1 Credit and back ground checks. Believe it or not, sometimes people and not honest with their past. One must be like a private investigator as a thorough check is a must.
2 Verification’s of employment and rental history. Another must. Letting someone occupy your investment that you painfully maintain means one should be sure of the stability of the tenant.
3 Making sure the property is in good working condition before move-in ensures a smoother lease term.
4 Having a team of people to help when things fail. The Landlord/Tenant Act requires diligence on part of the landlord when something breaks. Having a go to crew of honest trusted people makes these problems go away quickly and shows the professionalism of the person in charge giving the tenant the feeling of ease.
5 Taking the calls and arranging for service as time is of the essence. I’ve had calls at 3am, 6am and so on. It’s not fun and nothing can be done but tenants call anyways.
6 Proper accounting with every penny taken in and spent with monthly statements including copies of all bills and yearly 1099 forms for taxes.
7 Being available nearly 24/7 as things always seem to break at the worst possible time.
8 Familiarity with current rents, market trends and all of the statue’s concerning property management. One can get themselves in trouble if you do not play by the rules. this is another MUST in property management.
9 Having as easy stable investment which takes care of itself with the least amount of hassle as possible. Having a check deposited into your account every month is what solid property management is about.
10 Stability of having someone on your side that knows all of the above.
Property management is not for everyone. As a landlord myself, I strongly suggest having a qualified property manager take care of your investment(s) to insure the best return on your dollar and the least amount of aggravation.
by Brian Carola, owner/designated broker with Valley Homes & Land, Inc.
Phoenix native, leasing and selling since 1983.
