THINGS A PROPERTY MANAGERS SHOULD KNOW.
I see property manager ads that expressing they will ‘collect the rent’ – ha! that is a given. And probably should be an automated function of your business. Landlords or Property Managers must have knowledge of the business of managing the most valuable asset of a proper owner. They must understand various laws, as well as be organized and disciplined. Running a property management company can be quite lucrative – please consider these Five (5) points as you move forward:
1. There are rules and laws a landlord must abide by
a. Your State will have Landlord and Tenant Laws that are essential to follow – evicting tenants, collecting rent, handling security deposits, etc.
b. A landlord must know and obey Fair Housing laws.
c. Your properties must pass housing and safety codes
2. A Landlord must be a ‘jack of all trades’ or know where to find one. As a landlord you are a repair person, negotiator, therapist, detective, marketer, financial manager – whatever the job requires.
3. There are no set hours being a landlord – but you can control your day/week (most of the time). The business of a property manager is far more automated and synchronized that years ago. The right tools and a dependable handyman can be a great benefit to controlling your efforts.
4. Landlords learn something new every day. Never think you will learn it all, as experience is the best teacher in this business. You might plan to spend your day marketing for new clients and you get a call there is a snake in your tenant’s closet. And in the middle of that call one comes in reporting a hot water heater has exploded! A landlord has to be able to handle (and handle efficiently) whatever crosses your desk.
5. While the property managers job is stressful and often demanding, it brings the freedom of being your own boss, controlling your hours, controlling your income.
If you can keep these attributes in mind – you can build a successful property management business and the benefits of growing a profitable company.
Don’t take a chance on what you know – be for sure – sign up at https://LearnSomethingCenter.com for a variety of online courses to keep you legal and profitable.
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Deborah S Jones, MSEd Real Estate & Property Management Consultant