Every day, there are a large number of homeowners in Hampton Roads who need or want to rent out their home, but who are unsure whether to manage it themselves or to hire a property management company. There are also a large number of private landlords who have previously self managed their rentals, who choose to reconsider, electing instead to work with a professional manager to mitigate the time, cost, and risk in today’s complex rental environment.
Time, Money, and Risk - The 3 Main Factors
When you list out the tasks that you have to do to manage a property, you can add right after them either time, money, or risk..and in some cases all three that it will require you to manage a rental home properly.
- Marketing and Tenant Acquisition
- Tenant Screening
- Maintenance & Repair Calls
- Property Inspections and Repairs
- Rent Collection / Eviction if needed
- Keeping current on Landlord/Tenant Legal changes
Each of these tasks will require a certain amount of either time, money, or will mean you assume some risk. This is not meant to be daunting, but simply the things you need to plan for in order to have realistic expectations.
You may have a great tenant - so aside from the rent collection, maintenance oversight, and accounting time, the cost for in time and money is minimal. There is very little risk as they are a known quantity. The scenario changes dramatically when their lease is up and they choose to move elsewhere, or an unexpected job change takes them out of the area. Then, acquiring and screening tenants can be costly, time consuming, and risky. You can never be assured the new tenants will be as reliable and worry free as the last.
Maintenance / Repair issues and Rent Collection are very similar in that you can go for some time without any issues, but when they happen, they can change your perspective and decision making criteria on whether to self manage or to hire a property management company. It is important to weigh out all of these considerations to determine what is right for you.
Let's Discuss Your Options
Our Property Management Division has experienced and professional property managers that are happy to help you sort out the factors and provide potential solutions. You can see a little bit more on the Property Management page of our website, or simply give us a call.
Whether you are wanting to rent out a single home or have a number of homes in your portfolio, we are here to assist you. Let's go over your situation and we will provide you straightforward answers to your questions and welcome the opportunity to address your specific needs. We currently provide property management services for the following cities: Virginia Beach, Chesapeake, Norfolk, Portsmouth and Suffolk, Virginia.
“Call us today to see why so many landlords think TREG is the RIGHT CHOICE for property management.”