Self Manage Self Manage or Hire or Hire

An OwnersChecklist of

Issues to Consider

Dawn D FlemingDawn D Fleming

Self Manage or Hire An Owners Checklist of Issues to Consider

1 Financially is managing property the best use of your time1 Financially is managing property the best use of your time

Smart investors will consider and compare the opportunity cost of both self managing andoutsourcing property management based on their unique circumstances There are anumber of factors that go into that analysis some of which are described below

2 Do you want to be ldquoon callrdquo 2473652 Do you want to be ldquoon callrdquo 247365

Hopefully emergencies arenrsquot a regular occurrence When they do happen they need tobe dealt with immediately Just because you have other matters to handle that doesnrsquotmean you can ignore the problem How excited are you about being contacted at 4 amabout a broken pipe or overflowing toilet

3 Do you live close to the rental property and is it feasible to be at the property3 Do you live close to the rental property and is it feasible to be at the propertyon a regular basison a regular basis

If you live close by then regular maintenance and inspection visits may be relatively easyfor you If you live far away your expenses will be greater and it will take longer to getthere Can you get to your property easily to do a good job of self-managing it

4 Do you have an easy going personality How well do you handle stress4 Do you have an easy going personality How well do you handle stress

Everyone likes to believe they are easy going and handle stress well In reality there arealways going to be ldquochallengesrdquo in the vacation rental market Guests who complain for noreason host all night parties have extra people or animals damage things want a discountfor no reason etc The list goes on patience is a virtue in real property management

Self Manage or Hire An Owners Checklist of Issues to Consider

Self Manage or Hire An Owners Checklist of Issues to Consider

1 Financially is managing property the best use of your time1 Financially is managing property the best use of your time

Smart investors will consider and compare the opportunity cost of both self managing andoutsourcing property management based on their unique circumstances There are anumber of factors that go into that analysis some of which are described below

2 Do you want to be ldquoon callrdquo 2473652 Do you want to be ldquoon callrdquo 247365

Hopefully emergencies arenrsquot a regular occurrence When they do happen they need tobe dealt with immediately Just because you have other matters to handle that doesnrsquotmean you can ignore the problem How excited are you about being contacted at 4 amabout a broken pipe or overflowing toilet

3 Do you live close to the rental property and is it feasible to be at the property3 Do you live close to the rental property and is it feasible to be at the propertyon a regular basison a regular basis

If you live close by then regular maintenance and inspection visits may be relatively easyfor you If you live far away your expenses will be greater and it will take longer to getthere Can you get to your property easily to do a good job of self-managing it

4 Do you have an easy going personality How well do you handle stress4 Do you have an easy going personality How well do you handle stress

Everyone likes to believe they are easy going and handle stress well In reality there arealways going to be ldquochallengesrdquo in the vacation rental market Guests who complain for noreason host all night parties have extra people or animals damage things want a discountfor no reason etc The list goes on patience is a virtue in real property management

Self Manage or Hire An Owners Checklist of Issues to Consider

Self Manage or Hire An Owners Checklist of Issues to Consider

5 Are things currently out of control5 Are things currently out of control

Even experienced real property investors can get overwhelmed especially when there aremultiple properties to manage Hiring a property manager offers stability and a way to getcontrol of your properties - and your life

6 How many rental properties do you own6 How many rental properties do you own

As your real property portfolio grows so will the property management challenges yoursquollface It can be easy for issues to fall through the cracks Investors with multiple propertiescan experience significant benefits by leveraging the services a property managementcompany can provide

7 How proficient are you at managing maintenance and repairs7 How proficient are you at managing maintenance and repairs

If you live close by then regular maintenance and inspection visits may be relatively easyfor you If you live far away your expenses will be greater and it will take you longer toget there Can you get to your property with ease to do a good job self managing it

Few investors have the skill sets to do it all themselves Smart ones know who to call If youcant fix everything yourself do you know who to call Finding reliable contractors andservice providers can take a while The last thing you want is to waste valuable resources byhiring unethical incompetent or unreliable workers Maintenance and repairs are a criticalcomponent to increased profitability You may consider hiring a property managementcompany to be sure you stay ahead of the curve

Self Manage or Hire An Owners Checklist of Issues to Consider

Self Manage or Hire An Owner Checklist of Issues toConsider

8 How proficient are you at getting your property rented8 How proficient are you at getting your property rented

Marketing advertising responding to inquiries and closing the deal takes a considerableamount of skill time and effort Low occupancy rates can decimate your profit margins Ifyou have doubts about whether you are cut out for this aspect of the business hiring aproperty management company may be the smartest move you can make

9 Do you have competent control of accounting and record keeping for your9 Do you have competent control of accounting and record keeping for yourpropertyproperty

From profit and loss statements to tax filings this area is absolutely critical You canrsquotmanage what you canrsquot measure and this area becomes increasingly important with themore properties in your portfolio Even those with a back ground in accounting or financemay chose to utilize the services of an accountant This is especially important if you arenot familiar with the accounting and tax rules in a foreign country

10 Do you have the resources to generate necessary systems procedures and10 Do you have the resources to generate necessary systems procedures andforms to manage your propertyforms to manage your property

Many investors want everyone to be happy which is an admirable goal The problem is alaid back approach is likely to come back to haunt A well drafted Rental Agreementtogether with clear property rules also spelled out in an Awesome Welcome Book makethings crystal clear Yoursquoll also need pre-stayreservation confirmation and thankyoureview request templates check-in and check-out procedures cleaning checklistmaintenance checklist a system for managing vendor duties and schedules along withmanaging reservations across multiple listing platforms

Self Manage or Hire An Owners Checklist of Issues to Consider

Self Manage or Hire An Owner Checklist of Issues toConsider

Wed love to help you The first step in the process is to schedule anWed love to help you The first step in the process is to schedule anappointment to meet or a conference call to discuss your property rentalappointment to meet or a conference call to discuss your property rentalhistory and your goals to see if we are a good fit for each other There is nohistory and your goals to see if we are a good fit for each other There is nocharge for a consultation charge for a consultation

Contact us at infointegrityvpmcom for more info or to schedule anContact us at infointegrityvpmcom for more info or to schedule anappointmentappointment

Self Manage or Hire An Owners Checklist of Issues to Consider