Books have been written, seminars are given but nothing takes the place of experience in the field of property management. So much information is obvious to the experienced property manager and most pitfalls can be avoided. Never under estimate how much trouble one bad tenant can cause you.
When you manage hundreds of houses you will come across all kinds of situations and you will acquire a tremendous amount of wisdom over the years. Not enough can be said about the experience that is required of a qualified property manager – NOTHING! Just because someone read a book or went to a seminar doesn’t mean they are qualified for today’s liberal legal aid attorneys or judges that make their interpretation of landlord/tenant law.
Property management starts with the review of the applicants. This is the single most important detail that the manager must decide upon. Decide correctly and management can be easy. Choose the wrong tenant and you could get a free pass to Landlord Hell! How do I know? I’ve managed over 350 tenants at one time – and nothing can take the place of experience and common sense in this business.
Property management is not for the faint of heart. Unless you want to do this full time, leave it to the professionals that live it and breathe it day in and day out. Do your due diligence and check them out. The price of a good property manager is worth the investment over the cost of a bad property manager. Some will nickel and dime you on future repairs and charge you every time there is a vacancy. Just like in the old Indiana Jones movie the Holy Grail, when he was going to drink from the chalice and was told: “Choose Wisely.”