Owning or buying investment property is just the beginning of a long process towards being a property investor. If you are to make good returns on your investment, it is important that you manage your property well. Unfortunately, many people think that managing property is all about filling vacant units and collecting rental income. There is more to property managing that just that. As a property manager, you are also tasked with helping people. You will need to help your tenants and their families have a good stay on your property and also help the property owners meet their monthly income goals.
Good property management can be the difference between making good returns and experiencing huge tenant turnover. There are people who consider managing their property on their own while others will seek the services of a property management company. Whatever option you choose to go by, it is important to ensure that you get the best. Here are a few secrets to successful property managing.
Do Not Fall Behind the Maintenance
One secret successful property managing is making sure that you are always prompted to perform any maintenance activities. While most people may easily overlook this, the truth is that it is essential. One reason why it is important that you keep up with all maintenance activities is that you are legally obliged to ensure that your property meets specific health as well as safety standards. This should include ensuring that every aspect of the property is kept in a good condition. Another reason why you should never fall behind maintenance is that it will be difficult for your tenants to stay on a property they are not comfortable living in. It is obvious that no one wants to live in a cockroach-infested rental with never-ending sewer problems.
Know When To Increase Your Rent Rates
As economic times change and as property values keep fluctuating, a property owner might be tempted to take advantage of the situation and increase the rent rates of his property. While many will consider this a smart move, the truth is that this could be a mistake that could cost you your tenants. No tenant wants to wake up one morning only to find a notice that they will need to pay more from the beginning of a new month. Knowing the right time to increase rental rates is quite tricky and sometimes, the property owner might not know when to put it to effect. One could seek help from a property management company since they can help in assessing all the dynamics that can warrant an increase in rental rates. Simply put, do not raise your rent rates just because you feel it is time to increase your rental income.
Hire A Property Manager
Property management can be time-consuming and overwhelming, particularly for property owners who must perform other duties and look after their families. If you’re a property investor who wants to have their property managed properly, Commercial Realty Advisors are the right person for the job. You could employ a property manager who will do as little or as much as you would want on your property. Some property owners will only want the manager to collect the rent while others will want a property management company which will do everything from screening tenant applications to handling all repair works on the property.
The decision to hire a property manager isn’t an easy decision and it comes at a cost as well. You will need to assess the merits and demerits so as to determine whether this is the right choice for you. Always be on the lookout for scammers claiming to be property managers since they can destroy your rental property. Just as you would screen your potential tenants, so should you do to anyone you intend to bring on board as your property manager.
It is shocking how many property owners go for months or even years without ever conducting an inspection of their property. Then, when a problem arises or when the tenant moves out, they’re shocked by the property’s current condition and the amount it will cost them to fix the damage. And it is not the state of your rental property that you should solely worry about. What if you realize that there is no rental payment for three of your units only to realize that 2 tenants you signed a lease contract with vacated and 2 new ones moved in? Why should you create such problems and incur additional expenses for yourself when a monthly inspection could aid in avoiding such problems?
Do Not Be An Absentee Property Owner
If you are not living in the same block as your property, you should make a point of always being in contact with a few of the tenants living on your property. That next-door neighbor will always know of the party where the cops showed up, the number of pets on your property, the branch that fell on your apartment’s roof, and the fact that the lawn needs trimming. These neighbors will have vested interests in everything that’s going on at your property because it directly affects them. Just introduce yourself to them and share your contact information. Make them aware that you want to make sure that your tenants enjoy the best stay on your property and that you want to keep your property in the best state possible. Do not always make the assumption that your tenants will inform you about any damages to your property. There might even be trees falling and kitchen fires on your property, but no single tenant will inform you about it.
Go That Extra Mile For Your Tenant
Tenant retention is one aspect that some of the best property managers always seem to compete for. There are different reasons why a tenant might vacate your property and they are not necessarily attributed to poor lease experiences. Recognizing that there is a high-quality tenant living on your property and appreciating them for how good they have been and make it easy for you to renew the lease contract.