As a landlord, you can choose to either manage your own Bakersfield rental property or hire out a Bakersfield property management company. In doing so, there are few specific considerations you must keep in mind.
Knowledge Is Power
Dealing with an investment property is very much like maintaining a business. You need to familiarize yourself with the statewide landlord tenant rules, understand the market where the property is located, be responsive in all cases of urgent situations, able to handle maintenance issues, know advertising strategies to maximize occupancy and rental rates and basically have the know-how on all the fundamental requirements, responsibilities, procedures and processes involved in property management.
Time Is Money
Managing a property takes time. Ask yourself — do you have the time to manage your rental property? It will make sense to hire a property management if you have multiple units so your time can better be used looking at more deals versus collecting rents or dealing with tenant maintenance issues.
Make Move-Out Inspections a Breeze
One of the most important responsibilities of a landlord is conducting thorough move-in and move-out inspections. A move out inspection is done to record the condition of the property at move out which requires considerable time to properly perform and review the results. Any substantial changes to the property can hold the tenants liable for the costs. A good property management in Bakersfield will look into these things and help prepare a checklist of what to look for and document the condition of the home with an inspection.
Skills That Make a Great Landlord
Another key to being a good landlord is developing an active listening skills. Making your tenants feel you actually care about their issues will make things go a lot smoother. By staying cool and using active listening, you can diffuse tension and calm down an upset. Bakersfield managers have these sets of skills adept at multi-tasking and communication across all fronts.
Managing your own investment property in Bakersfield can save you thousands of dollars in real estate agent management fees. However, are you willing to handle the extra admin that comes with being a DIY landlord? If not, find a qualified property manager in Bakersfield to have less stress at your rental property management business.