Blog Post

3 Questions to Ask Yourself to Determine if You Can Manage Your Own Property

Dustin Edwards • Feb 15, 2021

Find Out if Managing Your Own Properties is the Right Fit for Your Portfolio

For as long as there have been properties there have been property management companies...ok maybe not quite that long. The reality is that there are many owners who manage their own properties and they love it. On the other hand we get phone calls monthly from stressed owners/managers who thought it would be a bit easier. If you are on the fence on whether or not hiring a property management company in Long Beach is right for you consider asking yourself the following three questions.

Am I prepared for the late night phone calls?
When you own your property you are responsible for everything that needs to be done...even if you're not the one who actually completes every challenge. When you rent out your property your tenant is going to count on you to be responsible for every aspect about the property because after all...it is your property.  

As you consider managing your own property keep in mind that you could get the late night phone call. You will need to have a solution ready to help your tenant with the property. A few items we have encountered over the years include:

  • Losing keys to the home (yes it happens more often than you’d think)
  • Toilet/sewer line backed up at 2am
  • Dishwasher flooding the cabinets
  • Roof leak

These are a select few items that can occur with any property and while you might think they are unlikely it pays to be prepared ahead of the time where you are truly in need.

Am I comfortable interviewing many prospective tenants to find the best fit?
This is perhaps one of the toughest for property owners to get comfortable with. Quite often a property owner who is managing their own property (usually it’s their first time doing it) wants to rent to the first nice prospective tenant that fills out an application. While it is certainly possible that the first applicant could be the best tenant, ask yourself...did you marry the first person that you ever dated?

Finding the right tenant from a pool of applicants takes time and a consistent process. One wants to treat each prospective tenant fairly in regards to fair tenancy laws, but you also want to find a tenant who is the best fit for your property.  

When you are managing your own rental make sure you are comfortable having in-depth interviews with each prospective tenant. Take time to review each application. Conduct interviews regarding their application information. See who will be the best match. This is a process where you can be rewarded with a great long term tenant.

Am I familiar with local and state laws that pertain to tenants’ rights?
This is perhaps one of the more challenging items when you manage your own property. When you own and manage your own property you are responsible for every aspect regarding the property. At the surface it may sound simple, but for a moment consider the following items that you could have to deal with:

  • If you don’t fix a requested repair in a timely manner can a tenant withhold rent that is due?
  • How are you logging tenant requests and the commensurate repairs associated with your property?
  • How are you staying abreast of local ordinances related to rent increases?
  • What steps do you take if a tenant is refusing to pay their rent?
Managing your own property is certainly a possibility; however, if you want to find out how we could alleviate stress and still help you to get top dollar for your Long Beach we invite you to call us today at (562) 888-0247 to hear how we can help. If you want to have a quick check to see how much your property could fetch in rent we invite you to fill out our Free Rental Analysis where we perform a comprehensive comparison to share your rental stacks up to the competition.

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By Dustin Edwards 01 May, 2024
Everyone wants to feel safe in their homes. As an investment property owner, it's up to you to decide whether or not to include security measures in your property. Many of the costs associated with the security measures can be included in the rent, meaning not only can you keep your property safe, but you can earn more income in the long run. However, you would still want your tenants to have renters insurance to protect their assets. Today, we’ll discuss the top five security measures you can add to your property and why they're beneficial to you and your tenant. Security Cameras Cameras are probably one of the first security measures people think about when asked about security. Cameras provide more benefits than just surveillance. They provide an extra level of security for the safety of the tenants and their belongings. Additionally, security cameras can be useful when repairs are required. Cameras can aid in supervising repairs and maintenance to ensure you’re receiving the agreed-upon work. During vacancies when the property is empty, security cameras can help keep the property safe from potential intruders. Doorbell cameras are incredibly popular now. They provide the aforementioned safety of a camera that can be accessed remotely, as well as the ability to communicate with visitors. Although one must be careful never to say you're not home, just say you're unavailable to strangers. Security Lights Security lights with motion detectors are another effective tool when adding security measures to your property. These lights brightly if a potential intruder attempts to get near your home. They can provide enough illumination to see the intruder or, at the very least, scare them off. Nowadays, you can find a combination of security cameras and motion-activated security lights, such as the floodlight cam wired plus from Ring . Additionally, because these lights only turn on when motion is detected, they’re more cost-effective than traditional lights with a switch. Illuminate the Property Light generally deters intruders as it's more difficult to hide. Adding lighting to the landscaping can increase the security of the property while creating a relaxing atmosphere. Lights can also be used in other areas of the property to accent features such as trees, benches, or artwork. This can help your property stand out while giving your tenants an additional feeling of safety. Keyless Entry Keyless entry is seen as both a convenience feature and a security feature. They usually use an electronic passcode, biometric data, or grant access through a smartphone app. Physical keys can be lost, stolen, or duplicated. You reduce the risk of unauthorized entry by eliminating the need for a physical key to enter the property. Many keyless entry systems include several features, such as remote locking and monitoring. Although keyless entry is a great new technology for keeping your tenants and properties safe, they’re best used with other security systems. Security Company Nothing beats having an extra pair of eyes on your property for security. This is where security companies like ADT and SimpliSafe come in. While companies may deal with security in varying ways, they aim to protect your investment. While safety is the primary role of a security company, remember that many tenants may be willing to pay more for a premium amenity like a home security company. Keeping your property and tenants safe is incredibly important to the longevity of an investment property. If you’re looking to improve the security of your Long Beach rental property or need help managing your beach city rental property, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online .
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