Managing a rental property is not an easy endeavor. This is especially true if you are new to the rental real estate business.
To help you on your path to stress-free property management, we have put together some tips that will help you become a better property manager.
Here are some property management tips for landlords.
Inspect the property regularly
One of the most important aspects of managing a rental property is to prevent problems before they occur. Not only will it save you from stress and headache, it will also help you save money – lots of it.
To avoid legal issues, we highly recommend that you inspect the property on a regular basis. This will help you catch small problems early on. Remember, it is your duty as a landlord to maintain a rental unit that is fit for occupancy. You will be held responsible if a tenant sustains injury on the property.
Fix issues immediately
Living a busy life, it can be easy to put off minor issues. However, if you fail to address problems early on, it can lead to a more complicated issue that will cause costly repairs.
Leaky faucets, for instance, are a minor problem that most people ignore. Not only is it annoying, it will also waste a lot of water. Overtime, it can also lead to mold growth. Mold may start growing on your floor, ceilings, and walls. If there is constant drip, drip, drip in the bathroom or kitchen sink, have it fixed immediately.
Monthly extermination can cost you money. But it is important to do this at least once a month, even if you do not currently have an insect or rodent problem. This will prevent such problems from preventing. Plus, it will prevent you from losing tenants due to pest problem.
Some of you might be tempted to buy exterminating supplies in an attempt to save money, but this should be left in the hands of a professional.
Finding a good tenant starts with having a great screening process. You need a tenant who will pay rent on time and will take care of your investment property.
Tenant screening process should start over the phone. Ask some questions to make sure that this person isn’t going to waste your time. Also, find out how many persons will be living in the apartment. You may also want to reach out to your tenant’s employer and prior landlord. Find out if he or she caused damage or missed any rent payment.