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If you manage a small number of residential rental properties, say fewer than 25 then this is for you. Suppose later today you find yourself listening on one phone line to a $435,000 sale fall apart while on the other line you have a tenant who has just informed you the dishwasher is gushing water all over the kitchen floor and hasn’t a clue what to do about it. Most likely the faltering sale will consume your immediate attention but in the back of your mind you know the property management issue requires your immediate attention as well. That would be your attention because with less than 25 properties you probably do not employ an assistant to help you with your management responsibilities. At this point you may find yourself wondering if it is worth the effort. Actually, managing rental property can be a lot of fun provided you have an adequate support staff, appropriate software, reliable vendors, a location central to your inventory, an aggressive leasing program and the personal dedication necessary to pull it all together and make it work. But your expertise is most likely in real estate sales so your property management demands are generally a distraction from your real vocation. I can assure you that no matter what the size of your inventory if you are not 100% focused on your property management business it can cause you some serious problems. As an alternative you may want to consider outsourcing through WJD. Please give me a call at 703.405.9312 if you would like to explore this possibility further and be sure to inquire about our referral program. I look forward to working with you.
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