Do-It-Yourself Property Management Is the New Black?

Published Date: 2009-06-03 Do it yourself industries are nothing new. But just because you can do-it-yourself, does it mean you should? I read an article recently about Lowes Co. beginning to offer a series of workshops to teach the do-it-yourself home improvers some tricks of the trade. Apparently Lowes had done away with these workshops because people were paying contractors to do the work - but with the recession, do-it-yourself fixing is back in business. In the corporate housing world, do-it-yourself property management isn't as common although it's definitely on the rise. A typical property manager charges 35 - 50% of the total rent - and they work very hard for that commission. They secure tenants (and in corporate housing, it might be anywhere from 1-12 tenants per year!) and then they handle transition between tenants, maintenance and general tenant and property management. These responsibilities take effort, know-how and time. However the biggest challenge is how to find the right tenants. You've probably been here before: You know of a large company 10 minutes away and your property would be a perfect corporate rental for its traveling execs. But you tried calling the HR folks to pitch your property and they wouldn't even take your call! If you could just connect with them you know you could get your property rented. This scenario is very real because property management companies that focus on managed corporate housing already have relationships with HR departments. But it's possible for individual owners to reach these companies; they just need to use the right marketing tools, like using an online tool that connects them with both corporate HR departments and individual renters.