Top Sarasota Property Manager Asks, "Should You Be a Landlord?"
Before you jump head-long into investment property ownership (being a landlord), carefully consider whether, or not your personality, strengths, and inclinations match the ongoing situations and challenges you'll be encountering along the way.
Landlords need to have strong skills-sets, a diverse knowledge-base, and refined communication abilities in order to be successful. Many newbie landlords are surprised to discover that property management is more about managing people than managing structures.
These are a few of the skills necessary for successful landlording:
You now know that property management is more about managing people than properties. You must creatively combine compassion, intuition, and a sense of fairness, with diplomacy, steadfastness, and follow-through.
Property managers are continually solving problems, scheduling showings, and coordinating services. As a landlord, problem solving must be your passion. If you're not firm and skillful in managing people, they will manage you, and you're life as a property manager can become a miserable existence.
Multi-tasking is the order of the day as a property manager: phone calls, collecting rent, collecting/approving/rejecting applications, documenting work-orders . . . along with a myriad of other tasks.
You have to have your "ducks in a row"! Tenants will take you to court. Evictions will occur. You must be able to put your hands on any document immediately -- and you better make sure that you have prepared all of the right documents from the beginning. And then there's bookkeeping, which is a science unto itself. Not being well organized can cause you to lose credibility, lose tenants, and lose money.
As they say, "Some people have it, and some people don't." We're talking about business smarts. You've got to do everything right, and in the right measure, in order to be a successful landlord. You've got to know the market as it is now, evaluate and make predictions with respect to how the market will be next year, and the year after that, and then be ready to abandon strategies that aren't working in favor of new ones when necessary.
All in all, some people are cut out to be landlords while some are not. For those who are not, owning rental properties can still be a very lucrative investment with the incorporation of professional property management. The added expense of a professional property manager will be more than offset by the savings and efficiencies gained by letting the experts handle what the experts know how to do best.
Real Property Management of Sarasota & Manatee is the local affiliate office of the greater company, Real Property Management. Real Property Management is the largest residential property manager in the world having 250+ offices in the U.S. and Canada, and over 60,000 units under management. Real Property Management of Sarasota & Manatee works with the owners of condominium units, single family homes, duplex/multiplex units, and apartment complexes in: Sarasota, Bradenton, Venice, Lakewood Ranch, Siesta Key, Longboat Key, Osprey, Nokomis, Parrish, Ellenton, North Port, Englewood, Palmetto, FL. Call us at 941-225-8183
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