Читать книгу Property Management Kit For Dummies - Robert S. Griswold - Страница 51

If you’re just starting in the world of property management, you may be thinking of it as a part-time venture — something you’ll do in addition to your day job. After all, rent collection is just once per month, and what else could possibly be required? If that sounds like you, be sure to check out the following list of the cons of self-managing rental property:

 You can damage or interfere with your day job. If you’re a higher-income, full-time professional, rushing off on weekdays to handle some minor crisis at your rental unit is not only impractical, but can also be downright damaging to your career. Most employers or clients have little tolerance for your need to handle the responsibilities of rental-property ownership, particularly when the demands are often unpredictable and unscheduled.

 You can spend far too much time. If you earn your living from something other than managing your rental property, managing that property may not be worth your valuable time. Rental management can take up more time than you anticipate, especially if you buy additional properties. Remember that residential property management often requires working in the evenings and on weekends, when most prospective tenants want to see your vacant rental units and when current tenants are home to allow access for repairs. Also, maintenance issues, such as plumbing backups or no electricity, seem to occur when you have finally left town for a long-overdue vacation. Property management is a 24-hour/7 days per week/365 days per year commitment that has zero respect for your personal schedule.

 You run the risk of increased liability. If you’re a part-time property manager, you may not keep abreast of the latest laws or issues affecting the rental housing industry. Just one lawsuit over a situation that you handled improperly can quickly turn your dream of retiring early into the year’s next big horror flick. Many new residential rental unit owners underestimate how detailed and complicated property management has become, as every year, new laws protect tenants from unscrupulous landlords (who unfortunately do exist). I highly recommend that you add Landlord’s Legal Kit For Dummies (John Wiley & Sons, Inc.) to your personal property management library.

As a jobholder, look at your annual income, and figure out approximately what you earn per hour. Then do the same for the cash you’re saving by managing your own property. Unless your management efforts produce significant cash savings compared with your job, you may be better off hiring a professional property manager. The same guideline holds true even if you’re an independent business owner or self-employed. Your schedule may be more flexible than the typical fixed workday of a 9-to-5 employee. But if you earn $50 an hour as a consultant, devoting hours of your productive work time to managing rental units, which may amount to a savings of only $25 an hour, may not make sense. Also, remember that the management fee is a deductible expense, whereas the value of your own time isn’t.