Managing rental property can be a real roller coaster ride for anyone. Whether you are the owner managing your own property or whether you have taken on the business of managing property for others, handling rental property can be a series of ups and downs, highs and lows that can wear on anyone. Your first emotional experience may happen when you purchase your first “investment property” or sign your first management agreement. It is excitement – you have just started your new adventure. Over the next year or so, a gamut of emotions from anticipation to worry, from anxiousness to relief could be felt. Sometimes, an individual finds it all very exhilarating and sometimes, exhaustion is the only emotion a person feels. For most, its a mixture of emotions that might go something like this:
- Anticipation – When the rental is listed “For Rent”
- Irritation – When a prospect tells you it’s none of your business what their credit score is
- Hopeful – An application was just submitted
- Annoyance – The grass keeps growing and you have to start paying for lawncare
- Gladness – A lease was just signed
- Irked – The tenant thinks it is OK to call you at 11 p.m.
- Sympathetic – Your tenant paid the rent late, but they had a good reason
- Mistreated – The tenant destroyed and abandoned the property
- Relief – You found someone who can help you.
So, whether you are exhilarated or exhausted, at some point you may think to yourself, “Why am I doing this to myself, there must be a better way?”.
If this is you, I may have your answer. Come talk to me about your situation, whether you manage your own property, or another’s.