Adventures in Property Management: 5 Lessons Learned from 4 Years of Self-Managing Single Family Rentals

Written By Amelia McGee

Amelia McGee here! Embarking on the journey of managing single-family rental properties can be like diving headfirst into a whirlwind of adventure. From dealing with tenants to handling maintenance issues, every day presents a new challenge and a chance to learn and grow. After four years of navigating this wild ride solo, I've gathered a treasure trove of lessons that have not only helped me survive but thrive in the realm of property management. So, buckle up and get ready for a fun-filled expedition through the five most valuable lessons I've learned along the way!

#1 Patience is not just a virtue, it's a superpower:

Ah, the magical art of patience. It's easy to lose your cool when a tenant calls at 3 a.m. complaining about a leaky faucet or when you're waiting on overdue rent payments. However, through countless trials and tribulations, I've come to realize that patience isn't just a virtue; it's a superpower in the world of property management. Taking a deep breath and approaching each situation with a calm and collected demeanor not only keeps your stress levels in check but also fosters better relationships with tenants and vendors alike. Remember, Rome wasn't built in a day, and neither are well-managed rental properties!

If you want the full scoop on how to self-manage rentals, make sure to check out our new book, The Self-Managing Landlord. Pre-order before April 25th and get 10% off plus all of this for FREE:

#2 Communication: the glue that holds everything together:

If there's one lesson that's been hammered into my brain repeatedly, it's the importance of communication. Whether it's promptly responding to tenant inquiries or keeping your maintenance team in the loop, clear and effective communication is the glue that holds everything together in the world of property management. Establishing open lines of communication with tenants not only fosters trust but also helps nip potential issues in the bud before they escalate into full-blown disasters. So, don't be afraid to pick up the phone, shoot off an email, or even send a carrier pigeon if that's what it takes to keep the lines of communication flowing!

#3 DIY doesn't always mean "do it yourself":

Ah, the allure of the good ol' DIY approach. While it's tempting to roll up your sleeves and tackle every maintenance issue that arises, sometimes it pays to leave it to the professionals. Trust me; I've learned this lesson the hard way after botching one too many plumbing repairs. While DIY projects can save you money in the short term, they often end up costing more in the long run if not done correctly. So, before you channel your inner Bob the Builder, ask yourself if it's worth the risk, or if it's better to call in the cavalry and leave it to the pros.

#4 Embrace technology, your new best friend in property management:

Gone are the days of managing rental properties with a pen, paper, and a trusty Rolodex. In today's digital age, technology is your new best friend in the world of property management. From online rent payment portals to property management software, embracing technology can streamline your processes, improve efficiency, and make your life a whole lot easier. So, don't be afraid to embrace the wonders of modern technology and let it work its magic in helping you become a property management rockstar!

Here’s a few of my favorite technology tools for property management:

  • Hospitable for managing short-term and midterm rentals (get 25% off for 3 months!)

  • Baselane for keeping real estate banking organized (enter to win a $500 Amazon gift card!)

  • FREE SOP Templates to streamline your systems and processes

#5 Expect the unexpected (and always have a Plan B):

Last but certainly not least, expect the unexpected. In the world of property management, no two days are ever the same, and Murphy's Law is always lurking just around the corner. Whether it's a sudden vacancy, a major maintenance issue, or a global pandemic (yes, that happened), it pays to expect the unexpected and always have a plan B (and C, and D) up your sleeve. So, stay flexible, stay adaptable, and remember that every curveball life throws your way is just another opportunity to showcase your property management prowess!

Our FREE Property Management Checklist makes it easy to stay ahead when self-managing your rentals. Make sure to check it out!

In conclusion, the journey of self-managing single-family rental properties is undoubtedly a wild and unpredictable adventure. However, by embracing patience, communication, technology, and the inevitability of the unexpected, you can navigate this exhilarating ride with confidence and finesse. So, here's to the next four years of property management adventures—may they be filled with valuable lessons, laughter, and perhaps just a touch of chaos!



RESOURCES:

Amelia McGee
Previous

Top Resources for Self-Managing Landlords
Next

Diversification in Real Estate