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 the Chicago area, 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: (312) 967-3111
I've been working with John Golden of Keyrenter Chicago North for 5 months now and the experience has been excellent. I needed someone to manage my grandmother's 3 flat building after she moved into a nursing home.
Tim O., Satisfied Client
I am happy to recommend John Golden and his company Keyrenter Chicago North. John has very professionally managed my residential rental property for the last 6 months. Besides his commitment and care of my property, John’s friendly personality makes him a pleasure to work with.
Stacy N., Satisfied Client
After owning multi family properties for over ten years, JR is far and away the best property manager I have been associated with. His attention to keeping expenses low has been a huge contibutor to the cash flow of my properties, and has done an excellent job keeping the apartments full while increasing rents accordingly.
Anthony F., Satisfied Client
I interviewed three property management companies. I decided that John Golden and Keyrenter was the best fit for me. John presented himself as a professional, very knowledgeable about property and city requirements, and respectful of my position as owner of property.
Shirley D., Satisfied Tenant