5 Property Management Tips
When you first invest in real estate, it can seem like a lot of work. After all, you’re effectively becoming a landlord and need to take care of your properties so that tenants are comfortable and want to stay for a long time. You might feel like there is a lot to keep track of as well as plenty of things that could go wrong. Fortunately, property management firms can take much of the stress off your shoulders. As a result, we have compiled some useful tips on how you can best engage the services of an experienced property management firm.
Hire a property management firm
The first step to hiring a property management company is to conduct a thorough search to find the right fit. You might be tempted to just hire the first company you come across, but that’s not a good idea. You want to hire a company that is reputable and trustworthy, and that will be able to meet your needs.
We recommend that you start your search by first making a shortlist of companies. Next, you’ll want to ask each property management company on your shortlist a series of questions to decide which one is best for you and whether they offer additional services. These can sometimes include carpentry, renovation, and other sub-trades.
Always perform background checks
Before you even think about handing over a single dollar, you want to make sure that the company you hire has a clean track record. You can start by asking for references; you should also look into reviews online. If you see any negative reviews, then you should probably steer clear. You can also consider having the company you’re thinking of hiring undergo a background check.
This will allow you to see if they’ve ever had any issues with the law or other people in the past. A background check can also reveal any problems that the company may have had in the past. For example, if a property management company has had to make significant changes to its staff in recent years or had issues with a new home build, that might be a red flag.
Make repairs promptly
When your tenants report repairs that need to be made, you need to make sure that they are fixed as quickly as possible. You don’t want to be that landlord who is constantly turning a deaf ear to their tenants’ concerns. If you don’t keep the repairs up to date, you might end up with a negative reputation in the community. This could cause you to lose out on future tenants, or it could make your current tenants want to move out earlier than expected.
You should also perform routine maintenance on your properties when needed. You can do this yourself or hire a contractor to do the repairs for you. You can then include the cost of these repairs in the lease agreement of each tenant.
On the other hand, if you hire a property management company, they will likely take care of repairs for you. This is a huge benefit since real estate investors often don’t have the time to keep up with repairs themselves. Beyond maintenance services, remaining atop interior design trends can also make a difference.
Be transparent with your tenants
To keep your tenants happy, you want to be as transparent as possible. This means answering their questions and keeping them informed about important happenings at their home. You can start by having your property management company send each of your tenants a welcome packet when they sign a lease.
This packet should include information on the company that is managing the property, as well as any relevant details about their lease. When your tenants have questions, you should make sure to answer them promptly and thoroughly. You don’t want your tenants to have unanswered questions, as this can lead to misunderstandings. When there are changes at your property, you should also keep your tenants informed. For example, if a new person starts managing the property, you need to let your tenants know.
Make the most of technology
Whether you hire a property management company or do it yourself, you need to note that today’s tenants are tech savvy. Therefore, you should make sure that your website and other online platforms are easy to navigate. You should also make the most of social media to let tenants know about upcoming events and to answer any questions that they may have.
If you decide to hire a property management company, make sure that they are making use of the latest technology. For example, you want to make sure that your company is taking advantage of online payment platforms like Rentpath. This will allow you to charge your tenants’ credit cards on a regular basis. This can help to reduce the amount of cash that you need to keep in your office, thereby reducing your risk of being robbed.
Property Management 101
When you first invest in real estate, it can seem like a lot of work. After all, you’re effectively becoming a landlord and need to take care of your properties so that tenants are comfortable and want to stay for a long time. You might feel like there is a lot to keep track of as well as plenty of things that could go wrong. Fortunately, property management companies can take much of the stress off your shoulders.
To hire a property management company, you should start by conducting a thorough search. From there, you should ask each company on your shortlist of questions, as well as perform background checks. You should also make sure to be transparent with your tenants, perform routine maintenance on your properties, and make the most of technology.
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If you are looking to build a new home but are unsure where to start, get in touch with the Construction MAK team today. We will make your dream become a reality, using our 15 years of experience in the construction industry. From offering comprehensive interior design services to handing you a brand new home hand in key, we have you covered. Contact us today and start planning your new home build.
