26 May Property Management 101
Property Management 101
Being a landlord isn’t so much about managing properties as it is about managing people. So, learning the basics of managing a rental property before you become one is essential. This property management 101 article can help you gain some valuable insight on managing a rental property. But keep in mind, your ability to manage them (or find a competent property manager) is really what’s going to make or break your success. Whether you are a seasoned professional, or a new landlord that is trying to decide between self managing or hiring a property management company, this article is for you!
What It Takes To Manage A Property
Curb appeal, tenant turnover, accounting, leasing, fair housing, just a few of the things you need to master. That is, if you want to be successful! Managing a property is not just about knowing how to fix things when they break. As a landlord especially as a first-timer, you’ll be forced to wear many hats. And, how you go about doing that will either set you apart in a good way or a bad way. The reality is, maintaining and managing properties is often a challenging role. So challenging in fact, many landlords sometimes overlook good practices.
Going into property management can be exciting and lucrative. But first-time landlords should have both eyes open.
Property Management 101: Good Practices You Should Never Overlook
Landlords often focus so much on finding the right tenant, that they forget there are other tenant characteristics that can make managing properties a nightmare. For example, just because someone looks good on paper does not necessarily mean they are the best fit. From missed red flags to something being hidden during the screening process, a lackadaisical approach to tenant selection can end up biting you in the end. For this reason, we offer some insight on a few good practices you should be doing regularly.
Good Practices To Follow:
- Perform regular checks on your rentals
- Screen all tenants carefully and don’t discriminate
- Establish open and honest communication
- Always ask for referrals
- Keep up with your maintenance even cosmetic
- Make paying rent easy and automatic
- Create a rock-solid lease agreement and stick to it
- Perform rental inspections at least once a quarter
- Only withhold the security deposit for actual, itemized damages
Your ability to be successful is highly dependent on how well you manage your properties and the tenants living in them (or finding a competent property manager to do it for you). To know that your rental properties are not just being overseen, but actively managed to increase their value over time will give you peace of mind that is essential. For this reason, you may want to consider hiring a property management company to handle the day-to-day management of your properties.
Whether you are looking to change property managers or simply want to hire one for the very first time, we can help. We manage all types of residential properties including homes, condos, and multi-family properties such as duplex and triplexes, and even small apartment buildings. If you are interested in saving time, money, and the stress that comes along with managing your own rentals we have a management solution that is right for you. Call us today at (858) 576-2176.