse of your Jonesboro rental property investment, but self-management can lead to expensive mistakes with vendors. You routinely outsource work to contractors, inspectors, or software platforms as part of your management process. But sometimes, especially when you’re overwhelmed, it’s easier to make costly mistakes with those partners. You may not have the time, for example, to entertain multiple plumber bids to replace a shower. In turn, you could be paying far more than you should be for the project. Similarly, forgoing a home inspection to save time and money can translate to missing a leaky roof until it’s too late and renters’ property is damaged. Consider streamlining your process for all vendors, and developing lucrative partnerships with those you can do business with ongoing.
Increased Risk of Unintended Legal Missteps
Your renter agreement and application may have been reviewed legally for language and guidelines when you first put it together. But as most landlords will tell you, the laws, statutes, and requirements for housing can change all the time. When managing your rental property by yourself, you may inadvertently miss a newly imposed regulation, leaving you open to making unintended legal mistakes and liabilities. Ongoing legal review or routine professional partnerships can help you stay on top of any new updates.
Cutting Corners on Screening Processes
You value your Jonesboro rental property. But you also know it’s not providing any ROI if it’s vacant. That pressure, added to the already overarching roster of tasks you’re managing, can be problematic. You might feel an intense sense of urgency to get potential tenants moved in right away, and in turn, cut a few corners in your pre-screening process to save time. However, not calling a rental candidate’s rental references or following through on a background check, can leave you with poor renters. Non-paying or unreliable renters can prove to be more costly than the vacancy.
The best tip you might read all day is right here – hire a professional property management partner. You shouldn’t have to manage your investment alone, and you don’t have to for another day. Browse our various services to see what solutions we can help you with today. The next step you can take to preserve your Jonesboro rental property investment is recognizing you’re not alone and ready for a professional PMI property management partner.
