Owning rental property is one of the most significant financial-rewarding achievements you can make. And congratulations if you have one. However, ownership also comes with several responsibilities.
You have to ensure the property is well maintained, go through the hassles of finding and screening new tenants. You also have to handle complaints, coordinate tenants’ turnover, and set, collect, or adjust rents, among other responsibilities.
The truth is, these responsibilities may be overwhelming, and some owners would prefer to hire a property manager to help to manage on their behalf. But, here is the deal! You can always manage your rental property by yourself, that is, if you have quality strategies.
But, how can you do it? Simple, maintain the property, manage tenants and your finances and understand your legal needs.
One of the enormous responsibilities you have as the landlord is keeping your property up to standards. It’s no secret, but you’ll have a hard time finding and keeping good tenants if the property is in poor condition.
What must you do to ensure well-maintained rentals? Easy, during your general supervision, find out what areas needs updating and understand your tenants’ obligations regarding repair and maintenance.
Therefore, make it a habit to inspect every aspect of your property, from electrical appliances, cooling, heating, and plumbing systems. This you should do even if there are no complaints about them. The good thing about regular repair and maintenance is that it would save you time and too many expenses in emergencies.
But to effectively correctly maintain your property, you have to:
- Schedule your time for every task- it can be hard to manage different activities simultaneously. Therefore, set days for every action you plan to undertake, from meeting clients to collecting rents and repairing the property.
Dealing with tenants can sometimes prove a challenging task. Some would complain too much, fails to pay rent in time, mishandle your property and even host secret roommates against your regulations.
But to effectively manage your tenants, you must:
Learn to Perfectly Handle Complaints
You have to listen to every tenants complain and immediately act to resolve them. Any proactive response to their complaints would boost their trust and prevent tenant turnover.
Provide Additional Services
To some landlords, once you rent their houses, simple maintenance like shoveling or even lawn care would be the tenant’s responsibility. Sure, some tenants will diligently take up the responsibility. However, others won’t.
This might sometimes create heat between the two. Hence, please find a way of handling it, ensure you don’t forcefully put the responsibility on your tenants.
Manage Your Finances
Managing your finances starts with managing your rent collection process and using the money when you need to handle some maintenances.
To save you from moving to your property to collect rent, you can automate the process. The best way to do that is to get an automatic transfer through pay bills and rent payment apps. Ensure you save part of the money should emergencies emerge.
Learn Your Local Property Laws
It’s no secret, but the tenants and the landlord have some basic local laws that should govern their relationship. Therefore, ensure you document every transaction and biding records that would help in case of any disagreement.