Managing Your Rental Property From Afar
While saving money may be top of mind, trying to manage a rental property from afar is more than a notion so think twice before you consider doing it yourself. In the end, it could be a costly mistake.
Don’t Throw Money Down the Drain
Sometimes the assumption on the part of rental property owners is that they’ll save money collected through rents if they don’t have to pay a monthly fee to a property management company. And while that may be true if the tenant pays on time every month and does a fine job of treating the property as if it were their own. But if not, your perceived savings could threaten your financial health from the very start. The management of your Birmingham Alabama property without a Birmingham property management company can be like tossing money down the drain.
But that’s not all. There’s much more to consider and below is not an all inclusive list, but what about:
- Time spent fielding numerous phone calls from propsective tenants
- Time spent fielding numerous phone calls from the tenant after you’ve placed them
- What about repair request?
- What about making repairs that you may not be responsible for and how do you know what landlord-tenant laws hold you responsible?
- Do you currently have a relationship with an Alabama attorney who is knowledgeable about Alabama landlord tenant laws (just in case you need one)?
- How will you be able to check on the condition of the property on a regular basis?
- What signs will you look for to determine if trouble may be ensuing?
- How will you know if there are repair needs that a tenant is not reporting?
- Do you have a trusted team of repair contractors that will guarantee their work and charge reasonable prices?
- What processes do you have in place to collect rent that is past due?
- What about when a tenant is late with rent and promises to pay at a specific time and they don’t?
- Do you know what constitutes cause for eviction in the State of Alabama?
- Getting to the right person, people or company to verify rental history, employment, income, Or will you just rely on what the prospective tenants says he/she makes frm earned wages
- Credit and criminal background checks. As an individual landlord, it’s unlikely that you’ll be able to run a credit check to see how good a person’s credit is. Even if the credit is less than stellar, you make still be able to make a positive determination based on what the credit history reveals.
While an owner may look at these issue individually and as they arise; a property manager will look at these issues collectively in order to assess long term viability of your investment and the level of risk associated with the property.
I can’t tell you how many times I have proposed managing a property for an owner and they declined thinking that collecting rent was all they had to do. And even now, some of these same owners have poor tenants that they just can’t get rid of simply because they chose to manage the properties themselves rather than pay a Birmingham Alabama management company a meer 10% to 15% monthly management fee. Now they may be out of thousands in attorney fees and possible damages left by tenants after a bitter battle to reclaim their property through the eviction process.
Whether you are an absentee Birmingham, Alabama landlord or live within the Metro Birmingham-Hoover Alabama area, think twice about managing your own rental property. It’s more than a notion. Contact Bham WIiRE Property Management for an assessment of your rental property needs. Calculate your possible losses compared to possible savings and you’ll see why Bham WIiRE Realty is your source for Property Management.
Birmingham-Hoover Metro Area Rental and Real Estate
Whether you’re looking to buy real estate your sell your existing property, call or send me and email today, so we can discuss how I can best serve your Birmingham-Hoover Metro area real estate needs!
Exceptional Service Because You Deserve It!
Charita H. Cadenhead
Birmingham Alabama Realtor®
(205) 527-1112 – Direct
(800) 496-7431 – Fax
Comments or questions are welcome.