Operating rental properties and dealing with your tenants are not separate jobs. They are inseparable parts of landlording. I owe a great deal of my real estate success to my landlording abilities. Some folks argue that professional property managers are paid a decent percentage of the gross rental income to relieve owners of this thankless task. I’ve known many folks who ended up relieved of their property instead.
Owners of small income properties, who don’t bother to learning the landlording part often a fortune because they allow the tenants to run their business and control their properties. I consider landlording and people management the $10 job that earns me $90. I charge 10 percent for managing properties. When you manager your own properties you can’t pay yourself, but saving 10 percent is the same as earning it.
Even if your basic investment strategy is to buy and sell, tenants will generally be involved. Tenants can make or break a property. Owners who pay little attention to landlording skills are allowing property managers or their tenants to have control over their investment dollars.
Never lose sight of the economic fact that tenants are the life blood for landlords. Tenants are the owner’s customers and are the most important part of owning and operating rental properties because they supply the money.
My landlord home study training course, MANAGING TENANTS & TOILETS has everything you need to handle your tenants.