Did you know that real estate is one of the top investments you can make? If you are a new building owner but need some property management tips, we can help.
In this guide, we’ll go over rental property management.
Want to learn more? Keep reading.
1. Get Property Inspections Done
When you own a property, you want to make sure you stay up to date with inspections. You need to maintain the value of your property.
Routine inspections will help you figure out problem areas. Stay on top of maintenance and repairs.
Your tenants will see that you take your job seriously. Clients and tenants will be a lot more satisfied. You’ll improve tenant retention this way.
2. Communicate Clearly
As the owner of a building, you will be communicating with tenants and landlords. You need to be able to respond to questions both sides have.
If you are the owner and the landlord, you’ll need to work directly with tenants.
To streamline communication, some property owners will set up a portal on their website where people can reach them.
You could also give tenants and landlords your mobile phone number. Some people will have a separate phone for their properties.
3. Organize Your Finances
Maintaining your financial records is essential. You’ll need to organize expenses like maintenance, trash removal, and utilities. Know when the money is arriving and leaving your business account.
If you don’t have time for bookkeeping, hire a reputable bookkeeper to take care of these essential tasks.
4. Remain Positive
When you deal with people, you want to try and remain positive even when things get tough. You will have to deal with landlord-tenant issues. If you’re the landlord, you’ll be dealing with lots of tenants.
Work hard to remain positive even during frustrating situations.
5. Think About the Future
As a property manager, you might get stuck thinking too much about the present-day issues.
Think about your business and the future. What do you hope to work toward?
Is there any way you can lower expenses? How satisfied are your current tenants? Consider how you can operate in a more efficient manner.
Would you like to own more buildings? Make sure you think about your long-term goals as well.
6. Set up Certain Policies and Protocols
Property managers need to set up rules to deal with potential issues with tenants. You also want to eliminate any possible miscommunications.
Property rules for tenants need to get written down. Provide the rules to the new tenants before they sign the lease.
You’ll also need to set up protocols for different scenarios. If one of your tenants violates the parking policy, make sure you follow through with the protocol. You might issue a warning or have the car towed.
7. Consider Outsourcing Tasks If You’re Too Busy
You could hire a janitor to clean around the building. Bring in a specialized repair person to finish specific tasks around your property.
If the carpet’s soiled by pets, you’ll need to look at hiring a professional carpet cleaning company.
Would you like to improve the atmosphere at your property? Check out scent marketing for real estate.
8. Make an Inspection List
Frequent inspections can lower the risk of problems in units. You should inspect HVAC systems, decks, emergency doors, fire alarms, and windows.
Look for sealant issues or cracks on the windows. You’ll also want to examine the water lines in your laundry facilities.
9. Keep Property Tools
Every property will have a specific list of management tools it needs. You might need paper items like parking permits or lease copies. Some places will need particular safety items or marketing materials.
Keep a well-stocked supply of these things. An organized property manager will keep a list of these items and make sure to replace them when they’re gone.
10. Solve Problems Before Using a Lawyer
A lot of tenant disputes can get solved by meeting with the disgruntled tenant first. Make sure you address the problem.
Follow your property protocols before you call a lawyer and threaten eviction. Most of the time, the issue can get resolved before talking to your lawyer.
Common issues include late rent payments, noise complaints, or not cooperating with management.
Save yourself money by dealing with the issue first.
11. Create Office Hours
Let your tenants know when they can reach management for non-emergency situations.
Create business hours so tenants can contact you for help. They might reach out about a maintenance problem.
Having established office hours will mean you’ll hear more from tenants. You won’t end up delaying repair issues.
12. Decide on an Eviction Plan
If you need to evict someone, you’ll need to follow certain protocols. Problems may arise that force you to consider eviction.
Create a plan. You’ll need to understand the legislation. Make sure your landlord insurance will cover the eviction process as well.
13. Find New Tenants
As a property manager, you don’t want to have a long period where you have a bunch of vacant spaces. Avoid end-of-lease vacancies by starting the process early to find a new tenant.
This way, you can find a new tenant for the empty space.
Now You Know More About Property Management
We hope these tips on rental property management are helpful. Property management can be a headache if you don’t set up proper protocol.
Make sure you maintain communication with tenants. Try to solve issues before calling in your lawyer.
Was this guide helpful? Check out our other resources on family, travel, and more.