There is no time when the old adage “nobody cares about your property like you do” is more true than when it comes to property management.  Managing your own properties can seem intimidating but it is the best way to make sure your property stays in the best shape possible.

Here’s what you need to know to get the job done.

1)    You get what you pay for. While your own time isn’t cheap, neither is the time of professionals who will do a great job on your properties. If you can’t manage your own property (if you live in another town, for instance) then don’t go with the lowest bidder—go with whoever has the best references.

2)    Expect to spend serious time on it. How much time you spend managing your properties depends on how many properties you own, their ages, how many tenants you have, and what types of tenants you have. Make sure you budget regular time within your daily calendar to spend on property management.

3)    Plan ahead for troublesome tenants. A big part of managing your properties is dealing with troublesome tenants. Whether it’s because they party too much or don’t pay their rent on time, you need to have a plan in place for how you will deal with the issues that arise.

4)    Factor in marketing. If you have professional management company they will be marketing it for you. But if you take over the  management of your real estate properties you will need to aggressively market them to keep them occupied.

5)    Decide how much you want to hire out. Just because you are managing the properties doesn’t mean you need to mow all the lawns yourself or fix the plumbing on your own. Most property managers who make a profit do a fair amount of the small and simple maintenance on their own and hire out the bigger, more complicated jobs. Which jobs you do and which you choose to delegate is up to you but remember to budget for it!

6)    Document everything. Whatever you do, be sure to document each step with pictures, receipts, and contracts. You also need to be prepared to file all the documentation so you can easily reference it in case of disputes or for tax purposes.

Managing your own properties can be difficult, but it can also be deeply rewarding. Nobody will take better care of your property than you and many times you will be saving money by doing the best job yourself.

Do you have property management tips? Share them with us in the comments!

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