Are you ready to get started with your new property management job? DIY landlords are often ambitious, but many do not realize how stressful and challenging it can be to manage properties. Being a landlord is not as easy as other people make it out to be, and it can end up completely ruining some people. Property management does have some pitfalls that lead to burn out in a hurry. Here are some of the things you need to know about being a rental property manager.
Its Time-Consuming
Property managers spend a great deal of time handling tenant issues and challenges that come with being a landlord. From phone calls about broken toilets to emergency repair calls in the middle of the night, it can feel like you never stop working. If you are planning to self-manage your properties, you need to know that a lot of your “free” time will now be devoted to managing your property. Not only do you spend time handling repairs and tenant complaints, you will spend time dealing with advertising, cleaning, interviews, managing money, and more.
Several Hats to Wear
As mentioned above, a property manager truly is a Jack-of-all-trades. You will be expected to know how to maintain the property, how to create compelling ads to attract tenants, how to handle the eviction process, how to manage the books, and more. There are so many different roles to master that it can start to feel like you are drowning. Since it can be stressful and hard, consider hiring a property management company to help out with all of these different roles.
Mental and Emotional Toll
When you are dealing with so many job duties and multiple personalities, it will start to increase your stress burden tremendously. You need to prepare yourself to handle the intense amount of stress and pressure that comes with property management. If you aren’t ready for the emotional drain, you can find yourself bringing a lot of the drama and stress home to your personal life, and causing problems there too.
Its High Risk
Managing a rental property does come with a lot of risk. What happens if you agree to a lease with the wrong tenant and they start taking advantage? Some tenants can disobey the rules, and they are challenging to evict. Others can destroy your property and do not seem to care what you think. Plus, there are going to be times when you have tenant turnover and you do not have any money coming in. Can you handle several months without money coming in to help pay for the property?
Fortunately, you can hire a property management company to provide you with much needed stress relief! Keyrenter Property Management Premier, AZ, offers residential property management services to landlords of single family homes, duplexes, condos, and small multifamily units. We are not large apartment managers. Our purpose is to help landlords maximize the return on their investment property while eliminating the stressors associated with being a landlord (including bad tenants and maintenance issues). Services we offer include: property analysis, setting rent, tenant placement, leasing services, maintenance coordination, tenant relations, property inspections, rent collection. We offer superior customer service. Because we know how to find quality tenants that can meet the terms of their lease agreement, using Keyrenter’s 14-point tenant screening process, our eviction rate is below 1%.