Property Management Tips
1) Screen your tenants properly - it is extremely important to screen your tenant properly. Running a credit application, a criminal background check, and conducting an employment and rental verification will help prevent many problems. Remember - it is cheaper to have a unit sit vacant a little longer in order to find the right tenant, than to have to go through a costly eviction!
2) Remember fair housing - not only is fair housing the law, but it is also good business practice. Treat all your tenants equally and with great respect. Remember that they are your customers!
3) Keep your paperwork organized - make sure you use the proper paperwork and that you keep copies of your lease, work orders, and any other paperwork in an organized fashion. This will save you big headaches if you ever find yourself having to go to court.
4) Don't defer maintenance - doing so not only upsets your tenants, but can also create larger problems in the future. And, at the end of the day, deferred maintenance ends up costing you a lot more!
5) Obtain proper insurance - make sure you carry enough liability and property insurance. This will help protect you from lawsuits by tenants for injuries or discrimination, and from losses to your rental property caused by things such as fire, storms, burglary, and vandalism.
6) Watch your vendors - make sure they are licensed, bonded, and insured. In addition, many vendors tend to get comfortable after working with you for a while. It is important to constantly keep them in check and review their pricing. For larger projects always obtain at least three bids.
7) Security deposits - make sure you inspect the unit both before move in and upon move out to determine the damages that need to be charged back to the tenant. Proper documentation and photographs go a long way in avoiding disputes.
8) Notice to enter- unless you are entering for a dire emergency, always provide tenants with at least a 24-hour notice (preferably longer) to enter their unit.
9) Inspect your property regularly - It is important to inspect your property on a regular basis. You can not manage a property from behind your desk. You need to see the property with your own eyes and inspect it for safety issues such as unleveled sidewalks or burnt light bulbs. You'll be surprised at how much you can discover when you visit your property. Regular visits also enable you to catch a problem and "nip it in the bud".
10) Hire a good management firm - Property management is not an easy task as there are many legalities involved and dealing with vendors and tenants can sometimes be quite difficult. Why not take the pressure off yourself and hire a professional property management firm to do it for you. In fact, why don't you contact us right now? You can either call us at (424) 777-9848, email us at [email protected], or fill out the form on our Contact page. We look forward to hearing from you!
2) Remember fair housing - not only is fair housing the law, but it is also good business practice. Treat all your tenants equally and with great respect. Remember that they are your customers!
3) Keep your paperwork organized - make sure you use the proper paperwork and that you keep copies of your lease, work orders, and any other paperwork in an organized fashion. This will save you big headaches if you ever find yourself having to go to court.
4) Don't defer maintenance - doing so not only upsets your tenants, but can also create larger problems in the future. And, at the end of the day, deferred maintenance ends up costing you a lot more!
5) Obtain proper insurance - make sure you carry enough liability and property insurance. This will help protect you from lawsuits by tenants for injuries or discrimination, and from losses to your rental property caused by things such as fire, storms, burglary, and vandalism.
6) Watch your vendors - make sure they are licensed, bonded, and insured. In addition, many vendors tend to get comfortable after working with you for a while. It is important to constantly keep them in check and review their pricing. For larger projects always obtain at least three bids.
7) Security deposits - make sure you inspect the unit both before move in and upon move out to determine the damages that need to be charged back to the tenant. Proper documentation and photographs go a long way in avoiding disputes.
8) Notice to enter- unless you are entering for a dire emergency, always provide tenants with at least a 24-hour notice (preferably longer) to enter their unit.
9) Inspect your property regularly - It is important to inspect your property on a regular basis. You can not manage a property from behind your desk. You need to see the property with your own eyes and inspect it for safety issues such as unleveled sidewalks or burnt light bulbs. You'll be surprised at how much you can discover when you visit your property. Regular visits also enable you to catch a problem and "nip it in the bud".
10) Hire a good management firm - Property management is not an easy task as there are many legalities involved and dealing with vendors and tenants can sometimes be quite difficult. Why not take the pressure off yourself and hire a professional property management firm to do it for you. In fact, why don't you contact us right now? You can either call us at (424) 777-9848, email us at [email protected], or fill out the form on our Contact page. We look forward to hearing from you!
