Property Management Steps Every Landlord Should Take
Being a landlord can be a rewarding experience. It gives you the opportunity to have a source of additional income based on something that you already possess. However, there are a number of steps that all landlords should consider when determining what is required of a landlord. Taking care of your tenants can lead to a longer-term tenant who, in turn, takes care of your property. However, there are some areas where going above and beyond will leave you doing more than necessary. The following steps can provide you with a better picture of what you may expect as a landlord.
Nice Carpet, But Does it Tell the Whole Story?
You know that your rental property is good looking, but you need to share that in the most appropriate way. Think about when you have looked at pictures of rentals in the past. Are the pictures clear? Do they give you a good idea of what you could expect if you lived there? Some property managers may not highlight the best amenities that a home may boast. Sure, the unit may have new carpeting. Is a close up picture of the carpet really the best way to lure tenants? High-quality pictures when posting your rental property online can be a little costly if you are using a professional service. However the price might be worth it. If possible, take the pictures during the spring and summer months, where the property and landscape may look their best.
After your pictures are set, it is time to think about the ad. Highlight what sets your property apart from all of the others on the market. Is your rental near public transportation? How about local entertainment venues? Those are some things that potential renters may be looking for when hunting for a new place. An overwhelming majority of renters look solely online for properties, online bulletin boards and social media. As such, these should be utilized in order to recruit potential tenants.
Screening is More than Just for Your Windows
It may seem like common knowledge, but screening your prospective tenants can reduce a lot of headaches down the line. After putting in some sweat equity to make your rental look appealing, finding the right tenant is essential. Quality tenants who will respect your property can save you future headaches. Forbes suggests checking the contact information on the rental application, as well as the potential tenant’s credit and criminal background.
Communication is Key
Unless you or your tenants are mind readers, communicating what is expected of one another is an essential skill. Repairs and maintenance are a normal part of homeownership. Let your tenants know ahead of time if you will be stopping by to conduct an inspection or repair. Your tenants, in a way, serve as your customers, with the service provided being the rental property. Effective communication between you and your tenants can lead to an improved tenant retention rate. This means less turnover and helps to keep your operating costs down.
Conclusion
Being a landlord can be a rewarding experience, but it can also be one that is fraught with stress if some steps are skipped. Finding and keeping good tenants can be a difficult and often time consuming task. Despite best efforts, some landlords become overburdened with the responsibilities associated with managing a rental property. Fortunately, there are easier ways to go about being a landlord. Some have turned to property management companies, such as The Property Manager to take over the daily operations. Property management companies can also help with the screening and maintenance requests. Handing over the keys can be a stressful time, but with a qualified expert on the task, you can rest a little easier, knowing that your property is in good hands.
References:
Forbes. (2018, November 30). Property Management 101: The One Thing All Landlords Should Do. Retrieved from https://www.forbes.com/sites/forbesrealestatecouncil/2018/11/30/property-management-101-the-one-thing-all-landlords-should-do/#f6af274e341b
Fortune Builders. (2017, March 27). The Property Management Checklist Every Landlord Should Have. Retrieved from https://www.fortunebuilders.com/property-management-checklist/
Landlordology. (2018, June 18). Three must-learn landlord communication lessons. Retrieved from https://www.landlordology.com/landlord-communication-lessons/
Zillow. (2018, December 21). Landlording 101: A Rental Management Guide. Retrieved from https://www.zillow.com/rental-manager/resources/rental-management-guide/
