At Gordon James Realty, we understand that owning rental property or making a rental investment comes with a lot of financial implications.
You've probably done your due diligence, analyzed your income and expenses, and maybe even schooled yourself on the fundamentals of D.C. landlord and tenant law. However, there is another unavoidable, yet commonly underestimated cost to account for—and that’s your time.
As a property management company that specializes in managing commercial properties, residential properties, and home owners associations, we want to educate prospective clients on the importance of considering the time commitment that comes with being a landlord. Before you dismiss the notion of hiring a property management company like Gordon James Realty to oversee your rental property, consider how much of a time commitment being a landlord takes. Ask yourself, do you have enough time? And if so, do you want to spend it chasing down delinquent rent checks or vetting plumbers on Angie’s List?
Common Time Traps
- Tenant Churn: The Washington D.C. metro area is a transient place. It has several universities, a healthy job market and a large military population. People are constantly moving in and out and leaving a slew of vacancies in their wake. For a property owner, this means hours of time spent preparing and marketing the property, fielding phone calls and emails, showing the place to prospects and finally screening and selecting new tenants.
- Maintenance Issues: Landlords have to be on call 24 hours a day, every day. When maintenance issues arise, especially when they are related to utilities, infestations or safety, expect to drop everything and begin resolving the problem immediately. This can entail searching for reliable service providers, coordinating with tenants to arrange a time to fix the problem and follow-up inspections.
- Worst Case Scenarios: It is no fun to think about, but one of the hardest parts about being a landlord is playing enforcer to tenants who refuse to abide by the terms of your lease. Tenant disagreements, missed rent payments and abuse of property may all be grounds for eviction, but the eviction process can quickly turn into a protracted legal process full of inconvenient, expensive court appearances.
Self-Assessment
- How far are you from your property? If you live farther than 50 miles away from your property, you should consider hiring a property management firm like Gordon James Realty. Even if don’t live quite as far, traffic jams and public transport delays inside the beltway are notoriously commonplace. Think about where you live and work in relation to your property in terms of minutes, not miles. A time-consuming, stressful commute could make fulfilling your landlord duties unrealistic.
- How many properties do you own? Multiple properties means multiple responsibilities. Maintenance requests, tenant issues and even the seemingly simple task of collecting and depositing rent checks can quickly turn into a high-wire balancing act when you have to worry about more than one unit. Additionally, you don’t want to be so overwhelmed managing high-priority issues that you skimp on performing regular upkeep tasks. Property updates and minor repairs are important and prevent your properties from losing value.
- How busy is your family and professional life? It is no secret that managing a property takes time. Factor in a full-time job and family obligations, and you could discover that your duties as a landlord are throwing off your work-life balance. Examine your time constraints and decide if managing a property by yourself could negatively affect your ability to be a good family member, employee, landlord or all three.
By hiring Gordon James , you can be confident that your property is in good hands, allowing you to focus on your life and work without worrying about the daily responsibilities of being a landlord. Our team of experienced property managers will take care of all the time-consuming tasks, such as:
- Marketing and advertising your property to attract the best tenants
- Showing the property to prospective tenants
- Screening and selecting tenants
- Coordinating with tenants to arrange maintenance and repairs
- Handling rent collection and deposit
- Dealing with disputes and eviction proceedings
We also offer a variety of services to meet your specific needs, including:
- Regular inspections and property updates to ensure your property stays in top condition
- Financial management services to keep track of your income and expenses
- 24/7 availability to handle any emergency maintenance issues
- Communication with tenants to ensure their satisfaction
Don't let property management take over your life. Let Gordon James Realty take care of it for you. Contact us today to learn more about how we can help you manage your property with ease and efficiency.
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