Managing a rental property is one way to earn money. Many are eager to invest in a property but seem to have doubts about whether or not to step into the real estate market. The earnings you’ll get from a rental property can be a good source you could utilize for your needs. These include supporting your mortgage payments, financing your travel plans, or saving for an emergency fund.
However, managing a property is not a simple task, especially if it’s your first time handling one. Once you become a landlord, it brings along a lot of tasks and responsibilities. Some of these tasks include finding tenants for your rental space, providing regular maintenance, monitoring rental payments, communicating with vendors on behalf of your tenants, and many more.
If you find the responsibility of being a landlord too much to handle, checking out a reliable condo property management service is a good starting point. This is so you’ll be working with a professional to tackle the management task.
Also, if you want to earn a decent income from your rental property, it’s crucial to manage it properly. Remember it requires knowledge and some preparation to make your tasks as a landlord effortless to manage. Here are several tips to make the management of a rental property easier to deal with.
1. Create Engaging Listings For Your Rental Property
The rental market can be highly competitive. With this in mind, many landlords form an effort to advertise their properties. This is to make them look appealing to potential tenants.
One way to make your rental property stand out from the competition is to take professional photos so you can readily highlight all the best features. The reason for this approach is to draw in potential renters and eventually gain an income.
Additionally, ensure you’re providing truthful information about your rental property. Once potential tenants decide to check out the property, they’ll see exactly what was on the listings. Avoid making false accommodations or talking about the features not present on your property.
2. Thorough Screening of Tenants
For most landlords, the root of one of the most challenging issues when managing a rental property is finding genuine and respectful tenants. Remember that your tenants are the ones who provide you with income. They are also responsible for keeping your property in good shape while they’re living in it. With this in mind, you would want the best when approving tenants who’ll move in. Additionally, your tenants are a reflection of you as a property owner.
If you want to find the right tenant for your rental property, you must take extra care during the screening process. A move to consider is getting a rental history report to gain an insight on good tenants. When a tenant has eviction issues, consider it a red flag and look for other suitable candidates. Don’t forget about the legal restrictions to follow during the screening, so make sure to know these before accepting or reviewing any applicants.
3. Stay Up to Date With the Landlord and Tenant Laws
The landlord and tenant laws can be complex. It could be challenging to go through this process. Although it’s crucial to do so if you intend to carry out your job and earn money the right way.
If you want to ensure you’re managing your rental property correctly and in compliance with the rules, consider hiring a property lawyer to assist you in drafting legal documents and tenant applications.
4. Provide a Convenient Payment Method
When you have good tenants, most are eager to pay their rent on time. One way to let it happen is to make the payment method readily accessible and manageable for them.
In this digital age, online rent payments work best for most tenants. You could set up an online rental collection system yourself or hire a professional to do it for you. You may also monitor the flow of payments as they come in at a given schedule.
5. Ensure Clear Communications
When a misunderstanding occurs, it’s usually the cause of almost all personal and professional issues. Whether you give out incorrect instructions or vague representation, miscommunication can lead to various problems that are mostly preventable.
In such instances, landlords are likely to experience them at some point. As the landlord, it’s your responsibility to convey late rental penalties or address maintenance issues. Remember, it’s your job to work with your tenants efficiently and professionally. Whether you’re communicating via email or phone, it’s important to make yourself available and always communicate clearly at all times.
6. Deal With Concerns Right Away
An unhappy tenant can lower your chances of getting a longer lease extension. For example, you have a tenant who has been trying to get a leak fixed for almost two weeks only to get unanswered calls and emails. They may end up being disappointed with how you’re managing your rental property.
With this in mind, you need to deal with maintenance issues in your rental property right away. Timely action will ensure you care for your tenants. Also, it shows your concern about the home they live in along with their satisfaction and welfare.
If you can’t handle an issue right away, communicate immediately and provide alternative solutions if possible. If your tenants feel confident that their landlord is doing everything to fix a problem, they’re more likely to be satisfied with both their home and your management.
7. Be Proactive During Lease Renewal Time
If you don’t have other plans for your rental property and consider renewing the lease, you should inform your tenants ahead of time. Once you bring up the subject of a lease renewal, as soon as possible, you and the tenants will have enough time to think about the future and make appropriate decisions.
Additionally, it’ll let them know you’re interested in having them around and you value their thoughts. If the tenants decide to leave, it’ll provide you with enough time to start an advertising campaign for new tenants.
When you’re managing a rental property for the first time, it can be challenging. Although, you’ll eventually master the ropes in no time. With the help of these tips, they’ll serve as a guide to help you manage your rental property in the best possible way.