Being a landlord can be an incredibly stressful job if you don’t have experience and are unsure what makes a successful property manager.
The average landlord has three properties they oversee, so knowing the best way to handle the position is essential.
Becoming a landlord can provide you with many benefits. Read on to learn three property management tips that will help you to excel as a landlord.
Table of Contents
Tip #1: New Tenants
No doubt the time will eventually come when you need to find a new tenant for a property. Knowing how to do this quickly while still being effective and finding someone who will be a good tenant is vital.
Listing the Property
Make sure to familiarize yourself with property rental websites. Then, when the time comes to find someone new to move in, you will be able to list the opening quickly and find interested ones immediately.
Show Your Property
Prepare yourself to schedule showings because people will want to see the place in person. Make sure that you know what to say, have answers to common questions prepared, and spruce the home up, so it looks its best.
Create an application that will give you a good idea of the type of person the potential tenant is and double-check their ability to pay the rent. Just be sure that the application process complies with fair housing rules. The easiest way to be sure that the application process complies with fair housing rules in your state is to get a state-specific rental application form online.
Tip #2: Maintenance
Keep in mind that when you’re managing property, maintenance is one of your key responsibilities.
When things break or go wrong, you need to be easily reachable so that they can communicate the problem, and you need to be quick to take action. If you have a busy schedule, it might be wise to look into property management services.
In addition to helping with maintenance, they may assist with other aspects of managing the property, such as tenant screening and rent collection.
Tip #3: Evaluate Your Success
One of the best tips for landlords is learning how to evaluate your success. If you can do this, you will be able to see problem areas and assess places where improvement would be helpful for both you and your tenants.
Some key questions to ask yourself are:
- What’s your tenant retention like?
- Do your tenants seem satisfied?
- What’s your turnaround time for maintenance requests?
- How efficient is the rent collection process?
- Are there things you need to do but often put off?
- When you list a rental property, how long does it take to find interested ones?
The answers to all of these questions will surely be eye-opening for you. However, if you find that any of the answers aren’t reflecting a positive experience or thriving business, develop a plan to fix this and take immediate action.
Property Management Tips to Implement Today
This article highlighted three property management tips that should set you up for success if you’re a new landlord and help take your business to the next level if you’re an experienced one.
First, understand how to acquire new tenants. Second, have a plan in place for maintenance requests, and consider hiring a property management service if this area is a struggle for you. Finally, be sure to have a way to evaluate your success to constantly grow and better yourself.
If you enjoyed reading this article, please look at some of our other articles designed to help your business grow and thrive.