If you’re like most people, property management is a task that takes up an inordinate amount of your time. It can be difficult to balance the day-to-day responsibilities and worries with all the other aspects of running a business (or even just maintaining your home). That’s why we compiled these 6 tips for managing rental properties. Keep reading to find out how to make managing your rental property easier for you and your tenants.
1. Rental Property Management Software
Having a solid management software system can be invaluable to any landlord, as it provides you with the tools you need to keep track of your properties and tenants. A good property management CRM will allow you to schedule repairs and maintenance visits, screen new tenants, process applications quickly and efficiently, send out monthly newsletters and rent statements, and provide detailed reports about the performance and condition of your properties.
2. Regular Repairs and Maintenance
It’s likely that you’ll have a number of tenants who will need maintenance or repairs at any given time. The last thing you want is to ignore the problem, only to find out that it has worsened beyond repair (and your pocket). But property management software can help you keep track of and schedule these repairs, ensuring that they get done when your property manager or assistant property manager has time to take care of them. If your tenants reported roof leaks or damages, roofers can avoid further damages to the property so make sure you contact a trustworthy roofing contractor who can provide residential and commercial roof replacement. You can also browse the web and type in the keyword “roof repairs near me” to see the most credible roofer in your area.
3. Screen Your Tenants With Care
Rental property management is not the time to take on new tenants that you do not feel confident about. You however can’t just be picky because you feel like it. You want tenants who will pay their rent on time and treat your property like it’s their own (which is why you screen them in the first place). But property management software can also be used to screen tenants even more thoroughly, allowing you to check their credit reports and run a criminal background check. You should, of course, always get references from previous landlords and employers before finalizing the tenant screening process. You should never hesitate to reject an application or ask for more information if something seems off about the new renter, especially if it has to do with property damage.
4. Stay Organized
It’s all too easy to get overwhelmed by property management. When you’re constantly receiving calls and emails related to property repairs and tenant issues, it can be tough to catch up on everything that needs your attention. So, property management software is also helpful as it provides you with a central hub for all your property management tasks, so you can stay on top of what needs doing and when. The property management software will help you keep track of your tenants and property, but it won’t do all the work for you. You need to make sure you are keeping up with property inspections, rent payments, scheduled maintenance visits, and any other property-related tasks. Keeping everything in one place will allow you to easily stay on top of association management tasks.
5. Monthly Statements and Newsletters
Managing a rental property can be stressful enough without having to get into the nitty-gritty of reporting every month. That’s why property management software also allows you to generate detailed reports and property statements that your tenants can easily access online. They’ll be able to keep track of their rent payments, review the property expenses, and get a better sense of the financials of the property.
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6. Receive Help Quickly
Finally, property management software makes managing rental property easier for you because your property manager or assistant property manager can log in and see a property’s status quickly. This means that they’ll be able to assess what needs to be done and assign the task to a property manager or assistant property manager accordingly. When you’re managing property, or if you have your own property that needs attention, it can be difficult to find the time to take care of property management tasks. A property manager can be a great help as they will take care of all the property maintenance and tenant issues that come up, allowing you to focus on property management tasks that can help your business grow.
Property management can be difficult, but with the right tools, it can be much easier. Property management software can help you keep track of your properties and tenants, schedule repairs and maintenance visits, screen new tenants, process applications quickly and efficiently, send out monthly newsletters and rent statements, and provide detailed reports about the performance and condition of your properties. By following these tips, you can make managing your rental property a breeze.
I found it interesting how you mentioned managing your property business can be hard enough without having to get into the nitty-gritty of reporting every month. My wife and I are in the process of retiring and we want to make sure we gain a passive income through renting out some of our homes. We’ll be sure to keep these tips in mind as we search for a property management service.
If I were to run a rental space, I would make sure to hire an accounting service that may fix the payroll. I also agree with you that it will be smarter to have the house checked for any repairs. Thank you for sharing here as well the importance of screening the tenants.
Thanks for the reminder that tenant screening is also an important part of property management. I’d like to start investing on rental homes in order to generate some passive income. Hopefully, I will be able to find the right property manager for that plan of mine.
Hiring a property manager is one of the best decisions we ever made. We were able to have a passive income. Our property manager was able to find a way to make those properties rented which is really amazing.