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Residential Property Management: Questions To Ask Yourself Before You Start

You think you can deal with argumentative tenants, late-night repairs, and drafting leases? Before you get into residential property management, ask yourself these questions.

Many people think they can handle residential property management on their own. While some may be ready for the commitment and challenge, if you are unsure you may want to consider hiring a professional service to perform partial or comprehensive services for you. Here are some questions to ask yourself before you take on this job.

Do you have any experience of management?
Although it specifically is the most helpful, those who have quite extensive experience in other areas may be able to adjust to the workload and responsibilities, but it still will present many difficulties. Even if you are confident in your skills and feel you have the time and drive to handle it, you may want to contract a residential property management company to handle a few aspects of it before you throw yourself into it. That way you wonít get burned out so quickly.

Are you real good with people?
A large portion of it involves working with a variety of conflicting personalities. Tenants will argue with you, other tenants, and even outside parties. These issues will arise and will need to be addressed in a calm, effective manner before things get out of hand. Dealing with certain personalities can be stressful, so be sure you are prepared to act as mediator as well as a manager. Youíll also be in charge of delivering some bad news such as maintenance issues, late rate, and complaint problems. If you have few people skills, itís probably best to leave it to the professionals.

Do you know the actual rules?
A good residential property management company is familiar with all the latest fair housing and landlord/tenant laws. They also know what their rights are and how to handle any legal situations that may arise. If you must take extreme action against a tenant, such as eviction, the process can be lengthy and difficult. There are many teams that can help you deal with just the legal processes as well, so you can be confident you wonít unintentionally break a law.

Can you write legal, professional contracts and other documents?
Leases, notices, and other contracts are a large part of these businesses. You need to be able to draft, correct, and ensure these documents are legal, binding, and provide adequate protection. Small mistakes can cost you millions of dollars if you arenít careful.

Do you have the much needed time?
Usually the biggest hindrance to owner-management of a residential property is adequate time and availability. If you have other jobs, responsibilities, or a busy personal life, you might not be able to devote enough time to be a successful manager. Retail property managers often have to deal with late night tenant calls, emergency issues, natural disasters, and any number of unpredictable events that can arise at any time. If you arenít there to keep an eye on your investmentPsychology Articles, you might just lose it.

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