In our blog today, we are reviewing a few of the reasons you might want to start using a professional management company. If you’re currently using a property manager and you’re not happy with them, you’re probably calling around to find a company that fits your needs a little better. If you’re self managing, you might get to a point where changes in your lifestyle or the addition of new properties to your portfolio are causing you to realize that property management is a full time job. You have to be committed to treating it like a full time job, or important things will get missed.
Taking care of a rental property is time consuming. Tenant issues and property issues tend to arise at the most inopportune times. That includes the weekends, overnight, holidays and during the ninth inning of the seventh game of the World Series when your favorite team is up to bat. We get calls on Thanksgiving and Christmas day. If you’re not prepared to handle those things in a timely manner, you’re going to have more serious issues.
Forms and Legal Compliance
We have access to an entire library of promulgated forms that are provided to us by the Texas Association of Realtors. These forms address every step of the tenant leasing process. Our applications are derived from TAR and we also get a strong pro-landlord lease from them. There are also forms and instructions that address the hiccups that come along during a tenancy. We have addenda that speak to early termination, adding new tenants after a primary tenant moves in and moving tenants out. There are lots of forms at disposal. You can Google TAR forms and you’ll get options, but you aren’t authorized to use those. Only licensed real estate agents can properly use these forms. The copies you find online are also probably outdated and you can run into trouble if you don’t know how to use or enforce them.
Cost always comes up when we talk to self managing owners. Remember that you have to spend money to make money. At the end of the day, your portfolio is an investment in your future. It makes sense to put a professional in charge of one of your biggest assets. Professional management will ensure your assets are well maintained and remain intact for the plans you have for the future.
If you’d like more information, please contact us at Moxie Property Management.