Things to Consider Before Jumping into the World of Property Management
Wednesday, June 13, 2018
Property management is a great field to get into if you love working with people and helping the community. It gives you the opportunity to get to meet new people and strengthen your problem-solving skills.
In 2016, the average price of a new home was $372,500. Because the cost is so high, many people tend to rent homes, creating a need for property managers. While it seems like a good job for many people, there are a few things to consider before taking the leap and taking on your own property for rent.
No two days in the world of a property manager are the same. Some may be more challenging than others, but each day can offer you new obstacles and opportunities. For instance, one day you may be dealing with a tenant who doesn’t like the look of their front door and wants it replaced. They may want it gone, but the landlord who is running your property for rent doesn’t want to change it since it’s only a year old. You have to figure out their common ground and find a way to try and make both parties happy. If you’ve ever worked in customer service, you know that the "customer is always right." But in this case, you are dealing with three different groups of people, including yourself. It can be challenging to find a solution that works for everyone.
Because you’re going to be dealing with a lot of different situations and many different types of people, it’s obvious you need to make sure your people skills are on point, along with your negotiation skills. In addition to those skills, you need to have a basic understanding of repairs and maintenance for your property for rent. The landlord you are working with will likely hope that you can get them the best prices and make repair recommendations. If you can’t make any specific recommendations, offering the tenant an alternative solution can ensure their trust in you. Even though you’re trying to help the landlord out, you also have to remember that the tenant is involved, too. Do what you can to make the repair process move as quickly as possible.
If you thought that working with debt collectors is something that you only had to deal with in your personal life, think again. But, in the case of a property manager, you’ll take on the debt collector role. You need to do whatever you can to make sure the tenant pays their rent on their home. The landlord may come to you and tell you that they haven’t gotten their money from Jane Doe and want it immediately. Unfortunately, Jane Doe might have just lost their mom and are dealing with medical issues themselves. This is where it can get tricky for those working for a residential property management team. While it may be hard to ask someone that is going through a hard time for money, you need to put feelings aside and get the payment.
Property and rental management is a great field to get into right now, but there are a few things you need to consider about the job before jumping in.
If you have any questions about property management services, please give us a call at 407-261-5610