Managing and maintaining your rental properties can be overwhelming, there is a lot to think about and consider. That’s why we’ve created a guide to make it easier for you to manage and maintain rental properties. If you are confused about tenants, late fees, and contracts, you’re in the right place.
One of the most important aspects of maintaining your properties is ensuring they are in good condition. You can increase the value of properties by repairing a run-down property. If you are not well-versed on how to repair or fix up a property, get some professional help. If you’re a DIY kinda person, then you may enjoy getting stuck in and fixing up the property yourself.
Before even putting your property out there, carry out research. You need to know the market intimately so that you can set an appropriate price, too high and you are left with an empty property, too low, and you are losing out on money. Market research will help you understand the current rates and prices accurately.
One of the bigger hassles of managing rental properties is dealing with tenants. Of course, without them, your rental properties are pretty much obsolete, so you definitely need them! Figuring out the best ways to find tenants, manage them, and keep them happy is one of the key factors to managing properties effectively.
Advertise your property in places where your ideal tenant will look. It may cost you a little more however, in the long run, it is totally worth it once you have found yourself a good tenant. The property manager at https://www.faraneshlv.com recommends using word of mouth as one avenue to find a suitable tenant, let your family and friends know that you have a property available to rent. A good tenant is one who is reliable, respects your property, pays rent on time and does not cause unnecessary issues. It can be difficult to figure out if someone fits these criteria, and that’s why it’s important to carry out appropriate checks and maybe interview them. Interviewing them will help you get to know them better.
You want to carry out credit and background checks, employer and income checks, and get references from previous landlords. If they have never rented before, you might want to ask for a reference from an employer or institution, if you think this is necessary.
Almost all properties require maintenance, and wear and tear is normal. With rental properties, the tenants will expect you to fix them in a timely manner. Before they even move in, you want to ensure that you have collated a list of reliable contractors, listed out all the repairs you can do yourself and ensure you have a fund set aside specifically for maintenance. You may think repairs and maintenance are rarities, however, you don’t want to be stuck with a hefty bill out of nowhere. Instead, set aside a small amount of money every month that is dedicated towards maintenance issues.
Over time, you will build a relationship with local contractors who will provide you with high-quality and reliable work. This is important as you want them to carry out a good job to ensure your tenants are satisfied. Not responding to maintenance requests on time can cause issues with your tenants. If you find that you aren’t good at keeping on top of these, along with everything else that you are juggling, set up a system that works for you. These might be reminders on your phone or laptop or just a sticky note in your workspace.
One of the most important duties is to collect rent. You can figure out the best method that works for you, whether this is collecting a check or receiving it electronically. Most people nowadays opt to receive it electronically as this is the least amount of hassle for everyone involved.
Add late fees into the rental agreement to deter your tenants from paying rent late. If they know there is no penalty, they may try and get away with paying on time. There is a time and place to allow tenants some leeway especially if they are experiencing a rough patch, however, if it happens regularly and without a good enough excuse then enforce the late fees. When informing them that they need to pay a late fee, outline the section in the rental agreement so that they are made aware it is because they have broken a part of the contract.
There is a lot more that goes into managing and maintaining rental properties but this guide we have here is a good start. Ensure the property is in good condition when renting it out and do your utmost to find reliable tenants, as this will make the experience a lot easier for you. Ensure you are a good, reliable landlord to them, and both parties will benefit from it.