| Many people think they can handle residential | | | | professionals. |
| property management on their own. While some | | | | Do you know the actual rules? |
| may be ready for the commitment and challenge, | | | | A good residential property management |
| if you are unsure you may want to consider hiring | | | | company is familiar with all the latest fair housing |
| a professional service to perform partial or | | | | and landlord/tenant laws. They also know what |
| comprehensive services for you. Here are some | | | | their rights are and how to handle any legal |
| questions to ask yourself before you take on this | | | | situations that may arise. If you must take |
| job. | | | | extreme action against a tenant, such as eviction, |
| Do you have any experience of management? | | | | the process can be lengthy and difficult. There are |
| Although it specifically is the most helpful, those | | | | many teams that can help you deal with just the |
| who have quite extensive experience in other | | | | legal processes as well, so you can be confident |
| areas may be able to adjust to the workload and | | | | you won't unintentionally break a law. |
| responsibilities, but it still will present many | | | | Can you write legal, professional contracts and |
| difficulties. Even if you are confident in your skills | | | | other documents? |
| and feel you have the time and drive to handle it, | | | | Leases, notices, and other contracts are a large |
| you may want to contract a residential property | | | | part of these businesses. You need to be able to |
| management company to handle a few aspects | | | | draft, correct, and ensure these documents are |
| of it before you throw yourself into it. That way | | | | legal, binding, and provide adequate protection. |
| you won't get burned out so quickly. | | | | Small mistakes can cost you millions of dollars if |
| Are you real good with people? | | | | you aren't careful. |
| A large portion of it involves working with a | | | | Do you have the much needed time? |
| variety of conflicting personalities. Tenants will | | | | Usually the biggest hindrance to |
| argue with you, other tenants, and even outside | | | | owner-management of a residential property is |
| parties. These issues will arise and will need to be | | | | adequate time and availability. If you have other |
| addressed in a calm, effective manner before | | | | jobs, responsibilities, or a busy personal life, you |
| things get out of hand. Dealing with certain | | | | might not be able to devote enough time to be a |
| personalities can be stressful, so be sure you are | | | | successful manager. Retail property managers |
| prepared to act as mediator as well as a | | | | often have to deal with late night tenant calls, |
| manager. You'll also be in charge of delivering | | | | emergency issues, natural disasters, and any |
| some bad news such as maintenance issues, late | | | | number of unpredictable events that can arise at |
| rate, and complaint problems. If you have few | | | | any time. If you aren't there to keep an eye on |
| people skills, it's probably best to leave it to the | | | | your investment, you might just lose it. |