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What is Your Time Worth? Hire vs DIY!

What is Your Time Worth? Hire vs DIY!

If you have a rental property or are an investor with several units/properties, it can be financially rewarding. You may have also discovered (or will discover) that property management requires a lot of time, commitment, and effort. These reasons are why people choose to hire a property manager. Others want to manage the property on their own as they think that they’ll save money by not hiring a firm. If you’re a handy person, live close to your property, and don’t mind being called at all hours with requests or maintenance issues, it may make sense to self-manage however, for many people, this is not feasible or practical. Time is valuable. By having a property management company oversee the day-to-day dealings, you will have more time to expand your business/further your career, travel, and to go about your daily business. A professional will make sure that maintenance issues are addressed, rent is being collected, notification and violation letters (if required) are being sent, and that you’re in compliance with the applicable laws, regulations, and fair housing.

There are many benefits to hiring a reputable and well-established property management like Del Val Realty and Property Management!

  • Marketing and advertising your property:  Property management companies know how to market your property.  This makes it easier to rent your properties quickly and avoid long vacancies.
  • Setting the right rental rates:  A good property management company will conduct a market analysis to set the right rental price for your property.  This maximizes your monthly income while maintaining a low vacancy rate.
  • Finding the right tenants:  Experienced property management companies have a solid system in place to find the best tenants which includes a secure screening process, background check, and verifying employment.  They’ll be with you from the beginning, making sure that your property is rent ready, to marketing and showing your property, finding, and placing tenants, collecting deposits and payments, securing leases, and moving tenants in.
  • Collecting and depositing monthly rent payments:  Collecting monthly payments from clients can be difficult.  Property management companies have efficient systems in place to effectively collect rent on time which is crucial to maintaining your cash flow.  When tenants fall behind, property management companies have policies and systems in place to assist tenants obtain rental assistance, get them on a payment plan, and if necessary, to proceed with collections in the most efficient way possible within applicable legal boundaries.
  • Managing tenants:  In addition to finding great tenants, a good property management company will manage all aspects of the tenant-landlord relationship. The company will handle routine and emergency maintenance, take care of routine, and required inspections, and manage any situation when conflict resolution is needed.
  • Property Managers can assist you with your financial statements.
  • Good property management companies have their own maintenance department, and have relationships with maintenance workers, tradespeople, contractors, suppliers, and vendors.  You’ll get the best work for the best price, and they’ll oversee any necessary maintenance projects.
  • Housing regulations and property laws:  There are many laws and regulations to abide by when renting and maintaining your rental property, including local, state, and federal regulations as well as fair housing regulations.  Working with a Property Manager can help you avoid lawsuits and fines by keeping your property up-to-date and by keeping your property in compliance with the regulations.
  • Full-service property management companies have a sales division if you decide that you want to sell your property.  They also have investment opportunities to help you to increase your portfolio and your profits!

Is it worth it? The decision is ultimately up to you. The knowledge that your property is being managed well by a best-in-class property management company for a fair monthly fee may be worth the money to allow you to live your best life with your family, expanding your business, and furthering your career.

Del Val Realty and Property Management (aka “Del Val) has been in business for well over 15 years. We’ve grown from having two employees to a company with a Rental, HOA, Maintenance and Sales Division, with almost thirty team members!

What is your time worth?

Harumi Russell is a property manager with Del Val Realty and Property Management.