have you ever wanted to be a landlord? lesson 1 asks the question: are you ready to be a landlord? we explain what to do before purchasing a property and how to make an offer in lesson 3. ownership rights and responsibilities are discussed in lesson 4, including laws and regulations you must abide by. having the right personality, and perspectives, will determine whether a property owner succeeds or fails at holding and managing properties. once you determine that you have the ability to become a property owner, it will be helpful for you to understand what issues are involved in property management. once you understand each discipline, and design a strategy to handle elements within each discipline, running a property will be easier. your personal goals may include how many and what types of properties that you want to manage, how much time you will be involved in this effort, and where the properties will be located.
to ensure that your goals as a property management professional are solid, they should follow the well known acronym s.m.a.r.t. specific goals provide focus and clearly define your efforts as you proceed with this endeavor. your goals will be difficult to manage and to measure. concrete data allow you to stay on track, push to reach target dates, and feel a sense of achievement when the goals are reached. as you achieve and experience more, your goals will seem closer and opportunities that you once ignored may be realized. if you want to stretch yourself, establish two sets of goals, one set that can easily be reached with appropriate work and another set that might be possible with a lot of hard work. by establishing goal dates, you will create a sense of urgency. this sense of urgency can drive you to achieving your goals; without it, you may not push yourself enough and you may become disappointed or lose focus.
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