There are more than 100 million renters across America. Around three-quarters of rental properties are owned by individuals, while institutional investors own a quarter of them. So if you’ve decided to take the leap into owning rental properties, you’re far from alone.
Property management refers to managing properties that you own but are lived in (rented) by someone else. It’s not always an easy task and can often feel overwhelming when you first start. As a result, many people wonder how to make property management easier while still maintaining maximum efficiency.
Are you wondering this very thing? Then continue reading to learn our top five property management tips you need to know.
1. Have Your Lease Terms Double Checked
If you’re using a property management company, chances are they have a professional to look at lease terms. Lease terms are part of a legally binding contract that sets the stage for your rentals moving forward. If you aren’t using property management, have a legal professional review your terms before anyone signs.
2. Set Aside Designated Maintenance Monies
Certain small maintenance tasks may be the responsibility of your tenants, as designated in your leasing terms. But larger maintenance tasks (like plumbing or roofing issues) are your responsibility. Therefore, it’s essential to set aside a specific portion of rental payments specifically for these repairs so they don’t cause financial distress.
3. Keep on Top of Property Inspections and Repairs
When a tenant reaches out about a repair, always aim to do it as soon as possible. Keep up on required inspections that ensure the rentals you manage are in good shape. Doing these two things will help you build excellent working relationships with your tenants and keep you out of trouble.
4. Outsource Tasks When Possible
You don’t have to go property management alone. Learning to delegate tasks effectively is essential in being as efficient and productive as possible. This guide can help you do that.
For example, you may want to hire a virtual assistant team. This team can help update rental listings, chat with website visitors, and provide first interactions with potential tenants. You may also want to consider hiring a handyman that can take care of minor rental repairs.
5. Keep a Positive Attitude at All Times
When you manage one or more properties, you have to work with people. Not every interaction you have with these people will be a positive one, and this can end up being mildly frustrating. Keeping a positive attitude can help you reduce your stress and enable better future interactions with tenants or others.
More Questions About Property Management Tips?
Property management can feel overwhelming at first. However, the top five tips above can help make the process easier and more efficient. These tips can also help reduce the overall stress that owning rental properties can sometimes bring.
Do you have more questions about property management?
Check out our other blogs. You’ll find information on rental properties, business, and related topics to help you learn more on the subject.