20 Questions to consider if you are managing or thinking about managing your own rental property
20 Questions to consider if you are managing or thinking about managing your own rental property
1. Do you know the laws pertaining to landlord/tenants?
2. Are you willing and available to address a maintenance emergency at any hour of the day and night?
3. Are you familiar with the laws regarding security deposits?
4. If a tenant does not pay rent by the 5th of the month, do you know what action you should take and when?
5. Do you know what the Tenants rights are?
6. Do you have to time to manage your property?
7. Are you available to show the property upon request?
8. Do you know when and if you should increase the rent?
9. Do you know what to say and more importantly what not to say and what to document when conducting a property inspection?
10. Do you know how to read a credit report, its coded symbols and their meanings?
11. Do you know how to spot red flags and erroneous information on a tenant application?
12. Do you know what action to take if you discover a tenant has an unauthorized person living in your property?
13. Do you have the proper accounting skills for good bookkeeping?
14. Do you know the law pertaining to evictions?
15. Do you know what questions to ask of employers and past landlords during the tenant screening process?
16. If your property was built before 1978, do you know the laws pertaining to lead-based paint and what your obligation is if it applies to your property?
17. Do you know the essentials to keep a tenant long term?
18. Do you know the laws pertaining to when you can and cannot access the property and for what reasons?
19. Do you know the first action you should take if the tenant gets injured on your property?
20. Do you know how to structure a lease for a questionable tenant that you reluctantly accept so you can get them out if they violate the lease within a few months?
If you answered yes to all of the questions, you probably would make a good property manager.
If you answered no to any of the questions, you should hire Parker Property Management. A lack of knowledge or familiarity in any of these areas of management could cost you tremendously, both in time and money. While there is always risk in property management and interactions with the public, our goal is to mitigate that risk through lessons of past experiences, proper training, education, and familiarity of the law.