Cons of Self-Managing Your Texas Rental Property

Cons of Self-Managing Your Texas Rental Property

Walking in the shoes of an investment property owner, it’s natural to be skeptical about the role of property management companies. Particularly, when you prioritize expanding your investment portfolio while balancing your personal life, the situation may turn demanding. Moreover, errant tenants and expensive repairs might give you a tough time. In case you have been nurturing the notion that self-management of properties would fetch you better returns, you have compromises to make.

Being an established full-service real estate company, we, at Belmares Properties, have included property management services into our portfolio of offerings. Before we run you through the difficulties in managing all your rental properties, have a look at your responsibilities as a property owner.

What does property management include?

  • Listing your property in advertisements
  • Finding out the rental rates in your region
  • Screening each tenant
  • Preparing the documents for lease
  • Reminding tenants for rent and collecting it
  • Carrying out preventive maintenance
  • Working on repairs, as the need arises
  • Addressing the complaints of tenants
  • Working to moderate issues between your tenants
  • Reviewing the lease once in a few months
  • Evicting unruly tenants when needed
  • Enforcing leases
  • Looking for new tenants in case of vacancies

Evidently, you would have to monitor every day-to-day activity in all your rental properties.

Challenges involved in self-managing your rental properties

  1. Dealing with errant tenants

Finding your tenants by yourself might seem to be an interesting idea. However, experience has its value, and professionals working with leading property management firms can screen tenants much more competitively. After all, you won’t like renting off your Texas property to someone who might create nuisances or delay the payments. Neither would you want to rent or lease it out to someone who won’t be caring for your property. With a reputed firm, you have experience on board. Their efficient methods and resources involve background checking. In the process, the professionals ensure that only the right people find their way as your tenant.

  1. Challenges as a landlord

Managing multiple rental properties in Texas may be more stressful than you anticipate. From time to time, you need to alter your policies. Again, landlords need to raise the rent, and justify the same to the tenants. Then there are tenants who might be defaulting. In such instances, you need to collect penalties from them. At times, you need to get outside your comfort zone. However, you must be willing to maintain your boundaries. Being the landlord, you need to work professionally with your tenants. Collaborating with an established property manager would ease up your task. Eventually, you would be able to maintain a good rapport with your tenants.

  1. Regular maintenances

Owning multiple rental properties might be lucrative. However, have you considered the hassle of hiring individual contractors to carry out the regular repairs or maintenances? When you work closely with one of the leading property management companies around, they would pool the required resources. Besides, the professionals would take care of all your preventive maintenances efficiently. Most of these firms have proper networks, so you need not trouble yourself with all these tasks.

Reach out to Belmares Properties for cost-effective property management services.  Give us a call on (210) 877-0815 for a professional consultation or fill up this contact form.