Buying a rental property and managing it can be an exciting time. You have a new income source and are making extra money. However, that doesn’t mean things will be passive and effortless.
While more than 50% of property owners use a property manager, it’s still possible to do things on your own. But you’ll need to do things right to manage things properly.
So, what are some things you need to know when managing rental properties? Keep reading to learn five tips that will help.
1. Perform Routine Maintenance
Your property won’t stay in great shape forever. It will deteriorate over time, even if it takes some time to do. The problem is that this will happen sooner rather than later without maintenance.
Whether you own an apartment complex or a single family homes, set a maintenance schedule to take care of common tasks. Doing this will keep your property in great shape and avoid more costly repairs.
2. Find Great Tenants
One of the biggest challenges landlords face is finding good tenants. There may be plenty of people looking for apartments. But if you sign a lease with the wrong person, your property may end up a mess.
Develop a process to find tenants and vet them before allowing them to rent your property. Check their background, rental history, and other things to see if a person looks reliable.
3. Stay Legal
You aren’t allowed to include anything you want in your lease. There are tenant protection laws in many areas that dictate the terms of your relationship.
Familiarize yourself with local laws to learn what you can and can’t do in your lease. Consult a real estate attorney to verify your lease complies with the law if necessary.
4. Set Communication Preferences
You probably don’t want tenants to call during the evening when there isn’t an emergency. They have your number, so this may happen.
If you don’t want this to happen, set communication preferences. Ensure tenants have your preferred communication preferences and tell them the best way to reach you. You can classify phone calls as a last-resort measure for emergencies.
5. Look for Help
You’ll likely have more to do when you expand your rental business. You’re growing the number of properties you own, so you have more to manage.
Don’t hesitate to find help when this happens. You want to delegate as much as possible to reduce your workload and accomplish more. Do this by hiring people yourself or working with a management company.
Find Help Managing Rental Properties
Managing rental properties can become complicated once you start growing your rental portfolio. Instead of taking advantage of rental income, you spend your day speaking to tenants and handling problems.
That’s why you must do whatever is possible to learn how to manage rental properties correctly to avoid problems. Now that you know what managing a rental property takes, start using the tips above to manage your property.
Are you interested in learning more tips that will help you manage your property portfolio? Check out the blog for more real estate advice.
