So here it is 2021.
Seems like 2020 would never end.
Do you have a rental property?
Do you self-manage?
Here are the Top 5 reasons why that may be a bad idea in 2021.
1) Do you know all the updated rules? Not just the CDC rules, the State of California Assembly bills? Did you send your tenant's the AB1482 Notice? It became law in January 2020. Before anyone knows COVID 2021 would even be a THING. You had until July 2020 to deliver your tenants this notice. The is the Just Cause Eviction Notice. Basically, if you owned a single-family home, not owned by a corporation, you had to tell your tenant's that you were exempt from AB1482. If you did not deliver this notice, guess what, you WAIVE your exception. Want to know why this is a problem? Well you can't terminate their tenancy without paying them. WHOOPS. Most professional property managers were aware of this law.
2) Are you doing inspections? How can you? We have been sheltered in place. At Crown Key Realty we have been using software to do "better than in-person" inspections. We have obeyed the law while still checking on and protecting the properties. manage.
3) Are you raising the rent? How much can you raise the rent? Can you charge a late fee? If you don't know these answers you probably should not be managing your own property. The penalty for violating these laws can be devastating.
4) In 2020 through 2021 do you know how to establish a payment plan? Do you know the minimum required payment from your tenant? Do you know if this has to be paid monthly? Can you evict if they are paying? Can you sell your home while AB91 is in effect. If you don't know these answers, you probably should not be managing your own investment.
5). Do you change the oil in your own car? I know, why am I asking? Well, I don't, why not, because if I mess it up I'm potentially going to damage my car. My car is an expensive item that I owned and I don't want to take any chances. Plus the cost of an oil change is minimal compared to the cost of repair if I create a problem. So I let the professionals change the oil in my car. Much like an investment property, while it may seem easy, you can do this, if you mess it up, it can be very costly. Compared to the cost of your investment, hiring a property manager is pennies. So why risk it?
Food for thought - just my take on the top 5 reason you should hire a property manager in Tracy CA