Is DIY Management Ever a Good Idea?
Many property owners feel reluctant to pay for a professional property manager, thinking it would save money to handle their property needs solo. Before you jump in feet first and hope for the best, it’s important to understand all of the responsibilities that come with managing a rental unit. This will allow you to make an informed decision about what will work best for your unique situation.
Finding the Right Tenants
The right tenants make a huge difference when it comes to your rental properties. With bad renters in place, you could find yourself dealing with a long list of nightmares: unpaid rent, property damage, and more! To keep this from happening, you’ll need to connect with interested applicants in Colorado, and then screen your rental applications thoroughly.
Many landlords don’t even know how to start searching for tenants. At Keyrenter, we create digital listings for every property we represent, and we syndicate our availabilities across a number of real estate sites. We also use traditional advertising methods to connect with the largest audience possible. After we begin receiving applications, we use our rigorous 14-step screening process to separate good candidates from the bad.
Handling Maintenance Problems
Landlords who want to take care of maintenance issues need to be skilled handymen. From repairing HVAC systems to fixing plumbing problems, the average rental home needs plenty of attention over the course of its lifetime. If a particular challenge requires special expertise, you’ll need to negotiate with local contractors to provide the service for you.
Of course, maintenance issues don’t only arise during “business” hours. We often receive phone calls in the middle of the night and on weekends, when emergencies occur in a property we manage. If you choose to manage your property on your own, you’ll need to stay on call around the clock—and if you feel like taking a vacation, you’ll need to find someone to take over.
Arranging Your Financial Affairs
Turning a profit is always the goal for landlords, but a lot of effort goes into keeping your financial affairs in top shape. From sending out rent bills to processing incoming payments each month, you’ll need to pay close attention to the monetary matters of your portfolio. You will also need to careful manage security deposits, document expenses for tax purposes, and follow up with tenants who are behind on their rent.
Don’t let your finances spiral out of control, or you could be facing a massive headache.
Still Thinking about DIY Management?
If you feel comfortable marketing your property, screening tenants, answering maintenance calls, and handling all of the finances for your rental portfolio, you might be the right candidate for DIY management. At the end of the day, property management takes a lot of work. If you’re ready for that commitment and have the time and energy to spare, you may not need a property manager.
For everybody else, professional property management simply makes sense. By choosing Keyrenter, you’ll benefit from an affordable alternative that will help you save money, time, and stress. Ready to learn more? Call us today to get started: (720) 739-3000.
I've worked with Key Renter Denver off and on for a number years. I would not hesitate to recommend them to anyone looking for a property management company. Their level of professionalism balanced with compassion is unmatched in the other Denver management companies I've dealt with.
Randal S., Satisfied Client
The team at Keyrenter is really knowledgeable and friendly. I own a large scale portfolio of townhomes and condos in the Denver metro area. The service I receive is as focused as having just having only a handful of units. There are many problems that arise with rental property and it is very reassuring to have trusted adviser to relieve me of those burdens. I have recommended them to several other investors in the Denver area to mange their properties and i have received great feedback!
Micah K., Satisfied Client
Wow has Keyrenter exceeded my expectations! The communication has been phenomenal. The follow up is instantaneous, and everything has been fantastic. They were able to find a tenant within a few days for higher rent than my last tenant! They didn't make any false promises, they just executed on everything they told me. My only regret was waiting this long to get rid of my last company!
Mike P., Satisfied Tenant
I have been working with Brandon and Keyrenter Property for almost two years now. I currently am a tenant and have nothing negative to say about my experience. They have always been quick to get back to me about any issues with the property. Everything is always handled in a very professional manner. I enjoy working with people who care and don't just let me get lost in a corporate mess. Keep up the great work Brandon!
Emily A., Satisfied Tenant
PROVEN AND TRUSTED