Property management can be a difficult task, but it doesn’t have to be with the right tips.
Make sure to keep up with repairs and maintenance, stay organized, and know your tenants inside and out.
Let’s explore some simple tips that will help you be on your way to successful property management!
Outsourcing Your Property Management
Before you decide to start managing your property, consider hiring professional property management services to take care of it for you.
This is growing in demand and many owners are turning to companies that provide property management services that include routine inspections, rent collection, maintenance coordination, tenant eviction if necessary, marketing your property, and insurance.
If you’re near Las Vegas, and need to rent a property in Henderson, you can consult with some great companies. It is very easy to get overwhelmed with a rental property.
With a reputable property management company, you can sit back and let the pros take care of your business for you!
Keeping Up With Repairs And Maintenance
When it comes to putting out fires, there aren’t many other professionals who will be as quick as professional property managers at repairing damaged properties.
Because they manage several different buildings, their resources are always available if something needs attention quickly.
If your tenants complain about repairs needed in the home, hire a professional repair person to assess the situation and start working immediately on getting any damages settled.
If you own rental properties near one another, keep a keen eye on how your neighbors are managing their homes and properties.
If you see a renter causing problems with the neighbors, communicate and resolve any conflicts early on to avoid further damage and repair work.
Being a good neighbor goes a long way in the neighborhood!
Know Your Tenants
The saying goes that “knowing is half the battle” and this couldn’t be more true for property managers.
When it comes down to evicting tenants, landlords will need to provide solid evidence of why they should lose their rental home or apartment.
Document everything about your tenants, including rent payments, complaints from neighbors, noise disturbances, damages left by them during move-out (such as holes in walls), and other related issues which can help lead up to eviction if necessary.
Staying organized and keeping good records is the best way to stay ahead of your game.
How To Keep Good Records of Tenants
When it comes to keeping good records of your tenants, you will want to keep all documents and information about them in one place.
Make a file for each tenant or family that occupies the home including payment records, notices sent, correspondence between neighbors and management, complaints from neighbors, work orders completed by maintenance staff on-site, and any other relevant information too.
As a good rule of thumb, make sure you document everything from when they first moved into the property to when they finally left!
Protect Yourself With Insurance Coverage
In addition to protecting yourself with the right insurance coverage for your rentals, taking out commercial insurance is important as well.
In some cases where criminal activities are occurring at your rental properties such as drug distribution or prostitution rings, hiring a property manager with criminal background checks is always a good idea.
This way you can protect yourself legally in case anything were to happen on your property or if it becomes damaged.
So, keep in mind that when it comes to protecting yourself when managing rental properties, insurance coverage can help tremendously, whether you are looking for commercial or residential insurance policies.
Don’t Underestimate Planning in Management
Planning isn’t just for vacations! It is the best way to stay on top of property management.
This means creating schedules that can include regular inspections, meeting with tenants at move-in and move-out times, collecting rent payments bi-annually, updating leases every so often if needed, and more.
If you are well organized in your planning, you will find that things run much smoother than when you aren’t organized at all.
As a landlord or property manager, it is important to know what current laws are in place that governs what you are doing.
For example, subject to local ordinances there may be restrictions on how many people can occupy an apartment based upon square footage and it may not be advisable to rent out a property as a business property (ex: converting a single-family home into an office building).
You should also make it clear to tenants before moving in what the limitations of the property are.
Property management can be very rewarding and challenging at times, but you’re sure to enjoy success if you put these tips into action.
Stay organized, plan, and stay informed on current laws and regulations!
These simple concepts will ensure that your properties are being managed successfully.