All Forum Posts by: Padam Neopane

The software you choose is not going to make or break you. Your level of expertise will. 

You have to know a lot of stuff about a lot of stuff as a property manager, from privacy and fair housing laws, to bookkeeping and accounting, to construction and renovations, to landlord-tenant law and evictions, and hundreds of things in-between. 

I'm not trying to discourage you or saying it can't be done. But one fair housing complaint, botched contractor job, or prolonged eviction can quickly cost you far more that a property manager, so don't sugar coat it: Go in with your eyes wide open. 

One suggestion I have is to watch every video at http://www.evicttv.com/all-vid... (I have no affiliation with them, I just believe this is an incredible free repository of information for landlords and PMs - It's literally free education from a well renowned expert). 

This will give an idea of the breadth and depth of knowledge you need to be a successful property manager. Some of the info is Florida-specific, but it will still give you an idea of what you need to learn and know about your local State (or District, in your case) and municipal rules and regs. 

Use a PM, if you are not well versed in handling tenants and are not knowledgeable on landlord/tenant laws it is not for you. It is not as simple as collecting a check every month. If you have more time on your hands than you know what to do with then do it. 

Did you know around 70% of US households have a pet? Definitely a good idea to consider allowing pets, in order to access those renters.

$250-300 is reasonable for the non-refundable deposit. It just gives you a little extra buffer for damages that the security deposit won’t cover. 

Pet rent is a good idea too (anywhere from $10-50/mth/pet). We haven’t had so many people with the ESA thing, but I could see that being a challenge.

We always recommend you set limits/guidelines for the pets too. For example: 

maximum of 2 dogs, no cats

1 dog maximum, less than 30 lbs

Cats only, no dogs

Those are just some examples but you can decide based on your preference. 

Hope that helps!