I’ve owned and managed my own rentals for 17 years now, manage other properties, have written a book about the business, recently got my realtor’s license, and am going to be getting my broker’s license soon. I’m frequently asked, “What does it take to be a property manager? What personality traits are essential?”
I’d never thought about it but here’s the short list:
- You must be very organized. There are records to keep, tenants to manage, etc.
- You must be laid back. Things happen that are beyond your control and you have to roll with it. (Hmmm … organized and laid back? Those qualities don’t appear very often in one individual. Most laid back people aren’t organized. Most organized people aren’t laid back.)
- You have to be willing to evict people quickly when they get behind in their rent payments. This is an income-producing business, and although tenants run into rough situations, you can’t let your heart rule your head. You can’t just hope they’ll get caught up next week, or next month.
Tenant management issues are the main thing that drive people out of this business. I’ve learned — the hard way — to stick with my lease agreement. I’ve modified it through the years and it’s short but air-tight. It protects me from all of the “sticky” situations that can pop up, and I know that if I adhere to it, I’ll be okay.
So for those who are considering buying their first rental, my advice is to educate yourself before jumping in. Look at your finances, your personality, your risk tolerance. And if you’re still excited about the possibilities, go for it, and enjoy the journey!