Risks of Do-it-yourself Management

DO-IT-YOURSELF PROPERTY MANAGEMENT—IS IT WORTH IT?

Among all Dallas property management companies, you’ll hear a similar refrain. Property management can be done by yourself, but what you save in dollars, you’ll probably spend in time. It’s best to consider in that case, what is more important to give up. If you’re willing to spend your time serving as that landlord, then the DIY method will probably work for you.

Property management in Dallas, TX requires time and money. But, if managed correctly, you can see significant return on your investment and be able to spend your free time where you want to. But, in case DIY is still calling your name, here are three risks you should consider.

  1. Renting a property is hard work

Securing a tenant is half the battle with real estate investing. Unfortunately, it usually takes a long time. You’ll have to place ads, be available for showings, deal with some no-shows, and work until the house goes under rent. It can be a long and frustrating process. With property management in Fort Worth, TX or anywhere else, all that is handled by professionals who have placed thousands of tenants in thousands of properties.

  1. Setup is even more hard work

Let’s say you find the perfect tenant. They seem great, you hit it off, they seem like cool people you’d like to have dinner with—all that goes really well. Then comes the hard part. When you find a tenant you’ll have to pull credit reports, background checks, review all the federal housing laws and ensure you are in compliance, talk to employers and other references to say nothing of contacting previous landlords. In some ways, it’s harder to actually book a tenant than it is to find a good one.

  1. You’ll have to deal with ongoing maintenance

Real estate is like anything—it breaks down over time. And as that happens, you’ll have to replace stuff, repair other things and deal with the normal wear and tear on a house. Plus, if there is a big issue like a plumbing problem or something wrong with the heater or air conditioner, you’ll have to either fix it yourself or book someone to come fix it which is even more money out of your pocket. You will have to consider if you’re willing to spend a great deal of time dealing with the requests of your tenants. If you are, DIY will work! If not, you may want to consider a Dallas property management company.
While DIY is more than likely the more difficult route, it can be very rewarding—both financially and personally. You’ll develop better relationships with your tenants and can manage the property the way you want to. That said, there is significant risk associated with that method and a good company that does property management in Dallas, TX or Ft. Worth, TX, can mitigate those risks pretty easily. You’ll certainly pay for their services, but given all the headache and time they’ll save you, it’s more than worth it.