Property management is a huge responsibility. Not only do you have to ensure that the property is well-maintained and meets all safety requirements, but you also have to find and screen tenants, collect rent and handle any emergencies that may arise. It can be a lot of work, but it’s worth it if done right. Here are seven tips to help you manage your property the right way:
Keep Good Records
It’s important to keep track of everything related to your property, from maintenance and repair records to rental agreements and payment history. This will not only help you keep tabs on what’s going on, but it will also be invaluable if you ever need to reference something down the line.
You should also keep track of any correspondence you have with your tenants, whether it’s via email, text, or in person. This will create a paper trail that can be used as evidence if there ever is a dispute.
Make Time for Inspections
You should inspect your rental property regularly to ensure everything is in good condition and that your tenants are following the rules of the lease agreement.
Be sure to give your tenants plenty of notice before an inspection, and try to schedule them at a convenient time. Not only will this make the process go more smoothly, but it will also show your tenants that you respect their time and privacy.
Enforce the Lease Agreement
The lease agreement is there for a reason — to protect both you and your tenant. Be sure to enforce the rules laid out in the lease, and don’t be afraid to take action if they are broken. This could mean anything from issuing a warning to terminating the lease agreement and evicting the tenant.
Of course, you should always try to work things out with your tenant before taking such drastic measures. But if they continue to break the rules after being warned, then you have no choice but to take action.
Be Available for Maintenance and Repairs
Tenants will inevitably need something repaired or replaced from time to time, so it’s important that you be available to take care of these issues in a timely manner. This doesn’t mean you have to drop everything and run over every time there’s a problem, but you should respond quickly and take care of the issue as soon as possible.
You can either do the repairs and maintenance yourself or hire someone to do it for you. Just be sure to document everything, including any receipts for materials or services. Make sure your tenants know how to contact you in case of an emergency and have a plan in place for dealing with these situations.
Collect Rent on Time
One of the most important aspects of property management is collecting rent from your tenants on time. This can be a tricky task, as some tenants may be late or even stop paying altogether.
If you find yourself in this situation, you should first try to work things out with the tenant. They may be going through a tough time and just need a little leeway. However, if they continue to fall behind, you may need to take legal action.
This could mean anything from sending them a notice to vacate the premises to taking them to court. Again, it’s important to document everything so you have evidence if you need to take this route.
Choose the Right Tenants
It’s important to screen your tenants carefully before allowing them to move into your property. You should run a credit check and verify their employment history to make sure they’ll be able to pay rent on time.
You should also do a background check to see if there’s anything in their past that could cause problems, such as a history of violence or drug use. This may seem like a lot of work, but avoiding any issues down the road is worth it.
Expand Your Business
Once you’ve mastered property management basics, you may want to consider expanding your business. This could mean buying more properties or even starting your own property management company.
Contact reputable estate agents to learn more about the different properties available and get started on your journey to becoming a successful property manager. These professionals can help you find suitable properties, screen tenants, and even handle repairs and maintenance. With their help, you’ll be able to focus on what you do best — managing your properties and keeping your tenants happy.
Managing a rental property can be a lot of work, but it doesn’t have to be overwhelming. By following these tips, you can keep things running smoothly and ensure your tenants are happy. Sooner or later, you’ll have the hang of it, and it will become second nature.