Managing rental properties – Useful tips
Whether you are a homeowner with renters in your property, or you own several properties, managing rental properties is a responsibility. Whether they stand empty and you choose to find temporary housesitters to occupy them, or you have them constantly rented out your management is key to success. Here are some top tips to help you manage your rentals successfully.
Make managing rental properties easier with these useful tips
The whole concept behind contracts and maintenance of a rental service can be overwhelming for a property manager. Although these tasks can be scary, there are feasible ways you can excel at being a property manager. The role and responsibilities question may seem stressful and difficult, but it is worth the stress. This article will enlighten you as a landlord, property manager, or realtor on setting the right rent prices, finding tenants worth your time, and dealing with difficult tenants.
How to manage a rental property properly
Once you control your rental property and feel that it is ready to be rented out, you still have one more important step to complete before starting to look for tenants. It’s time to set rental prices and expectations.
Managing a rental property is no easy task. From the stubborn clients who never keep house rules to the property damages and the individuals who do not want to pay their rents, there are different approaches to dealing with them properly. They include:
Market research in area
Before setting a price, it is necessary to do proper research on the average rental price in the area and the number of rental properties available. Your extensive reply should be ab. In that case to cover the following:
- The average income of settlers?
- The average family size?
- The Average rental price?
After confirming the above, you should consider if the area has access to a bus line and the highway. These are things that you can charge more. Always remember that your primary aim is to grow your rental business and this way, you will be able to price your rental property appropriately. While determining what your rent will be, you also need to determine who your target tenant is. Having an ideal tenant will help direct your advertising, and you’ll stand a better chance of finding them.
Putting your property out through promotions is an extremely important part of managing rental properties. It is essential to advertise everywhere you can; if possible, you should pay for additional exposure as it is worth it. You could try using common magazines, the internet, drop pamphlets at local stores and tell people about it. This way, you are more likely to find your target tenants easily.
Writing and reviewing rental contracts
Once you have figured out who you want to give your house to, a rental contract has to be signed. Be sure to include information regarding rent payment to eviction procedures, maintenance details, and home rules in the contract. Also, ensure that you disclose and collect a security deposit when finalizing the agreement.
Check and maintain
Once an agreement has been reached and a tenant moves into the property, your responsibilities continue. As the manager, you are the tenant’s point of contact. If they need any sort of help with the property or have an issue, you should readily be available to help them resolve the matter speedily and thoroughly.
Every property needs maintenance from time to time. So you might need to consider rental property insurance.
These responsibilities span from simple plumbing repairs to fixing electricity when the need arises. Your tenant will call you to attend to certain issues that may come up while they reside in your property. While every landlord hopes that it won’t happen, there will be major damages. Therefore, a big repair might be necessary on your property. Suppose your property needs a significant repair that will force your tenant to relocate for a certain period. In that case, it is your responsibility to provide them an alternative house for the duration they paid.
As a landlord or property manager, one of your major duties is collecting rent. Every landlord has a more preferred method of rent collection. A couple will rather have checks dropped off or mailed to them; others use electronic rent collection services that ensure they get paid swiftly.
Ensure that you enforce a late fee for all late rental payments. If your tenant constantly pays their rent late, be sure that they are aware of the possibility of getting evicted if they should continue to pay you late. Ensuring that you have a clear policy about late fees will help to ensure that tenants do not continue to rent your property if they cannot afford it. Your policy on late fees should be made very clear in the rental agreement. When giving them notice of late payment fees, be sure to include the relevant section of the rental contract for their reference.
Finding temporary housesitters to move in and occupy your vacant rental properties might be a good step. Keeping your properties occupied when they are out of rental contract means you can maintain the property and even instruct some DIY maintenance.
The housesitters can also maintain the garden for you to ensure it looks well maintained even if no one is living their full time. A well presented garden will always attract better rentals and might help you secure the next rental contract.
A final word on managing rental properties
Running a property rental business is no child’s play. It is important to set your priorities straight and always consider your tenant’s welfare. Maintaining a cordial relationship is necessary, but it is also important to learn to draw the line when the need arises so that over-familiarity wouldn’t breed contempt.
FURTHER READNG FOR HOMEOWNERS AND RENTING OUT PROPERTY
At Housesitmatch.com we like to offer useful and practical articles on topics for our readers. In this selection we offer you a number of suitable pieces from our own blog on renting, moving and preparing new home.
Be a fair and responsible landlord
Renting out a property? Consider these points
Thoughts on renting a home and home ownership
You moving house? Need to make it cat friendly quickly? Top tips
Ideas to help you establish a new home quickly