Are you overwhelmed with all the responsibility that comes with being a landlord? You’re not alone. Thousands of property owners across the country find it difficult to achieve the right balance needed for successful property management.
Social media property influencers and experienced realtors make rental property management seem like a walk in the park when in reality it is more like a marathon. You have to pace yourself so as to avoid getting overburdened with the task. Armed with the right information and with help from property managers you can become a better investor and landlord. Here are some tips that will prove helpful.
Tip #1 Hire a designated property manager
Managing a rental property is a full-time job and a task most investors are all too happy to let property managers handle. Property managers are professionals who manage all types of buildings – apartment complexes and single-family residences to mention a few.
They are responsible for your property including overseeing repairs and issues which may arise. Additionally, they can also screen tenants on your behalf, give tours of the unit and ensuring that rent is paid on time.
Tip #2 Automate as much of the process as possible
Technology is redefining the way property management is conducted. When it comes to managing your apartment property, there are processes that can be automated such as rent collection, lease renewal, maintenance requests and even tenant notifications.
Rental property process automation allows you to save time, scale up your efforts, and concentrate on bigger issues. And with so many free resources online, you don’t have to spend extra on the software needed to automate
Tip #3 Familiarize yourself with your rights and duties
Anyone who has ever had to manage a property can tell you how important it is to be familiar with the Landlord-Tenant Law which governs rental property administration. It’s crucial to know your rights and duties as a landlord as well as the rights of your tenants.
Once you’re aware ensure that all your legal papers are looked over by a real estate attorney and that contracts and leases signed between you and your tenants provide as much legal cover as possible and that there aren’t any loopholes that could be exploited.
Tip #4 Schedule routine preventive maintenance
The best way to avoid disasters is to make sure that you’ve done everything to reduce their possible occurrence. For property owners this involves scheduling preventative maintenance every so often. Depending on your lease conditions you may have to replace blown out light bulbs, air filters, cleanse the dryer vent, arrange for rubbish removal and yard-clean up.
Once a year you may wish to re-paint the apartment, check for moisture damage in the bathrooms, kitchen, and any rot on railings and banisters if present. Door hinges should also be properly lubricated and security features updated.
Discuss your apartment management issues with an expert
If you’re an investor who would rather someone else manage your rental property on your behalf, our property managers can assist. We offer a broad range of property management services which include rent collection, lease drafting, maintenance/repairs, property inspections, advertising vacancies, handling evictions and property cleanup.
Are you looking for an experienced property manager? Talk to one of our PMI Colorado advisors about how we can assist you with professional property management.