Are you interested in renting your Los Gatos home? Do you know what you are getting yourself into? Well, there is plenty of myth about property management which overshadows the tedious tasks associated with managing rentals.
So, we will document the top 5 myth about property management:
Easy Work: Property Management is not easy work. From tenant screening, rent collection, repair planning and evictions, there is nothing easy about property management.
Glamorous: There is no glamor associated with property management. Also, there is nothing sexy about property management. In fact, you should expect getting phone calls while you are on vacation about broken water pipes or non-functioning toilets. So, if you believe property management is glamorous, you are fooling yourself.
No Technology Needed: You will not succeed in managing properties if you do not adopt technology in back office, tenant screening and rent collection. For instance, we have written about Cozy.com where you can use this service to collect applications from tenants along with rent collection. As for home repairs you will need tools to make minor electrical, plumbing and carpentry repairs if you plan to manage your own Los Gatos rental property.
No Training Required: To succeeds in property management, you need a good mix of technology and people skills. In fact, tennat screening reminds us of interviews for staff positions since you will hear sob stories on why your tenant applicants can not provide references.
Choice is yours: Fair Housing Laws prevent you from distriminating againt any potential tenant on the basis of sex, religon, national origin and race. You will need to be aware of these laws of you will be in seirous trouble.
Contact Us if you have any more quesitons on managing your own rental property.