Do I know what I’m looking for?
I think this is where self-management people get into the biggest trouble is the kind of rely on gut feel versus kind of hard data on whether an applicant’s going to be good or not.
If you’re relying on hard data, generally, you’re going to make over the course of time better decisions.
But it does mean that you’re going to make better decisions over the course of time.
If you’re relying on a gut feel, then that’s going to be a problem.
So if you don’t have a good way to screen your applicants, then you’re definitely going to want to choose property management because a property manager may actually pay for themselves in this instant.
Now, it’s always important to abide by them.
But there are actually some people that don’t qualify for fair housing.
As you don’t want to get into an issue with fair housing. That is just a recipe for disaster.
I would highly suggest that this is a fear of yours, choosing a property manager.
Because we take classes on fair housing, we do a lot of fair housing training with our team members.
And we certainly our whole goal is to find the best most qualified tenant regardless of any outside factor, like race, religion, things like that.
So we’re looking for the absolute best tenant, the best-qualified tenant to put in your home.
This is the number one reason tenants leave houses is that their repairs aren’t being taken care of in a timely fashion.
Property management companies are set up to take these phone calls.
We actually have a 24/7 hotline that tenants can call, they can also submit work orders online.
I would make sure that you have the ability much like when a tenant prospect calls to kind of jump on these repairs.
That you have a maintenance person handy that can go get on these.
Generally, if it’s an emergency in less than 24 hours.
If it’s not an emergency, somebody that can do it fairly quickly.
The first one, I would say from a risk standpoint, we insulate you from risk.
We kind of know what the landlord-tenant laws, local state landlord-tenant laws are.
And in Colorado, those are changing a lot. And we’re having to keep up with those.
That’s the kind of a hard thing to keep up with.
Now, just because you don’t know the law doesn’t mean you don’t have to abide by it.
So if you from a risk standpoint, if you can’t consistently keep up with the laws, then you might need to choose a property manager.
So think about like a tenant calling you on the phone, telling you a sob story you know, “Why I wasn’t unable to pay rent.”
If you can’t have a difficult conversation with that tenant, it is much easier to have that difficult conversation through us.
So that’s another thing that property managers do is we insulate you from those things.
Today’s question was should I self manage? Should I property manage?
These are questions you need to know, questions you need to ask yourself as you’re trying to decide on that.
My name is Matthew Whitaker with Evernest. So excited to help you out.
Our property managers in Denver will be happy to help you!
Thanks so much.
Matthew is the CEO of Evernest. He is a student of the book Good to Great and is passionate about building the best property management company on the planet (and maybe even the universe if Elon Musk will hurry up). You can usually find Matthew at the baseball field with his son, at a dance recital with his daughter, or at his favorite restaurant with his wife, when he’s not in the office. And if you can’t find him in any of those places, it probably means he’s traveling.