There were a lot of frustrations do-it-yourself landlords have with their rentals and we can name a long list. But I’ll sum up the four most common, which we call the four T’s: time, training, tenants, and toilets.
Let’s break these down a bit more. First, time. Do-it-yourself landlords get frustrated that their tenants call while they are at work, out at the movies, on vacation, or late nights. It’s even worse when they are trying to lease out the property and they have to take endless calls from prospective tenants, show the property, negotiate the lease, coordinate repairs, go inspect the property, handle lease violations, keep an accounting of expenses and income, and try to keep tenants happy through all of that. The fact is, good property management takes a lot of time, which most do-it-yourself landlords don’t have.
Second, they don’t have the training. They’re not familiar with local rental rates and trends, updated legislation and laws for housing requirements, leasing and retention strategies, and how to handle a tenant who stops paying rent or does damage to the property, or even ticks off the neighbors. Because of this, they make a ton of mistakes and they lose a ton of money, sometimes even without knowing it.
And third, they don’t know how or don’t want to deal with tenants. It can be tough to maintain a raving fan as a tenant and also enforce the lease at the same time. There are going to be tough situations and many owners frankly are just terrible at not allowing their emotions to get in the way of making good decisions.
And finally, fourth, they don’t want to deal with toilets or repairs and they don’t have the connections and tend to vet qualified, licensed and insured handymen or contractors to do the work properly. And if they do, they don’t have the volume to negotiate lower rates. If you’re in this situation as a DIY landlord or you simply want to avoid these problems, let us be the landlord so you can be the investor and spend your time doing what you do best. It’s not for everyone, but it might be for you. Feel free to explore if property management is a good fit by scheduling a free discovery call with our team through our website, at keyrentersaltlake.com. We look forward to talking with you. Thanks.