13 Jul Managing Tenants
Every landlord needs to understand, a big part of managing a rental property involves managing tenants. Because, being a successful landlord takes a lot more than just the collecting rent. From inspections to making repairs promptly, managing tenants is key to your success. It is a fact that, a good tenant is gold. But without the basic skills to manage your tenants. Finding the right renters won’t come easy. After all, when it comes to managing rental properties, the key is being prepared for anything. With this in mind, we offer some insight on managing tenants successfully.
Managing A Rental Property
For many people, being a landlord is a rewarding and profitable experience. However, it’s not a simple business. Not only does managing tenants, take time and dedication, but also the ability to anticipate problems before they happen. And, while you don’t have to be a professional contractor or management pro to be a landlord. You do have to keep up with tenant complaints, maintenance issues and emergency repairs. Not to mention the fact that you need to have a basic understanding of fair housing and discrimination laws. Over the lifetime of your rental property, you will likely need to repeat the process of finding good tenants many times.
Do You Have The Skills?
A property manager can be very skilled at many of the management functions, but if they drop the ball when it comes to maintenance, the property will experience a degradation of condition, loss of tenants, and declining rents. On the flip side of that, a property mananager that lacks management skills will be just as unsuccessful as the one who has no follow through. The roles and responsibilities of a rental property manager include everything from marketing and filling vacancies; negotiating leases, enforcing, leases, maintaining, and securing the rental property just to name a few. Remember, good tenants are the lifeblood of profitable real estate investments. On the flip side, bad tenants can not only give you headaches, they can torpedo your financial goals. Which is why finding and keeping good tenants is so important!
Did You Know: The average cost of tenant turnover runs between $2,500 to $3,500 depending on the area you live in…
Tenant Turnover – The Impact of Not Managing Tenants Right
Tenant turnover is a profitability killer for a landlord. Any time a unit sits vacant, it can cost hundreds if not thousands of revenue, and as a result, puts a serious dent in the year’s profit. While there is no way to avoid tenant turnover, as a landlord managing tenants properly can help minimize it. That said, things like making repairs quickly and promptly can have a positive impact on how happy your tenants are. Remember, a good portion of ensuring you don’t attract bad tenants, is making sure you attract good ones! And, the only way to do that, is by managing your rentals and your tenants with the care and attention they deserve!
What it Takes to Manage A Rental Property
Be prepared to do everything from maintenance to accounting and sales to filling vacancies. Because, the only way to stay on top of the financial health of your rental is to fulfill the responsibilities that come with being a property manager. In fact, whether you like it or not the roles and responsibilities of a rental property manager include marketing and filling vacancies, negotiating leases, enforcing leases, as well as maintaining and securing the rental property just to name a few. The success of your business depends on what you are willing to do, and what you are not. So, whether you plan to be a full-time landlord or just want to understand what it takes to manage a rental property successfully. We offer some insight on more of the roles and responsibilities of a rental property manager:
- Rent Collection: this involves setting due dates, collecting the rent, establishing late fees, and dealing with late rent
- Lease Agreements: this involves managing start and end dates with all tenants, among other things
- Tenant Screening: this involves verifying information, setting appointments and determining if a tenant is a good fit
- Move-In: this involves going over the lease, rules, regulations, and requirements, as well as doing a walk through
- Move-Out: this involves checking the condition of the rental for any damage and starting the process of finding a new tenant
- Tenant Complaints: this involves fielding complaints, and setting a plan to fix the problem
- Maintenance & Repair Requests: this involves responding to requests, prioritizing requests, & hiring someone to do the repairs
- Evictions: this involves sending a notice, filing with the court, and preparing your evidence which supports reason for eviction
Wondering if You Need A Property Manager?
To be a profitable landlord, you can either choose to hire a professional property management company or choose to do it yourself. Remember, finding the right kind of tenant means you will have to make sure your rental property does not look run down and in need of repairs or improvements. With this in mind, consider the questions below:
- Is your rental property close to your home, the more miles between you and your rental the harder it is to manage
- How many units do you own, as that increases so do your responsibilities
- Do you have experience managing properties and people, learning as you go can be costly
- Do you have the time to manage your own properties
- Are you willing to take on the liability of a property manager
- Do you have a high vacancy rate or problems with cash flow
- Can you manage your tenants, or the level of stress that comes along with things like evictions or complaints
When In Doubt
If you have questions about managing your rental properties or need help doing so, please contact us. We manage single-family homes, condos, and apartment buildings throughout the San Diego area. Whether you are interested in changing property managers, or simply looking to hire a property management company for the first time, Rancho Mesa Properties can help. We take care of all types of residential rental properties including homes, condos, multiplexes such as duplex and triplexes, and even small apartment buildings. Let us manage your rental properties, so you can enjoy your life! Call us today at (858) 576-2176. We will save you time, money, and the stress that comes along with managing your own rentals.