For most beginners, rental property investing is a fairly simple equation: profit = rental income – (mortgage + expenses). Many investors think that self-managing a rental property is just a matter of finding a nice tenant who pays on time.
Property management tasks include:
Advertising your property
Determining rental rates
Preparing the lease
Doing preventative maintenance
Making repairs as needed
Moderating issues between tenants
Checking in with tenants at least once a quarter
Enforcing the lease
Evicting a tenant when necessary
Finding new tenants when vacancies occur
Self-management might save you money BUT is it a good use of your time?
Ask yourself if you have:
•Commitment to customer service?
•Sense of balance?
•Confidence to lease successfully?
Also, consider the following:
•Are you aware of your rights and responsibilities as a landlord?
• Are you aware of the latest legislation, rights and responsibilities of tenants?
•Basic knowledge of Maintenance and repairs?
•Stay cool under fire?
•Sweat the small stuff?
If you answered “no” to any of these questions
Then you should strongly consider hiring a professional property manager, regardless of your proximity to your investment property.