Everyone wants to maximize profit in business. Do-It-Yourself property management is a trade-off: time vs. money. Analyze your skill set, personal preferences and local conditions in a town like Milford. It can be a Do-It-Yourself business, but what you think you might save in dollars, you’ll probably over-spend in time. If you’re willing to spend your time serving as landlord, and if have the resources to find qualified vendors in the Milford area that can assist with maintenance at discounted rates, then the DIY method will probably work for you. But if you have other plans for, or constraints on, your time, you may want to consider the benefits of hiring a professional property manager to work for you.
Think through what would create a sustainable time/money balance for you and your property for the long haul. Before you take the plunge into DIY property management, do a reality check on what it would involve, and then you’ll have an idea of what work you have in store for yourself. You might lean toward hiring a professional, trading a smaller profit margin for personal time and, frankly, peace of mind!
- Find a tenant.
Your first step is finding a tenant, and not just any warm body! Finding a quality and qualified tenant usually takes a long time. You must place ads, be available for showings, deal with appointment no-shows, and work after hours and weekends until your property is leased. With Real Property Management Metro Boston, all this can be handled by professionals who know your area and are experienced in successfully placing tenants in properties like yours.
- Details Matter in the Tenant Application Process.
Next, administer the application process according to credit reports, background checks, sex offender lists, and rental histories for all rental applicants over the age of 18. Again, this will cost both time and money. Become familiar with, and have a working knowledge of, the Federal Fair Housing Act as well as local and state ordinances and statutes to ensure you are not breaking any laws or renting regulations.
- Plan for Ongoing Maintenance.
Your real estate is like anything else you own—things need to be repaired or replaced over time. It’s all part of the normal wear and tear on a unit. The larger appliances like heaters and air conditioners need regular maintenance. You will need to take care of these things yourself or if you’ll need to hire someone else for the job. Plus, you can expect your tenants to have regular requests for repairs.
Remember that maintenance and repairs also come with some risks to your time and money – think failures and warranties, installation appointments and appliance disposal.
Minimize Risk by Hiring a Management Partner
Now it’s time to revisit your business plan. When looking at the cost and time commitment of these details, clearly there are benefits to engaging a property management company that serves the Milford area. Real Property Management Metro Boston can partner with you and assume these risks for you. Choosing to pay for management services can be the best decision you make for the long-term financial success you are dreaming of as you avoid these headaches and reclaim your time. The service is well worth it!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.