Whether you’re new to the rental game or a veteran, handling the maintenance for your rental property is no picnic. It takes time and money, and if you don’t handle the problem quickly, your tenants get very unhappy.
As you consider the long-term issue of maintenance for your rental properties, you have two basic options: Do the maintenance and repairs yourself or hire an outside company to do it for you.
Use the guide below to help you decide which would be the best approach for your property maintenance.
Some landlords choose to do all the maintenance themselves, and it can work for some situations. In others, you risk creating an utter money pit.
Here’s a list of pros and cons to help you determine whether handling the maintenance directly is a suitable option for you.
Pro: it can save you money
If you live very close to the property you’re renting and you don’t have very many units,doing the maintenance yourself can usually save money. Your labor will be free, and all you’ll have to pay for is equipment and parts. When things break, they don’t tend to do so in small amounts, so you’re likely to face big bills at one time, but at least you won’t have to pay an outside company for labor on top of that.
Con: it eats up your time
It may save you money, but is it worth the hours you’ll spend fixing up your tenants’ apartments? You probably have another job and maybe a family, so where will you find the time to fix problems at your rentals? A bad problem you don’t have time to tackle could go days without getting addressed, and that won’t endear you to your renters.
Pro: it teaches valuable life skills
You can learn how to fix just about anything via YouTube and other online tutorials. Learning to handle all the maintenance on tenant units can teach you valuable skills you can use in the rest of your life. You’ll be able to perform the handyman work for many of the challenges around your own house as well, and you’ll save on having to hire professionals to do it for you.
Con: it causes added stress
Performing all the maintenance yourself means plenty of extra stress. You’ll be spending a lot of time worrying about when and how you’re going to complete all of the repairs along with your other responsibilities. All the while, you’ll have complaining tenants because you haven’t fixed their leaky faucet or broken light fixture yet. All of that stress could be contribute to health problems.
Pro: you’ll get to know your tenants
Possibly the best way for you to get to know your tenants is by handling their daily maintenance concerns. You’ll get to see how they are treating your property as well as better understanding the kind of people they are. Knowing as much as possible about your tenants helps you to protect your investment.
Con: you risk falling behind
With all of your other responsibilities on top of the maintenance, the chances are you’ll find it difficult to get everything done in a timely and stress-free manner.Any time there’s a delay,it’ll make your tenants upset. They may give you bad reviews online, or even break the contract early because you aren’t keeping up your end of the deal. That can make the value of your rental investment plummet.
Thousands of landlords have discovered the benefits of outsourcing maintenance when the task of handling repairs becomes too much, especially if you’re a landlord who lives more than 10 miles from the rental property.
Take a look at the following pros and cons to help you decide whether the maintenance for your rental properties would be better handled by a professional company.
Pro: it removes your stress
When you outsource your maintenance requests to a property management company, you don’t have to worry about a thing, other than paying for the monthly service. Their employees will take care of everything, from the landscaping to fixing a leaky faucet. You don’t have to worry about the unexpected cost of major repairs or how you’re going to find the time to tackle the job yourself.
Con: it can be costly
If you don’t go with the right company, your monthly bill for outside property management can be quite expensive. There are also companies out there who overcharge. If you identify the right company, however, you will secure a fair rate. You may find you can actually save money by having someone who already has the expertise and equipment handle the work.
Pro: it smooths the tenant-landlord relationship
Building relationships with your tenants is more important than you might think. After all, if they have a bad experience and move out, they’re likely to post bad reviews about you, and you could be out of a tenant for a long time. A property management company helps to keep the landlord-tenant relationship healthy by making sure the former gets the rent on time and the latter get their maintenance issues taken care of in a professional and timely manner.
Con: a bad company can hurt you
We wish that every property management company was responsible and trustworthy, but that’s just not the case. If you go with a property management company, you risk overpaying a firm that does not perform satisfactory work. However, if you’re careful and ask the right questions of a potential real estate manager, you’ll be able to find a company that will treat you fairly and give you a good rate.
Pro: on-call, expert service
With a good property management company, you can expect constant, expert service to attend to your needs at any time. The company will respond to every maintenance request in a timely manner, and keep your tenants happy.
Property management companies have all the expertise necessary for any of your maintenance needs, which means you won’t have to worry about a shoddy patch job that will only cost more time and money down the road.
More than likely, a good property management company could be the answer to all the time management and stress problems connected with your rental property. Green Residential is one of the excellent companies who always offers fair rates and expert service to anyone in need of property management services in the Houston area.
Give us a call today for a quote.