Here are 7 key property management tips for landlords.
1. Utilizes the Internet
Creating ads for your available properties, finding tenants online, and researching partner companies are just a few ways for landlords to utilize the internet. They’re also a good way to elevate the exposure of your property, as a lot more individuals utilize the internet these days to find apartments or houses for rent.
Additionally, you could find and hire a property management company or purchase book keeping software. Benefits would help with tasks as online rent payments, communicating with the tenants, and sorting through repair requests, limiting the amount of paper that flows through your office or mailbox.
2. Keep Detailed Digital Records
Records are very important, digital records make it so much easier to search for a Maintenance receipt or communications with a tenant. If you’re having to go to court over an issue involving a tenant, you’ll want to make sure your records are as detailed as possible, as this will increase the likelihood of coming out on top. Digital records are much easier to handle than physical piles of paper to sort through and file
3. Follow the Laws
This one should be obvious, but to be safe, it’s always a good idea to refresh your memory on fair housing laws for your state. You should educate by reading about all the laws you should know before renting out your property. If you have specific legal questions, it may be wise to speak with a property lawyer, to ensure you’re doing the right thing and are well-equipped to handle any rental issues that arise.
4. Rental Applications
Rental applications are a good way to gather information about your prospective tenant in categories such as their name, current address, employment, income, whether they have any landlord references, whether they’re bringing a pet with them. What you learn beforehand will help shape a decision as to whether or not you want to continue with a certain individual. If you don’t wish to proceed, then you’ll at least be able to supply reasons like you don’t allow pets, or their income is insufficient based on the “3x total rent” rule most Landlords follow.
5. Thorough Tenant Screenings
It’s important to make sure your tenant screenings are as thorough as possible, so you’re able to sort ideal tenants from unreliable ones. The best tenants are individuals who can pay on time, take care of the property, and have no criminal background. Tenant screening can, also, potentially weed out the individuals who are not the right fit based on eviction history, low income, or owning a pet if you do not allow pets on your properties.
6. Enforce Your Rules
These could range from upkeep on the property to parking in their assigned spots and cleaning up after their pets (if you allow them). The most important of these would probably be enforcing a late rent fee.
Tenants have to learn that you’re serious about the rules, and in turn they’ll come to respect them. If you do not enforce your own rules then there’s a good chance tenants will take advantage of your leniency, and once that ball starts rolling, it’s hard to stop.
7. Hiring Property Management
If you’re a landlord with multiple properties, hiring a property management company may be a good idea to ensure all properties are given the attention they require. This hiring process is as important as finding the right tenants.
Free consultations are a great way for you to find out about the company and ask questions that are of concern.