3 Questions To Help You Assess If You Can Be A Property Manager
Last Updated Mar 31, 2022
Self-managing a home on the rental market is usually taken on by people looking to save money on property management fees, taking the full share of the rental income. But making the decision to self-manage a rental property isn’t as straightforward as some may think.
From finding and screening the right tenants to responding to maintenance requests and the dreaded business of collecting rent, self-managing a property can be time-consuming and sometimes frustrating work.
That said, some people are born to be property managers. They have superior organizational skills and the kind of people-pleasing personality that makes the job less stressful. Others will find themselves overwhelmed by the amount of paperwork and weekend phone calls that self-management often involves.
If you’re not sure, these three simple questions can tell if you should take the plunge.
Question #1: How do you handle stress?
There is no denying that taking care of every aspect of your property ratchets up one’s stress levels. The pressure ranges from what happens when the rent isn’t paid on time – which is often a reality – to what happens if the washing machine hose breaks and the basement is flooded. Or the furnace stops working on the coldest day of the year.
It’s bad enough if a crisis happens when nearby, but what happens if bad news strikes at the worst possible time (as it usually does) like when you’re on vacation?
Some people can deal with all that, and take it in stride. But if none of this sounds appealing to you, you might want to consider outsourcing these responsibilities to professionals like Belong, who will take it all on for you.
Other stress-busting services include guaranteeing the rent (no guesswork on when you’re getting paid) and a 24/7 concierge service on the Belong app for both you and your residents. We even offer innovative finance options that let you spread the cost of things like emergency repairs over the term of your lease, so you’re not faced with any stressful surprises.
Question #2: How organized are you?
Be honest, are you disciplined and rigorous about record keeping? Can you quickly lay your hands on receipts and warranties? Or is a shoebox your idea of what a filing system should look like?
We ask that question because managing your own property involves tons of record-keeping. Everything from the initial applications, to the credit checks, to the legal lease agreement, to repairs and maintenance, all need to be maintained in an organized fashion. You’ll need it for the day-to-day management of your property; in case there are any legal issues along the way that require substantiation; and of course, for the preparation of your tax returns.
For some, that’s second nature, but for others it’s a challenge. Belong doesn’t just maintain those records for you, but they are part of your digital account with us, and are instantly accessible.
Question #3: How important is your free time?
There’s a reason that property management is a full-time job for thousands of people across the country: it takes time. A lot of it. There are always unexpected things that come up, which are likely to require time and effort to research and manage, such as vetting all of your rental applications or finding contractors to manage repairs at a moment’s notice.
If you want to make property management your job, self-management could be for you. But if you’re working or would prefer to spend your time on activities that matter to you, consider outsourcing to those who will dedicate their days to looking after your home and residents.
There is an easier alternative to self-managing a rental property
Whether you’re new to the rental market or burnt out on self-managing your rental home, Belong can help.
Belong PRO is a residential network offering unique services to both homeowners and their residents. From not charging fees for the essentials to guaranteeing rent, Belong will partner with you to achieve financial freedom. And you'll never need to lift a finger. Learn more and find out if your home is eligible (even if you’re mid-lease!) at belong.com/homeowners.
About the author
Head of Marketing
I grow new markets and bring our industry-changing experience to homeowners and residents around the country. Lover of the Outdoors, Scuba Diving, Skiing, Hiking, Live Music, and all things Technology.