A landlord’s duty is not only to collect rents and fix broken things sometimes they are also the property managers. So it’s crucial to understand how to manage your property. You can either hire a property manager or become one yourself. The goal is to give your tenants the best experience while they live in your rental property ranging from a detached home, condo, duplex, triplex or four-plex.
There are a lot of property management tips available, but here we have compiled the top five that will keep you ahead of other property managers and help you manage your property more effectively.
1. Become Familiar with the Property
The first step to take before renting out your property is to know it in detail. You should be familiar with all of the appliances or systems in it, any warranty periods, and how to use them. You should also be aware of the servicing records, requirements and lifespan of these items to prevent them from failing due to lack of maintenance or care.
There are a number of services like Rent Manager and Breezeway that enable property managers and landlords to keep track of their group of homes and maintenance requirements. If you’re hiring a property manager, make sure that they use one of these services to monitor the systems in your home.
2. Create a financial plan
Make a financial plan based on the revenues that your property is likely to generate. The rental income is dependent on a number of key factors such as:
- Location of comparable residences in the vicinity
- Level of luxury that it offers
- Number of features available in the home
- Square feet of the home
Based on these factors, you can decide a rental amount that works out to be suitable for tenants and profitable for you as well.
3. Provide easy-to-use instructions
New tenants are likely to use most of the appliances or amenities within the property. To ensure that they use the appliances properly and don’t give you the hassle of broken/damaged appliances due to careless use, you should provide them with easy to understand instructions for every appliances or smart systems in the home.
Talk to your tenants in person and help them understand the minute details of the home including the how to properly operate the machines. If they speak a different language, try to get someone who can translate to them.
4. Build a good relationship with your cleaning crew
If you are managing the property yourself, then it is necessary to choose a good maintenance team to assist you in taking care of the rental property. Having reliable and good handymen is crucial to maintain your property and help the tenants whenever needed.
If they’re careless and/or not properly repairing issues, this reflects negatively on you. So it’s important to let them know your objectives and expectations and build a good relationship with them.
5. Take preventive maintenance seriously
Maintenance is not only repairing or replacing items when they break down. Preventive maintenance is not only cost-effective but also saves you unwanted embarrassment.
Create a preventive maintenance plan and follow it diligently, so that your tenants won’t have to suffer because of poor maintenance. This is the right way to keep your tenants happy and content.
Property management is one of the most underrated jobs and requires effort, time and planning. Landlords should always be on their toes and help their tenants enjoy a good stay in their home or multi-unit property by following the above tips.