I met with a potential customer for property management services in Jacksonville FL & told him what we do & gave him some good advice on how we should manage the home. Around a week later he reached out to me & said sorry a person a few doors down is going to rent the house & I’m going to manage it myself. That did not bother me & I’m gad he let me know.
I asked him a few key questions. One is are you getting a security deposit? The answer was no & I explained to him the importance of getting a security deposit. I could tell after I gave him examples of the importance of a security deposit that he understood the importance of a security deposit. I then asked him did you check her credit? He said no she told me she pays the rent on time. I told him just about every prospect is going to tell you that. I then recommended that he at least do a rental verification. I asked about a lease & he said he was going to use one from a website.
Sometimes it’s worth it to hire an experienced property management company or Agent/Broker it could save you some headache. I’m sharing this in hopes of helping Landlords avoid the items I mentioned above. I hope this helps.
Some people are either ignorant or like to learn the hard way. It's crazy how many people get into business knowing almost nothing about the business and then cry, complain and blame everyone except themselves when they go out of business.
Oh my goodness. That is the example of all examples. Even if going to self-manage gotta do a credit check, check employment and have a solid lease. Ironically, I just wrote a blog post on my scaredycatguide website about why people should manage their first property.
I did that and still manage a couple local ones and have property mgmt for all of my out of state stuff. Good property managers are worth their weight, but I also know what good property mgmt looks like after doing it myself.
I mean, if they aren't going to atleast read a book on managing a property and have a lawyer look at their lease, then just use a property mgr. I have my fingers crossed for that person, that sounds like its gonna be a mess.
Trials and tribulations of real estate investing lol
Amateur Landlord. This is going to be a catastrophe.
Let the stupid ones learn the hard way, you can't fix stupid!