Do you Handle Stress Well?  

The ups and downs of managing a property are endless. You’re aiming to keep rent flowing, but curveballs are part of the deal. Understanding how you manage stress is extremely important in times of uncertainty. It is important to realize that you will need to handle uncomfortable situations. From tenants getting into fights to someone trashing the property, you will manage it all. Think about how you will treat those issues before they happen.

How many properties or units do you plan on owning? 

More properties point to higher management responsibilities. Are you currently able to handle it on your own? Having a clear view of your workload makes it easier to decide on what you need. If your current property load becomes overwhelming, do you have the necessary contacts to ensure everything gets accomplished?   

Do you have experience with maintenance and repairs?

This is a big question to consider. Are you extremely handy and able to fix a variety of issues? Maintenance and repairs are a large part of being a landlord. If you aren't able to do the job, do you know someone reliable and trustworthy who can? Time is also something to consider. Some maintenance issues need tending to immediately. Property management companies have a network of trusted contractors and maintenance personnel to handle these tasks efficiently. This ensures that your property is well-maintained and that tenants are satisfied with their living conditions.

Are you available at all hours of the day?

Being a landlord and property manager is a tough job. Managing property on your own becomes a full-time job. Are you willing to be on call at all hours of the day? Are you willing to take a call in the middle of the night? You may miss out on important meetings. In times of emergency, this means leaving family holidays early or not coming at all. Consider this before taking on more than what you are capable of.

Will you confront your tenants?

No one relishes being in the position of the "bad guy". Dealing with late payments and evictions comes with the territory. If you struggle with addressing these issues with tenants, it can pose challenges. Managing these situations requires finesse and interpersonal skills. Do you feel confident in your ability to navigate these interactions effectively?

Do you understand the housing laws?

You must keep up on current housing laws and local laws. Knowing the law shields you from any potential threat. It also assists in preventing any unnecessary lawsuits. Navigating the legal aspects of property management, including lease agreements and eviction procedures, can be complex and time-consuming. Property management companies are well-versed in local landlord-tenant laws and can handle legal matters on your behalf, reducing the risk of costly legal disputes.

Will your unit be quickly rented if someone moves out? (and possibly repainted and repaired)?

Advertising is a large part of the job. If you have vacant unit you'll want to have someone in it quickly. Do you have the skills and the time to ensure this happens? You don't want to lose on any profit.

Will it be alright if that unit is vacant for a few months in-between tenants?

Are you up to date on the current rental market at all times?

Landlords lose profits in this business due to mistakes like setting an inaccurate rental price. Tenants prefer rentals with a reasonable rate, so coming into the market at either too high a price or too low could negatively impact your profit.