Managing Properties in real estate business is an important subject. For many real estate investors new to the industry, being a landlord seems to be the go-to. However, according to the experts of this industry it was the worst decision that they ever made as a real estate investing newbie. This is not complicated because a lot of work and effort goes into managing and controlling your own properties & this claimed “non participative source of income” is a lot more active and hard than it seems to be.
Managing properties or a real estate business all alone without the assistance of a property manager or a management company will take a lot of your time, and the time you will put into chasing after rent, searching for tenants & moreover fixing the broken things, you could have easily used to invest in new properties. But, if you really desire to manage your own properties as a landlord then, you will have to prepare yourself for some tough times ahead. You would have definitely heard stories about awful tenants who totally destroy the home or run off without paying rent etc. The fact of the matter is there are even good tenants but they are real handful.
Managing Properties is always the landlord responsibility
Almost each and every small problem with the property is always the landlord’s responsibility and duty. For a moment think about yourself being the landlord and if during dinner or lunch time the sink decides to play up, then the first person the tenants would call will not be someone else but You and similarly, all of a sudden if the electricity goes out in the middle of the night then the person in charge of fixing it will be You. So, being a landlord, day in and day out you will always be on call. There will be no holiday or break for you, as you will have no idea when a problem will arise. If you still don’t want a property manager or a management company to handle all the ups and downs for you? Then be prepared to be the first person who gets a phone call, even at three o’clock in the morning.
So, the fact of the matter is, being a landlord requires a person to be strong, persistent, and mentally unbreakable. Being the landlord you should always remember that this is a business so you have to treat it that way. If you can’t then it would be so much better to let the property manager or a property management company handle it as it will take a huge load off your mind.