3 Cardinal Rules of Effective Property Management
Friday, March 30, 2018
Deciding that you want to buy a home and rent it is a huge decision. Not only is home buying itself incredibly complicated, but the ongoing management of investment properties comes with its own set of challenges. Done well, investment properties are well worth the investment. Thanks to a growing economy and a stable housing market, investors have created a $100 billion industry around single-family rental properties.
Once you find a property that fits all of your investment needs, it's time to think about property management. Residential property management can be a difficult job, even for experienced landlords. Home rental property management takes a lot of hard work. Fortunately, there are proven strategies to follow when fulfilling your property rental management duties. Here are three cardinal rules of effective residential property management, courtesy of Landlordology.
Easy Payment Is a Win-Win
You want to make paying the rent for your property as easy as possible. In general, you want to make it as easy as humanly possible for tenants to give you money each month. That often includes providing an online payment option for your tenants. You can even mention in your lease that online payment is highly encouraged, or even mandatory, so that your potential renters know up front how payment will work. Not only can online payment result in faster payment each month, but it offers a high level of convenience for tenants.
Rock Solid Leases
Every lease should be very clear, easy to follow, and fair. Landlordology writes that the most important aspect of any lease is to put everything in writing. This might seem obvious, but there should be no handshake deals when managing a rental property. When people are looking for houses for rent, they want to know what they're getting into. Likewise, you need to ensure that your tenants are perfectly clear on your own rules. Make it easy on them and yourself by having a solid lease that explains everything the tenant needs to know.
Build Tenant Trust
No matter what kind of business you're running, building customer relationships based on trust and quality is key to success. The same holds true for managing any type of rental property. Whether you're managing one building or five, you should operate on the basis of being kind, being honest, and making timely repairs for your tenants. If a tenant knows they can confide in and rely on their property manager, they're more likely to stay in that space. It really is as simple as that.
Property management can be seriously stressful. However, follow these three simple rules to help your job become a breeze.
If you have any questions about property management services please give us a call at 407-261-5610