Aria Properties
Aria Properties
5042 Thoroughbred Ln
BrentwoodTN 37027
 (615) 953-9700

Aria Properties

Do You Have What it Takes to Manage Your Own Property?

Do You Have What it Takes to Manage Your Own Property?

Are you thinking about managing your investment property? Before you jump in, there are a lot of things to consider. Managing your own property takes time, patience and a lot of creativity. Here are just a few ways you can tell whether you're ready to manage your property.

  • You have enough free time. Managing your property is going to take more time than you can imagine. It isn't just about finding tenants and collecting rent. It's also about retrieving late payment from renters, making repairs to the property as needed and potentially going through the process of eviction. 
  • You don't mind being woken up in the dead of night. Your tenants are going to use you as their primary point of contact. If their refrigerator breaks in the middle of the night or their air conditioner stops working, you're the one they're going to have to call. And you're going to have to respond quickly.
  • You are okay with having to play the bad guy. Think back on when you were a tenant: did you like your landlords? For the most part, most tenants don't. Landlords feel demanding and invasive; they collect payments, conduct inspections and perform evictions. If you aren't okay with being the "bad guy," then you may be taken advantage of.

You can afford a lawyer. Even if you're managing your own property, you'll need to pay for additional legal counsel. On the other hand, if you have a property management company, they will usually have a legal team that can answer your questions.

  • You can remain objective in the face of difficulties. Often, your tenants may begin to yell at you or may become stubborn. They may blame you for certain things and may feel as though you're doing a bad job. Developing a thick skin is important, or you could end up giving up concessions that you don't need to. You also need to avoid rash reactions that could put you on the wrong side of the relationship.
  • You are going to remain in the area for a long time. To be a landlord, you have to be nearby. After all, you could have to run down at a moment's notice to repair things. That means you also can't invest in other locations; you have to only invest in the area. 
  • You can afford a lawyer. Even if you're managing your own property, you'll need to pay for additional legal counsel. On the other hand, if you have a property management company, they will usually have a legal team that can answer your questions

As you can see, it takes a lot to manage your own property. But that's not the only problem. The other issue is that it's also a very high stakes game. When you're dealing with your real estate, there's always the possibility that you could suffer substantial losses in revenue. Finding a good property manager isn't just better for you — it's also better for your investment. For more information, contact us at Aria Properties today to learn how we can help protect your investment.

Enjoying our blog? Subscribe