Owning various real estate investments is one thing, but becoming a property manager is a very different endeavor altogether! As a matter of fact, if you own a property with the intention of renting it out, then you’re stepping into a time consuming world that needs a great deal of organization and discipline to execute successfully. Tackling it alone means you are personally responsible for interacting with both potential tenants and current renters.
In the end, it’s you who has to decide who can lease your property, when the rent is due, how it’s collected, how you’re going to market the rental property, and how maintenance matters are dealt with. It’s quite a lot to handle for just one property, but if you have multiple properties, it can quickly overwhelm you. That takes you away from doing more investing or enjoying the lifestyle that your investing could otherwise permit. In the end, it’s much simpler to just use a reputable property management service. Do so using these 22 property management tips for landlords.
PART I: Understand The 4 Categories Of Property Management That You Can Have Someone Else Handle
Even if you don’t want to be a landlord yourself, you need to understand the 4 categories of work that property managers have to take care of. They form the cycle of renting out any property.
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