Screening an applicant yesterday, the current DIY landlord of this potential tenant was very honest and provided lots of details. My final question to him was, “Given the opportunity, would you rent to this individual again?”
Answer? No. Why I curiously ask!? “Once, he was a couple days late with rent – and once I went by the house and there were a few weeds in the yard. I’m very strict and this was unacceptable so I will not renew his lease.”
Anyone can manage property, but not everyone has the right set of skills to effectively manage property. Before doing it – evaluate yourself and make sure you are strong in these areas:
People skills. If you don’t like people, have a short fuse, and no ability to be flexible – this might not be the right choice for you – simply because, you will be interacting with all kinds of people, on all different levels, about all kinds of things – all the time!
Business skills. If you don’t have skills to interact with people, then you will likely not have the skills to interact with other businesses or act professionally managing your own business. You also need to have some “business sense”. With this DIY landlord, it doesn’t make good business sense to not renew a lease for a tenant who has been there a couple years, wants to stay, pays rent and takes care of the home vs. a vacant home and no income.
Property management knowledge. If you have no idea what rental laws are in your state, what you can and can’t do, how to document income, etc., you better learn before you start.
This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .