Managing a rental is like spinning plates; you’ve got to focus on a lot of things at once. And depending on how big or complicated your property is, this could easily become a full-time gig. So let’s unpack the most common hurdles you’ll face when self-managing a rental property.
The Tenant Quest
A good tenant is like gold; they make life easy by paying on time and treating the property like their own. A bad tenant? More like a ticking time bomb that you regret ever inviting into your life. Take your time to screen applicants. Just because someone shows up with a check doesn’t mean you should hand over the keys. Background checks, references, and gut feelings go a long way here.
The Maintenance Jigsaw
Maintenance is inevitable. Be ready with a go-to list of trusted handymen, plumbers, and electricians. The way you handle repairs will set the tone for your relationship with your tenants. Take too long and they’ll think you’re neglectful, which can lead to them reciprocating that neglect on your property.
Inevitable Turnover
No matter how much your tenants love the place, they’re going to move out at some point. Balancing the needs of your outgoing tenant with prepping the place for the next occupant can feel like a juggling act. Detailed move-out checklists and transparent timelines can save you headaches later.
Rent Collection
In a perfect world, rent would always come in on time. In the real world, you might have to nudge, remind, or even chase down that check. Finding the right balance of firmness without turning into a mob boss can be a skill to master over time.
Don’t Neglect the Upkeep
A rental property isn’t a “set it and forget it” kind of deal. You should be investing in its upkeep regularly. If you slack off on this, not only does the property suffer, but so does its market value. In competitive areas, tenants will compare. So keep your property up to snuff.
When Enough Is Enough—Selling Your Rental
Being both the landlord and the property manager isn’t a walk in the park. But if you get it right, you can save a lot on management fees and really maximize that investment. But if the never ending maintenance and tenant headaches becomes too much, I’ve got your back. I specialize in making cash, as-is offers to help you move on quickly from your real estate adventure. DM me anytime to explore your options!