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Feb 14, 2020 7:45:00 AM by RentHub Property Management

4 Reasons DIY Landlords Need Property Management

Tenant Screening, Maintenance, Landlord Tips

Why did you decide to become a property investor in McKinney? There are a few reasons that all investors seem to share:

  • Real estate appreciates over time: Even after the Great Recession tanked property values, they've been on the recovery. Values rebounded so well that they were up by 50% in 2018 since the great plunge.
  • Real estate has real value: Investors in real estate often use their holdings as a means to diversify riskier assets with something that has a physical presence. Plus, renters will always need a place to live—in 2018, 6 out of 10 residents in the Dallas area rented their homes.
  • Real estate is a boost to your net worth: In 2016, the Federal Reserve revealed that homeowners had a net worth 46 times that of their renting counterparts. Just by having investment properties in McKinney, your net worth is outpacing that of your peers.
  • Your passive income is reliable: When all of the above factors combine under the right McKinney property management company, you experience stable passive income. For many investors, planning for their financial future has never been easier!

Real Estate StressHowever, what happens to your portfolio when you don't have a property management company in McKinney to rely on?

  • Your property is in the news for a drug bust—just because you decided to treat your family to a nice vacation! Being a DIY investor makes it hard to walk away from the needs of your investment properties.
  • You didn't screen your potential tenants properly; they seemed like a nice enough married couple with cute children and an adorable puppy! After they failed to pay rent, you find your property abandoned and in such disrepair that the carpets require a total overhaul.
  • An applicant offers considerable cash upfront to get into one of your rental properties. At first, everything seems fine—then they start texting you at all hours with complaints while you're out of town on an important business trip. Hundreds of texts later, you still have no idea how to preserve your boundaries as a landlord.
  • The toilets in an empty unit of your triplex are backing up with no logical explanation—and no plumber will answer your call for help. You're left to clean up this nightmare mess on your own to make sure your unit is ready for your next tenant.

If you thought the above examples were extreme, then the reality might shock you: these scenarios all happened to real DIY investors!

If they had a reliable property management company in McKinney to turn to, things might have been different for these investors—and their properties. Let's take a look at what a McKinney property management company can do to help you preserve, protect, and profit from your investment properties. Here are four reasons to turn to a property management professional when it comes to your portfolio!

1. Maintenance No More

A professional McKinney property management company does so much more for your maintenance needs than simply respond to strange plumbing situations! Your property management partner is also your direct source for:

  • Timely and responsive maintenance across all of your properties—even after hours
  • Interior and exterior inspections to make sure your investments are operating profitably
  • Affordable, professional repairs from thoroughly vetted industry experts.

Sure, there are certain things you can fix yourself; for some investors, this is a source of pride in their portfolio. However, should you have to?

Professional-quality maintenance takes a considerable amount of time to get right—even for just one property. Multiply that effort—or even make it exponential—based on the number of properties you have, and you'll quickly see how it can get out of hand.

As an individual investor managing your portfolio, you might already feel the squeeze that maintenance demands are placing on your time. Your time is valuable; spend it where it matters most to boost profits. Expert property management keeps you from getting lost in the details—or worse, cutting corners.

2. Screening That Works for You

We like to touch on how important the screening process is for protecting your investment here at RentHub—but that extends to so much more than just your human tenants!

In the above story, if our DIY investor had had a McKinney property management company on their team, they would have easily flagged the tenant that violated professional boundaries by talking to past landlords. A rigorous screening process and the aid of a property manager in crafting professional pet addendums could have prevented the disastrous puppy encounter.

Your screening process and pet addendums are all components that work together to support your leasing agreement. Without a strong leasing agreement, you can get taken for a ride as an investor—especially by predatory "Professional Tenants."

Property management companies in McKinney already have tried-and-true screening methods that they've used to place reliable renters in properties just like yours! Don't expose your portfolio to risk: use the methods that the professionals do to protect your properties!

A business man with an open hand

3. Your Professional Barrier

While the right screening process can filter out tenants who would consistently violate the professional boundaries between an investor and a renter, a McKinney property management company can also:

  • Serve as the intermediary between you and tenants when coordinating maintenance
  • Collect rent on your behalf—and pursue unpaid rent to provide reliable income
  • Field all tenant complaints, requests, and feedback by phone, email, and even text—no matter how many
  • Resolve disputes and enforce the terms of your lease agreement—including pet addendums.

This is just a small sample of what your property manager can do to support your boundaries as an investor. Remember, your portfolio is a business: operating it professionally protects you and your assets.

4. Passive Peace of Mind

If you're working overtime to keep your portfolio profitable—is it truly providing you with passive income? If you can't step away from your investments to spend quality time with your family, do you really have peace of mind as an investor?

When you leave your properties in the hands of a professional property management company in McKinney—no matter how many properties you have—you finally have access to genuine passive income and lasting peace of mind.

If you decided to become an investor to prepare for your retirement and provide stable financial growth, you shouldn't have to sacrifice your quality of life in the present to enjoy your quality of life in the future. Working with RentHub Property Management allows you to have the best of both worlds!

If you're not ready to get started jsut yet, download our free Guide to Finding the Best Dallas Property Manager! It includes a checklist you can take notes on when interviewing your property management shortlist.

Download the Guide

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