As a Property Manager, I get this question more than most. Should I manage my own rental property ? My answer is usually it depends. An effective Property Management Company will do more than collect rent and handle a maintenance call. Most “accidental landlords” underestimate what all is involved with proper rental management. If you are considering becoming a Property Manager, please learn the law and take a few ideas from below.
Here are a few things to consider. Make time each week or day to walk the property, check on payments, review maintenance calls, speak with the tenants, look for contractors before you need them, and attend Magistrate Court. Approach property management as a part-time business. It may not be today, but when a call or a problem occurs, it will turn into something that will need your attention.
I mentioned Magistrate Court. If you manage rental properties for long, you will eventually find yourself there. Why not go before you are required to. It’s definitely an experience based in reality.
Should You Manage Your Own Rental Property?
The following skills will be needed:
1. Knowledge of marketing the home rather than sticking a sign in the yard.
2. A comprehensive lease that you know very well.
3. Basic maintenance knowledge of how things work in a home.
4. The ability to make collections when necessary.
5. The ability to properly handle evictions if ever needed.
6. The understanding of accounting to properly track expenses and profits from the home.
7. A plan to inspect the residence throughout the lease.
8. A good understanding of Landlord Tenant Law. If you don’t know it, I bet the tenant will!
A good and effective Property Manager will do all this and more for the cost of a cup of coffee and a biscuit a day!
Call 4th Avenue Property Management and ask about our Property Management Services and discover how we can manage your property and relieve you of the stresses and time this property will require.