Managing Your Own Rental Property: Time
Hire a Property Manager: Costs
DIY Landlord: Expertise
Think about who is the best expert when it comes to finding and placing a tenant. You need to follow state and federal fair housing laws. There are a lot of legal liability issues that can arise when inexperienced landlords look for tenants. You need to be up front and honest with your qualifications, and you need to treat all applicants fairly and consistently. A professional manager can find you someone who is qualified. Remember – a tenant who has the money today won’t necessarily be able to pay rent throughout the life of the lease. You need to know how to properly screen and qualify a tenant.
Professional Sacramento Property Management: Technology
Another thing to consider is software and tracking. You have to properly report your income and expenses. Management fees and property improvements are tax write-offs. You’ll need a 1099 to get tax deductions at the end of the year. Most management companies have software that allows tenants to pay rent and make maintenance requests online. You’ll have access to an owner portal where you can view invoices and payments.
Time is always my main consideration when I’m deciding whether to do something myself or use a professional. If you have any questions about Sacramento property management, please don’t hesitate to contact us at HomePointe Property Management, a HomeRiver Group company.