DIY? To Manage or Not to Manage Furnished Rentals

That is the question! Do I? or Don’t I?

property specialist

Want to manage my furnished rental all by myself, with human help, withprofessional help or with computer help?  and at the end of the day will I need professional help from a physiatrist?

STOP… Sorry the answer is not all about you. What does your customer/renter want? What does your customer/renter expect? What can you deliver?

Success as a property landlord is all about setting and then meeting or exceeding the expectations of your customer/renter!

And don’t forget about your most important marketing investment:
The Tenant Review. Make sure your customer/tenant has a great experience in your property and gives you a great review which will make it easier for the next tenant to want to rent your property.Furnished Property Reviews
In the Annual CHBO Corporate Housing Real Estate Report this is what we found…

Management of a Rental Property

We asked respondents to tell us how they handle management of their rental property. 82% of respondents say they do all their property management themselves. This number is up from 72% in 2013, but it’s consistent with previous years. Previously, we had hypothesized that the decreasing trend in “do it myself” management was due to accidental landlords deciding they needed more professional support.

In our 2013 annual report, we predicted that we expected property owners in 2014 to be more willing to invest in professional support as their profits increased. We were correct as property managerresponses were up 6% this year.

In past years, respondents used the “other” category to tell us that their condo associations handle management of their property rentals, so we added “condo association” to the list of possible responses in 2013. However, only 1% selected this response. We will continue to watch this response in years to come.

In 2014, fewer respondents told us that “friends and family” handle management of their rental properties. This number has bounced up and down over the last few years. Previously we believed the fluctuation in this answer was the result of survey variance, rather than a new trend. Now that we can see three years of consistent data, we believe the decrease in the number of respondents using “friends and family” is an actual trend (not variance). As accidental landlords become professional landlords, we believe many have transitioned to more professional support.

No additional trends emerged in the “other” category.

How do you handle the management of your rental property?
(Check all that apply*)* More than one option could be chosen; thus % is the % of respondents, not the % of the whole
  2014 Responses 2013 Responses 2012 Responses 2011 Responses 2010Responses
Do It Myself 82% 72% 80% 86% 85%
Property Manager 17% 11% 17% 17% 17%
Corporate Housing Management Company 7% 4% 6% n/a n/a
Real Estate Agent 1% 3% 10% 5% 3%
Friends & Family 1% 7% 11% 8% 11%
Condo Association 1% 1% n/a n/a n/a
Other (please specify) 1% 2% 2% n/a n/a

Do a “Property Search” on CHBO and see how important the Tenant Review is when scrolling through potential rentals.

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1 Comment

  1. Jeff Bridges
    May 22, 2015

    I have wondered about purchasing some small apartments and renting them out. I’ve never done it before so it seems like it might be a little bit overwhelming at first. Property management seems like it could be difficult with certain tenants. I think it’s important to set rules and cover your grounds in case there are any damages.

    Reply

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