Should I manage my own rental property?

This month’s article: “Should I manage my own rental property?”

Examine your own personality. Are you a people person? Serving as a landlord is a labor of love; you must love people, you must love working with your hands and you must love solving problems. Most of all…you must be willing & able to do all this without getting much appreciation or even a pat on the back.

Whether you’re confident you have what it takes to be a good rental property manager or your still not sure, take stock of yourself and your abilities by answering these questions. Interview yourself as though you were a job applicant. Ask the tough questions and answer honestly.

Are you able to keep your emotions in check and out of your business decisions?
Are you a patient and reasonable tolerant person?
Do you have the temperament to handle problems, response to complaints, and service request in a positive and rational manner?
Are you meticulous with your paperwork?
Do you have maintenance and repair abilities?
Are you willing to work and take phone calls on evenings and weekends?
Are you a good negotiator?
Are you willing to commit the time and effort required to determine the right rent for your rental unit?
Are you familiar with or willing to find out about there laws affecting property management in your area?
Do you have a relationship with a good real estate attorney?
Are you willing to consistently and fairly enforce all property rules and rental policies?