Whether you have one rental home or dozens of apartments, property management is a full-time job for landlords. These smart tips will ensure smooth sailing over common tenant headaches and issues, improving your reputation for good customer service and increasing the demand for your units.
Periodically Check Your Rentals & Treat Rent as Revenue Use a basic checklist to assess for issues with plumbing, HVAC and other major systems that may require repairs. Schedule a quarterly check and promptly address any maintenance issues found during that visit. When tenants know you care about the condition of the property, they are more likely to keep it clean and cared-for. Rental payments for your properties are a major source of income, so make sure you take steps to collect when tenants fail to pay on time. Collect late fees after a several-day grace period as stated in the lease. Review the laws in your state about eviction so you don't fall behind on mortgage and upkeep for the property when a tenant is habitually late. For maximum efficiency, consider implementing an electronic payment system for rent. Put it in Writing & Balance Your Books Even when you are renting your first property, you need to have a lease and other official paperwork in place spelling out policies for your tenants. These are legal documents and should be reviewed by an attorney to ensure they are in accordance with state landlord/tenant laws. Having a good financial system in place as soon as you become a landlord can keep you from experiencing issues as your business grows. Keep good records with bookkeeping software and consult a tax professional who specializes in working with landlords to understand the tax implications of your business. If you are running out of hours in the day, leave these tasks to a professional property management company, like INCO Commercial. This leaves you free to focus on growing your business and enjoying the fruits of your labor.
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AuthorHello, my name is Roger Dennison and I'm a successful commercial real estate broker, with more than 20 years in the field. Archives
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