How Do You Handle the Management of Your Property?
There are lots of options for how to manage your furnished homes for rent, whether you own one, a couple, or even a dozen. Some individuals prefer to do things all on their own, while others appreciate having some help to make sure things are done quickly and efficiently. There’s no wrong answer here, and whatever your style is, you are in good company.
The 2020 CHBO Corporate Housing Real Estate Report can give you insight into how other people handle their rental property management. That doesn’t mean you have to change the way you manage your business, but having more information is never a bad thing. Because of that, we want to share what has evolved in the 2020 report when compared to past reports - especially the one from 2019.
So how do most people handle managing their rental properties? Based on the survey responses compiled in the 2020 report, about 89% of respondents handle at least part of it on a do it yourself basis. However, be aware that more than one answer could be chosen, so those who do most of the work on their own but call on friends or experts for help may be counted more than once.
The DIY crowd of furnished homes has dropped about 5% since 2018, which was higher than in previous years the report was offered. Instead of doing everything on their own, many people are choosing to bring in additional assistance. The most common option is hiring a property manager who takes care of many of the day to day management tasks.
However, that’s not the only alternative to doing it on your own. While 14% have a property manager for help, 8% have a corporate housing management company or friends and family who assist. Real estate agents and condo associations are other options, but only about 3% use the former, and 2% make use of the latter.
Property managers helping with the rental property have gone up 4% since 2018, friends and family assistance has increased by 4%, and corporate housing management company helps has risen by 3%. It just goes to show that more people are accepting help with their property management needs.
If you’re running ragged managing your property, maybe it’s time to get some help. On the other hand, perhaps you can do more yourself if you aren’t making as much this year. There are lots of solutions, and it’s up to you to decide which is right for you.
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