Usually some of the best real estate investors have been landlords or property managers. Some investors say this is the best way to really know what real estate investing is all about. At first you are excited, then when the headaches start you wonder what the heck are you doing?
Some tenants will be great, you will never hear from them. Some tenants will constantly be hounding you about something. Some tenants will always be late on their rent. Some tenants will up and disappear on you. This is the nature of property management. The day to day issues of property management can make you a better investor. You can get a better handle on how to operate your real estate investing as a business.
There will be several hoops to jump through when you take up property management. You have to think about your town's rules and regulations and you have to constantly keep those regulations in mind during your day to day operations. Having proper insurance and reliable maintenance crews are also very important details that need to be ironed out.
Being the bad guy is another part of being a landlord or property manager. It happens. You just have to think about the bottom line when dealing with difficult tenants. You cannot let them live there for free. Being good with people is a very important characteristic to have when becoming a property manager. You will be dealing with people all the time. It is beneficial for you as the property manager to be level headed and to stay calm at all times. This keeps you and your tenants more comfortable. This is also good because good tenants will feel more comfortable with a people person. Well, any tenant will feel more comfortable for that matter. Being a good property manager can lead to better professional relationships with tenants, which will lead to a more efficient business.