Rental property management is easy when you only have one or two houses to look after. You can take the time to do it yourself, learning from your mistakes as you go. For a medium or large real estate rental company, however, having good management policies is crucial. Rental property management is actually one of the most difficult businesses. There are just so many things to take into account and to keep track of. It isn’t enough to hire the right people. Without a good, functioning system, those people are useless. I learned this the hard way.
Rental Property Management
You see, I never thought about rental property management when I was just starting off. I thought about more basic things such as was the roof in good condition, were the tenants keeping the property in good shape, was the rent coming in, etc. I rarely needed to hire anyone to do maintenance. I would try to keep up good communication with the tenants, and handle everything myself. If you are only working with one or two houses, this is an excellent rental property management style. You can keep all of your paperwork in one or two file drawers, so there is nothing difficult about keeping track of the details
Soon, as a result of my financial success, I outgrew my rental management style. I simply couldn’t keep track of everything. I was not doing my background checks throughly enough, my rental agreements were out of date, and my lack of documentation was setting a dangerous precedent for my business. I knew that, were I to have to face off against one of my tenants in court, I would be at a disadvantage. I needed better rental property management, and I needed it now.
I tried some landlord software designed to help with common rental property management problems, but it didn’t do much for me. I had to spend weeks getting the program to work, and it turned out to be more bother than it was worth. In the end, the only solution was to hire a new rental property manager. He had his own computer system that he preferred to use, and he was very good at it. I hated giving up some control over running my business, but in the end I had to. Hiring a good rental properties management expert was the only solution. I didn’t need the headache of dealing with it all on my own.