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Property Management – Granada Hills – Should you Manage your own Properties?

GRANADA HILLS PROPERTY MANAGEMENT

Are You a Good Fit to Manage Your Own Rental Properties?

To help you avoid a melt down, I thought I would offer you a little quiz to help you figure out if you suited to be a property manager. Think about your answers to the following questions to see if you could handle property management:

• Are you a reasonably tolerant and patient person? Be honest with yourself. I am becoming more patient but I do not like dealing with other people’s personal issues – at all.

• Do you have any knowledge and experience with doing minor maintenance and
repairs? You don’t have to have it – but it will make your life a lot easier if you understand basic things like furnace filters, clogged drains, toilets and locks.

•How are your people skills? Are you able to sell and negotiate? You will have to sell the unit to renters, you’ll have to sell the idea of paying rent on time, and you will have to have the problem solving and negotiation skills of a salesperson in order to handle some of the issues that will arise.

•Can you visit the property on a regular basis? You should stop by at monthly (at least for the first few months of a new tenancy) so make sure it’s convenient and possible to do so. Plus, if you do get a 3am call that requires you get there right away, are you going to be able to?

• Are you comfortable and capable of keeping good records? This is not “usually” an enjoyable part of the job, but it is absolutely necessary! If you hate paperwork then this job isn’t for you.

• Are you able to diffuse angry individuals and ease any tensions between them? How do you handle difficult people? When dealing with a difficult person do you get angry and frustrated yourself?

• Imagine the busiest possible day, and then imagine having to handle a call from one of your tenants about a frozen pipe or a broken door lock. Are you going to be able to handle that situation?

• Do you have someone that can be your back up if you take a vacation or go out of town? If there’s an emergency at your property, your tenants need to be able to get in touch with someone that can make decisions about the property.

If you answer “no” or “I don’t know” to three or more of these questions then you should seriously consider hiring help or partnering with someone that is up for the job.

Some people are fabulous at property management. Others are best suited to work with a professional and just keep an eye on your investment from a slight distance. Both types of people are suited to be a real estate investor, it will just save you a lot of stress if you know in advance which one you are.

Excerpt from article By Julie A Broad .

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.