Embarking on the journey of managing a single-family rental property can be like running headlong into a tornado. From dealing with tenants to handling maintenance issues, every day brings new challenges and opportunities to learn and grow.
After four years of exploring this path on my own, I gained valuable lessons that have helped me survive and thrive in the property management world. So get ready to learn five of the most valuable lessons I’ve learned along the way.
1. Patience is not just a virtue, it’s a superpower
It’s easy to lose your cool when a tenant calls at 3 a.m. to complain about a leaky faucet or when you’re waiting on an overdue rent payment. However, after countless trials and tribulations, I gradually realized that patience is not just a virtue; It is a superpower in property management.
Taking deep breaths and approaching each situation with a calm and collected attitude will not only control your stress levels, but also build better relationships with tenants and vendors. Remember, Rome wasn’t built in a day, and neither was a well-managed rental property!
2. Communication: the glue that holds everything together
If there’s one lesson that’s been drilled into my head over and over again, it’s the importance of communication. Whether it’s responding to tenant inquiries promptly or keeping your maintenance team up to date, clear and effective communication is the glue that holds everything together in the property management world.
Establishing an open line of communication with your tenants builds trust and helps nip potential issues in the bud before they escalate into a full-blown disaster. So don’t be afraid to pick up the phone, send an email, or even send a carrier pigeon to keep the lines of communication open.
3. DIY doesn’t always mean “do it yourself”
Ah, the allure of a good DIY approach. While it’s tempting to roll up your sleeves and tackle every maintenance issue yourself, sometimes it pays to leave it to the professionals. Trust me; I learned this lesson hard after screwing up plumbing repairs multiple times.
While DIY projects can save you money in the short term, they often cost more in the long run if not done properly. So before you channel your inner Bob the Builder, ask yourself if it’s worth the risk, or if it’s best left to the professionals.
4. Embrace Technology: Your New Best Friend in Property Management
Gone are the days of managing your rental property with pen, paper, and your trusty business card case. In today’s digital age, powerful property management software is your new best friend in the world of self-management. From paying rent online to signing a lease, embracing technology can streamline your processes, increase efficiency, and make your life easier.
So don’t be afraid to embrace the wonders of modern technology and let it work its magic to help you become a property management star.
5. Expect the unexpected (and always have a backup plan)
Finally, expect the unexpected. In the world of property management, no two days are the same and Murphy’s Law is always lurking around the corner. Whether it’s a sudden vacancy, a major maintenance issue or a global pandemic (yes, it happens), it pays to anticipate the unexpected and always have a Plan B (and C and D) ready.
So, stay flexible and adaptable, and remember, every curve in life is just another opportunity to show off your property management skills!
final thoughts
The journey of self-managing a single-family rental property is certainly a wild and unpredictable adventure. However, by embracing patience, communication, technology, and the inevitable surprises, you can navigate this exciting journey with confidence and skill.
Save time and money with this refreshing guide to managing your own property.
exist self-managed landlordAmelia McGee and Grace Gudenkauf share tips for efficient property management, tenant screening and onboarding, and scaling your business, all to help you escape the 9-to-5 drudgery and create lasting wealth through real estate.
Notes on BiggerPockets: These are the opinions written by the author and do not necessarily represent the views of BiggerPockets.
