Property Management Services

Navigating Property Management in Houston: DIY or Professional Help?

Houston's thriving real estate market has long been a magnet for investors seeking affordable properties with promising returns. Whether you're a local or an out-of-state investor eyeing the city's potential, one crucial decision looms large: should you manage your investment property yourself or enlist the services of a property management firm?

The DIY Approach: Taking the Reins

Self Managed Properties

Many investors are drawn to the idea of managing their properties independently. Here's how to navigate the DIY route:

Pros:

  1. Cost Savings: Managing your property yourself means avoiding management fees, which can typically range from 8% to 12% of monthly rent.

  2. Direct Control: You have complete control over every aspect of property management, from tenant selection to maintenance decisions.

  3. Local Knowledge: For Houston-based investors, managing properties yourself allows you to leverage your familiarity with the local market and regulations.

Cons:

  1. Time Commitment: Property management is a hands-on endeavor that demands significant time and effort, especially when dealing with tenant issues, maintenance tasks, and administrative duties.

  2. Skill Requirements: Successful property management requires a diverse skill set encompassing communication, problem-solving, legal knowledge, and maintenance expertise.

  3. Emergency Response: Handling emergencies, such as maintenance issues or tenant disputes, can be challenging, particularly if you're not physically present.

For this who decide to pursue the DIY approach, Here's a list of no-cost options to manage your rental properties from advertising to accepting applications, screening, lease generation and execution, maintenance management and invoicing. 

Turbo Tenant

Website: www.turbotenant.com
Cost: FREE

Free Benefits Overview:

  • Advertise your property online to dozens of popular rental property websites, such as: Realtor.comApartmentlist.comRent.com, and Facebook Marketplace
  • Automatically will pre-screen tenants for you. Get some of the basic questions out of the way before you even consider the applicant.
  • Accept applications online
  • Perform credit and background checks at no cost to you through TransUnion (Renter pays the fee)
  • Collect rent payments online

Apartments

Website: www.apartments.com
Cost: FREE

 Free Benefits Overview:

  • Advertise your property online to Apartments.com Network Websites:  Apartments.comForRent.comAfter55.comRealtor.comCorporateHousing.comForRentUniversity.com, ApartmentFinder, ApartmentHomeLiving, Apartamentos.com, DoorSteps, and WestsideRentals
  • Automatically will pre-screen tenants for you. Get some of the basic questions out of the way before you even consider the applicant.
  • Accept applications online
  • Perform credit and background checks at no cost to you through TransUnion (Renter pays the fee)
  • Build a Lease Agreement and sign electronically
  • Collect rent payments online

Innago 

Website: www.innago.com
Cost: FREE

Free Benefits Overview:

  • Accept applications online
  • Perform credit and background checks at no cost to you through TransUnion (Renter pays the fee)
  • Upload your lease agreement and sign electronically
  • Collect rent payments online

Tenant Cloud

Website: www.tenantcloud.com
Cost: FREE

Free Benefits Overview:

  • Create custom listing website
  • Advertise your property online to dozens of popular rental property websites, such as: Apartments.comRentler.com, Zillow, Trulia, Hotpads and more
  • Online Rental Application with customizable screening questions
  • Perform credit and background checks at no cost to you through TransUnion (Renter pays the fee)
  • Collect rent payments online

Hiring a Property Management Company: Outsourcing the Work

Property Managers

For investors who prefer a hands-off approach, hiring a property management firm offers several advantages:

Pros:

  1. Time Savings: By delegating property management tasks to professionals, you free up valuable time to focus on other investments or personal pursuits.

  2. Expertise and Resources: Property management companies bring specialized knowledge, industry connections, and professional networks to the table, enhancing efficiency and effectiveness.

  3. Tenant Screening and Management: Professional property managers are adept at screening tenants, handling lease agreements, and addressing tenant issues promptly and effectively.

Cons:

  1. Costs: While property management companies provide valuable services, their fees can eat into your rental income, impacting your bottom line.

  2. Loss of Control: Entrusting your property to a third-party management company means relinquishing some degree of control over decision-making processes.

  3. Quality Variability: The quality of property management services can vary widely among different companies, so thorough research and due diligence are essential.

For those of you who would like to hand off property management responsibility to someone else, here are a few local companies to consider. Please note, Realty Kings Properties does not endorse or recommend any property management firm. There are some property management firms our past clients have used so we are providing them solely as reference:

Bay Property Management & Realty LLC
Address1414 S Friendswood Dr #404, Friendswood, TX 77546
Phone(281) 992-5566
Website: https://baypropertymanagementrealtyllc.propertywaresites.com/

Sugar Land Property Management
Address1650 Highway 6 Ste 350, Houston TX 77478
Phone(281) 302-5689
Website: https://www.sugarlandpm.com/

Real Property Management Affiliates
Address9225 Katy Fwy #112, Houston TX 77024
Phone(713) 429-0411
Website: https://www.rpmaffiliates.com/

Making the Decision: DIY vs. Professional Property Management Services

Deciding to self manage or hire a property manager

Deciding whether to self-manage your investment property or hire a property manager requires careful consideration of various factors:

  1. Your Availability: Do you have the time and availability to handle property management tasks yourself, or would you prefer to delegate them to professionals?

  2. Skill and Experience: Assess your proficiency in property management tasks, from tenant relations to maintenance coordination, and consider whether you have the necessary skills or willingness to acquire them.

  3. Property Portfolio Size: The size and complexity of your property portfolio can influence your decision. Managing a single property may be manageable for DIY investors, but scaling up to multiple properties may necessitate professional assistance.

  4. Financial Considerations: Calculate the potential cost savings of managing your property yourself versus the fees charged by property management companies, and weigh them against the value of your time and peace of mind.

Ultimately, there's no one-size-fits-all answer to the DIY vs. professional management dilemma. The right choice depends on your individual circumstances, preferences, and investment goals. Whether you choose to take the reins yourself or enlist the help of experts, proactive decision-making and diligent management are key to maximizing the returns on your Houston investment properties.