Owning a Rental Property in Greenville is an amazing prospect. This is because it offers you the opportunity to have an investment that gives you a recurring income. The thing with owning a rental property is the fact that you will need to manage the property. If you do not manage it properly, it will certainly run down and no one will be willing to pay for a run-down building.
The mistake most landlords make is to try to manage their own Greenville rental property. They try to do all the work and do not seek professional help. They believe that they can do it, they feel there is nothing special about managing a rental property, so they take up the task. Well, they are very wrong.
Here are the top 3 reasons why you shouldn’t manage your own Greenville Rental Property.
1. YOU DO NOT HAVE THE CORRECT EXPERTISE
Face it, many landlords do not have any experience in property management. They know absolutely nothing about running a rental property. But somehow they still attempt to do it even without prior knowledge or experience.
Some claim that they will learn and improve as the day goes by but this hasn’t worked out for many who have tried.
If you try to learn as you go, you will make a whole lot of mistakes, lose a lot of money and your rental property which is supposed to bring in money ends up being an avenue for spending more money.
Here are a few reasons why not having the correct expertise can hurt your rental properties:
- When you have no experience or expertise, you can end up hiring the wrong vendors to work for you because you have no access or connections to the right ones. Hiring the wrong people to make repairs on the property can be both time-consuming and costly as they might end up damaging your property.
- Using inappropriate advertisement options which will lead to vacancies on your property. The longer your property stays empty, the longer you lose money. Advertising for a rental property in Greenville is not something you just jump into. You have to know what you are doing to attract tenants.
- Poor screening of prospective tenants will make you end up with a bunch of tenants that would frustrate your life and make you wish you never owned a property. Screening tenants is a very important and sometimes painstaking task that you may not have the time or energy to do, so you end up accepting anybody.
- Using poor rental collection policies that will hurt you and end up making you lose rent. It’s like digging your own grave. When you use policies that are against the law or not favorable for you, you shoot yourself in the foot.
These and many things will go wrong when you try to run your own rental property without the pre-requisite experience. But the ones listed above, are top of the list.
2. YOU CAN MAKE FATAL LEGAL MISTAKES
For you to manage a rental property in Greenville, you need to be abreast with all the local, state, and federal laws that regulate rental housing. And you also need to be updated as these laws change from time to time. They can be amended at any time or totally scraped out. If you are not fully aware of these laws you can make a lot of
mistakes that will hurt you and your property. It can get as bad as you losing a lot of money and nobody wants that.
This is why you need a professional property manager to help you. Property managers stay up-to-date with the laws, they always know the right thing to do, when to do it, and how to do it. But because you are not into rentals full-time, you will not be as informed as them.
This is a reality you must face. But if you are willing to quit your job to manage your building, well you can give it a shot.
But if you want to save yourself the stress and headache, do not even attempt to manage it yourself. Seek professional help, and allow your money to work for you. You do not need to do everything yourself.
3. YOU NEED TO BE AVAILABLE 24/7 TO RUN THE PROPERTY.
One of the core aspects of managing rental property in Greenville is maintenance. When the toilet gets broken, someone has to take charge. If the roof is leaking, someone will need to do something about it and all of that is the job of the property manager.
If you are your own property manager, this automatically makes it your job. When it comes to emergency maintenance issues, these things do not just happen during business hours. It can happen in the middle of the night, it can occur during the early hours of the day. And because of this, you need to be available to your tenants 24/7 that is if you decide to manage your own rental property.
They can call you up at any time for you to solve their problem. And if you are being honest with yourself, this is a frustrating prospect for a landlord.
Just imagine being woken up by 2 am by a phone call informing you that a pipe is broken, or a window is broken, it will certainly get you annoyed. But you can save yourself this stress by just hiring a property management company to do all that for you.
With little effort, you get your rental property managed properly while you sleep.
Managing a property rental in Greenville is not as easy as many landlords or homeowners think it is. It is hard and the reasons listed above just drove that point home. There are many other reasons why you should not even think about managing your own rental property, but these three are certainly top of the list. And if you would like to avoid all the headaches that come with managing your rental property, then you need to get a property management company to help you.
If you need a property management company in Greenville to effectively manage your properties and maximize your return on property investment, kindly Book a free consultation with one of our expert property managers or call: 864-400-0808
We provide comprehensive property management solutions to local homeowners and property investors in Greenville. Helping them to maximize their rental income while keeping the tenants satisfied.