ok, So I do property management. I'll admit it, However, before I was fully licensed and knowledgable of the laws, I did manage my own properties, as many people do. I thought I did a good job. I ran potential tenants credit, made sure htey had agood job and rented them the property with an off-the-shelf lease.
As I encountered some minor problems, but added properties, I decided I should learn the real ropes.
Here are a few stories from owners that i heard when taking over their properties to manage them
Most of these things a good property manager could have prevented by having pre-move-in inspections, stronger leases, pro-active mgmt to get rents paid, etc.
1. One of the tenants gave notice, didn't pay last months rent, and said he would show the property for me, so that I didn't need to come out to the property to show it. After 8 or so potentials decided not to apply, i wondered what was wrong. One applicant called me and said that I might want to visit the proerty to see the dog feces and trash all over the carpet. Ugh. I called the teannt and let him know I woudl be there the next morning. By the time I got there, they were gone with a U-haul. Trash and dog feces was pretty gross. This could have been found earlier by visiting the property upon the tenant giving notice. We always show tenanted properties ourselves. we do not let the tenants do that.
2. One tenant, I heard from an owner, had been on the same lease since 1997. Owner never had a need to enter the property in all this time. Every time the owner wanted to raise the rent, the tenant gave them a guilt trip, saying that they were such good tenants, etc. Needless to say, they were about $700 low in the rent.. for years. Same owner hadn't inspected the property to make sure smoke detectors and Carbon monoxide detectors were installed. This is a the law in California. This could have been a huge liability issue for the owner if anything went wrong.
Owners managing themselves is perfectly allowed and doable, but they need to be up on the laws and be able to expect the market rent and follow through when things need to be done.
Who else has some crazy landlord tenant stories that could have been prevented with some proper management?