Property management is a big job that requires you to fill a broad range of roles. Being up to the task means educating yourself on everything from minor maintenance tasks to real estate laws and ordinances.
Here are a few tips for helping you master the most important aspects of managing a rental property:
Become a Jack of All Trades
As a property manager, you must be prepared to do everything from light maintenance to accounting and sales. Start with learning how to protect yourself and your assets from predatory clients through efficient monitoring of your finances. Next, learn how to balance the books, managing accurate cash flow schedules to stay on top of the financial health of your properties and keep revenues up.
Find new opportunities to advertise rentals from college bulletin boards to regional websites, and invest in a quality toolbox, so you can efficiently take care of minor maintenance tasks yourself.
Find the Right Tenants
Success starts with finding the right tenants for your rental property. Take the time for thorough screening to find the right renters, avoid vacancy, and protect your cash flow. Ask for previous landlord references from prospective tenants that establish a history of on-time rent payments and careful property treatment. Require a small non-refundable deposit for an application and background check to investigate tenant credit, rental, and criminal history.
The application fee and process help scare off unscrupulous tenants and find serious, high-quality renters who will care for your property long-term, making it well worth the time and effort.
Know the Law
Having a thorough understanding of rental and real estate laws from the start is essential for any property manager. Property owners and tenants alike will expect you to have answers to a wide variety of issues, from maintenance repairs to settling disputes to legally breaking a lease. Study the latest information about tenancy agreements and eviction notices in advance.
Refrain from using unlicensed contractors for electrical work and plumbing that would leave you liable with the insurance company if an accident occurs.
Create Consistent Procedures
Establish a clear and consistent process for a variety of property issues. Tenants need to know what to do when an appliance breaks or when they want to raise a concern with management. Set-up an email address specifically to communicate with tenants, draw up request forms, or use an online ticketing system to help address tenant issues. Create a checklist for yourself on the steps that need to be taken to address various problems until you’ve established a clear routine and thorough process.
Finally, use a digital notebook app like Evernote to keep track of your checklist and add new procedures as needed.
Foster Relationships
Whether you’re working with tenants or landlords, property management is a relationship business. Foster those relationships by approaching your job with confidence and respect. Showing integrity and care in your work leads to satisfied tenants who feel happy and comfortable where they are, keeping turnover rates low.
Impress landlords by anticipating their needs, creating a streamlined system for knowing when there’s an issue, from late rent to maintenance, before your client does.
For more information on property management and real estate investments, contact 208.properties today.