Residential Property Management

For A Hobby Gone Wild

Home improvement is an obsession with some people. They love taking out walls, ripping up carpet, and the smell of fresh paint. Once they have upgraded and remodeled their current house, they might get the idea to purchase a shabby, yet functionally strong fixer, just so they can keep the spirit of renewal alive. Their wives might insist upon it, so that they can finally live in a house that does not have any rooms walled off with plastic sheeting. Take it somewhere else, for crying out loud! It sounds good, in theory. You have got a place to play, and hone your home improvement skills, and by the time it is all said and done, you also have a really nice second home. Thing is, you can only live in one of them. So you decide to rent the other one out.

At first, it seems pretty self contained. I can handle this, you think to yourself, as you buy up a third and then a fourth fixer-upper to remodel. With three or four finished homes under your belt, all of a sudden, the responsibilities begin to become a little more than you bargained for, and what started out as a stress relieving hobby has turned into a stress producing nightmare.

Suddenly you are thrust into the unfamiliar world of residential property management , and you really do not know what you are doing. You find yourself scrambling around, looking for tenants to begin to compensate your bank account for the money that you used to remodel the houses in the first place. You want good tenants, though, and not just any old Joe off the street. How do you know that a family is not going to come in with crazy wood chewing dogs and a crayon wielding two year old, leaving your beautifully redone masterpiece in shambles a year later? 

Residential property management requires you to ask such questions, and find solutions. It is challenging. Keeping your homes maintained is important. Being present and available for your tenants is also crucial. They want to know that they can count on you to come to their aid if repairs are needed. Residential property management also requires you to learn a little something about homeowners insurance, property taxes, renters rights and your rights, as well. You hope that it will not happen, but every once in a while you are bound to get that tenant that breaks a lease suddenly, leaving you without a few months rent and a houseful of leftover storage items. Would you know what to do to get that money owed you? It is all part and parcel of the business.

Do not let all of this responsibility and obligation deter you from your love of home improvement, though. There is a solution. You just have to be able to pay for it. Residential property management does not necessarily have to come from you, as there are many professional companies out there that will basically walk into your business, with your cooperation, and take over the parts that you do not want to invest your time or energy into. If you cannot stand marketing, then they do the marketing. If you have no desire whatsoever to deal with financial statements and taxes, they handle it for you. If you are a weenie when it comes to getting back rent owed you and collections makes your skin crawl, professional residential property management can take care of that for you, for a fee, of course.

You do not have to forgo your passion for pounding nails or your obsession with laminate flooring. Go to you storage unit and get your supplies to remodel, add on, and improve till your heart is content. Make the world a more beautiful place, one freshly painted room at a time, and leave the technical stuff to your trusted and helpful residential property management professionals, and let them deal with it and report back to you. You have crown molding to attend to, after all.

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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.

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