Blog - Asheville Phoenix Properties
No one ever said being a landlord was easy! In addition to fielding midnight plumbing emergencies and handling daily maintenance tasks, you’ll inevitably run into tenant complaints, disputes, and, of course, excuses. Here are a few things you never want to hear from those renting from you - and a few tips for dealing with them.
Can you manage rental properties yourself? A manager can be a valuable asset who decreases the amount of work you need to bear; they also specialize in handling tenant concerns. Yet it costs money to pay them for their services. Managing a rental property without a manager can be done. You just need to make sure you can answer these questions about how you'll do it.
One of the most difficult quandaries property owners face is knowing how much to budget for repairs. The answer: more than you think you’ll need! Not that helpful, is it? But it’s true: there will always be necessary repairs to equipment, appliances, and other aspects of your building as it ages, and you may confront the occasional emergency middle-of-the-night plumbing or roof crisis. So, realistically, how much should you set aside for these critical jobs?
You don't want to go too long without inspecting your rental property. This can allow small problems to grow large — and expensive. At the same time, you don't want to constantly be dropping by to micromanage every little detail. This wastes your time and frustrates your tenants. What are the best times to inspect your rental property?
Hiring a great property manager can make your life exponentially easier; this professional takes on the responsibility of interacting with tenants, collecting rents, handling maintenance, and much more. From screening and background checks for prospective tenants and mediating disputes to fielding midnight plumbing emergencies and pursuing evictions, they can take a significant amount of work - and worry - off your shoulders.