Property Management Tips for Landlords
Landlords should often expend significant time and effort in other to build financial security and ensure their properties are providing a return on investment. This can be done if you enlist the help of a qualified and capable property manager, or by yourself if time and convenience permits.
Here are a few property management tips we recommend for landlords.
- Be meticulous about tenant selection
Ensure that you find the perfect candidate that can save you a significant amount of time and money later on because it is cheaper to keep a good-quality tenant long-term than it is to spend time and money on re-advertising your property and cleaning up after, or even evicting low-quality renters, not to mention the risk of having a property without income if a new occupant is not available immediately after a previous tenant has vacated the property. With this in mind, selecting tenants should be a significant priority for every successful landlord.
- Get the lease right
For complete peace of mind, have a professional draw up your lease in consultation with yourself; whether that professional be a lawyer or a property manager. A trusted professional will know the ins and outs of what is allowable and proper to ensure you’re not caught out during any future conflicts with your residents. Pay particular attention to the clauses that outline your rights and responsibilities.
- Be smart and responsive about property maintenance and repairs
Landlords are responsible for ensuring their properties are safe to live in, therefore being responsive to any concerns raised by the tenants will confirm to your tenants that you are willing to uphold your end of the lease, which makes them less likely to cause avoidable problems for you down the line.
- Find the right property manager
If choosing tenants is important, choosing the person who’ll be interacting with them is more so! A good property manager will provide you with regular reporting and clear communication and will be able to take you through the established protocol for any tenant-related situations that may arise.