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Property Management Lessons From a New Landlord

BusinessWeek editor Chris Palmeri got his first residential rental property in March and faced the usual challenges of property management. Many real estate investors, especially the ones who own properties far away from where they live - do the smart thing and hire a property manager so that they sleep well at night.

Chris, a new do-it-yourself landlord, was anxious to rent his property quickly, and skipped tenant screening. Once landlords are burnt by a tenant, they never skip tenant screening! Read 5 tips for tenant screening in today’s market to make sure that you do not make this error. Luckily, he has managed to rent his property to new tenants. The best part is that he is looking to acquire another property.

Read his story on BusinessWeek by CLICKING HERE

PS: Our Property Management Software makes it easy for tenants to Pay Rent Online, and it is super cool.

Cooler than the president watching me on TV.

And that's pretty cool... Read more at our Blog!

Posted by Niman @TReXGlobal.com on 10/29/2009 06:16 PM

Comments (7)

Investing in the Real Estate Investing Channel

property management software, property management, accidental landlord

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7 Comments on Property Management Lessons From a New Landlord

OCT

All TOO familiar.....new landlords NEED resources that few have access to * tenant screening services * LEGAL lease and management forms * reputable service personnel * knowledge and experience.

OCT

We recently had a Landlord come to us to get tenants out who weren't paying. Turns out we had turned them down right before they went and rented from this woman. My husband is fond of saying "the cheapest eviction is the one you don't have to do, because you didn't rent to them in the first place".

It's the mistakes that owners do that KEEPS US in business!!

NOV

Leslie * what did you tell the landlord? I'm wondering if we, as property managers, can divulge who we have turned down and why?

I no longer take properties from other property managers * if the owner does not like another PM, chances are they won't like me; and I don't take properties with tenants in eviction.

NOV

The good old "do-ot your-selfers". New investors need better guidance from their agents on what to do with these investment houses after purchasing. In most cases ZERO money is saved from doing it on your own. Keyrenter.com the property management company I am with in Utah saves owners money through shorter vacancy times, higher rent prices, cheaper marketing, wholsesale maintenance discounts, attorney on retainer AND THE LIST GOES ON! Wake up people. No value is given when you pinch pennies on investment rentals!! - Jordan Maddocks Utah Property Management Keyrenter.com

NOV

Great content. Very informative. By the way did you know that you can purchase turn key rental properties using your IRA OR 401K? Find out how at http://www.irarentals.com/

NOV

I think as property managers, we may all have learned the value of tenant screening the hard way. As for me, I'd much rather take a little longer to find good tenants than to rush to fill a vacancy with a nightmare.

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