Did you know that in 2020 there were an estimated 290,000 property management companies in the United States alone?
There's a huge market for people who invest in property and want to see their investment work for them, that's where property managers come in. It is certainly possible to manage your own property with the right property management tips.
So without further ado, let's send you on your way with 5 need-to-know property management tips for new owners!
1. Tinder For Tenants
Finding the right tenants for your property should be treated even more preciously than finding a potential date on Tinder! These are the people who will be making a home on your property and hopefully, treating it as though it was their own.
Ensure that you screen your tenants properly, you're going to need to know that they're financially viable to pay rent each month, that they've got a good credit history, and also, always ask for references from previous landlords or an employer.
2. Have a Well-Written Lease
It's super important that your lease is written properly. Why?
You'll want to ensure that all the legal requirements are covered, as well as your and the tenant's expectations. Specifically when it comes to deposits and money exchange.
Ensure that the lease goes into detail about what tenants are and are not allowed to do and change. It should have a pet clause and cover the subject of subleasing too.
3. Prioritize Property Repairs
Your reputation as a property manager and owner should be a top priority, and you get this by treating your tenants fairly and well.
Repairs and maintenance should be well-taken care of by yourself on behalf of the tenants. Schedule regular maintenance checks and communicate with the tenant when there's a need to go inside.
Be available for problems on the property when the tenants need you.
4. Have a Communication Plan
Nowadays, it's super easy to fall into the trap of sending a quick text message about something to tenants and vice versa. But it's really, really important that you have a clear communication requirement set out with your tenants.
Formal requests for assistance, maintenance, or other discussions should be done on a formal platform so that you can archive important information for a later stage.
You don't want to have to trawl through thousands of text messages to prove a point!
5. Always Take Pictures
With property management comes a certain art of 'The Before and After!' photoshoot. Take detailed photos of the property before someone moves in.
This way, you'll have a reference point if all of a sudden there's a big hole in the front door!
As part of this, you should also have a fully inclusive list that covers all the standard things that come with the property like washers, dryers, and cookers.
Painless Property Management
Property management can be painless and even enjoyable if you place importance on the right things and go in with the right attitude. Sometimes though, depending on the property and how much spare time you have, it can be easier to hire a professional.
If you're looking for property management in the Triad, North Carolina area, then contact us, we're the guys for the job!