Whether you are a professional landlord or just looking for a way to make your real estate work for you, it is crucial to understand how to manage a rental property properly.
If not managed correctly, even the best property will deteriorate or not add value to your investment portfolio over time. Luckily, Lofty Property Management has a few professional tips to help every potential landlord keep the property generating revenue for years to come. Let’s get started!
Professional Tips for Successful Rental Property Management
The job of any landlord can be divided into three equally important parts: managing the property itself, managing tenants, and managing finances.
- Managing the Property
Taking care of the property itself involves maintaining the rental structure in great physical condition to ensure the safety of the tenants. For example, you need to make sure that your tenants have adequate heating and air conditioning, have access to running water at all times, and can enjoy clean and safe common areas.
This means that it will be up to you to figure out how to fix plumbing problems, roof leaks, loose handrails, faulty locks, and cracked tiles. In addition, you will have to deal with inspections from the township, the lender, and the insurance company.
Regular inspections can help to minimize the risk of potential problems within the property. Some items to regularly inspect include smoke and fire alarms, HVAC systems, roof and downspouts, windows, decks, and water lines.
- Managing Tenants
Another important part of how to manage a rental property is dealing with tenants, – and this involves much more than simply collecting rent. In addition to setting due dates and late fees for rent collection, you will need to prepare legal lease agreements, find and screen tenants, and respond to any tenant complaints and repair requests. Furthermore, as a landlord, you will be responsible for tenant evictions, which is often the most dreaded part of managing a rental property.
If you are not prepared to send legal eviction notices, file for eviction with the court, and prepare your evidence for the hearing, don’t worry! You can always hire a professional property management company like Lofty Property Management to take care of all your landlord responsibilities, from beginning to end.
- Managing Finances
The third part of how to manage a rental property successfully involves taking account of your finances. As such, you need to understand exactly how much money is coming in each month and how much money is going out.
While your rental income will often include rent payments alone, you will be responsible for a number of fees as a landlord. This includes paying the mortgage, yearly property taxes, home insurance, and any fines and additional fees based on property inspections. In addition, you would need to arrange whether you or your tenants are responsible for paying utilities like gas, water, and electricity.
Maintaining organized financial records is of the utmost importance to managing your rental property stress-free. Make sure to record all the rental income coming in, along with property expenses like maintenance, trash removal, and employee payroll. Alternatively, you can hire a qualified bookkeeper to keep track of your finances.
Make Your Life Easier with Lofty Property Management
Without a doubt, investing in rental properties comes with a host of tasks that need to be completed regularly. From learning how to manage a rental property and find tenants to regular property maintenance and emergency repairs, there is a lot on any landlord’s plate.
Luckily, professional property management companies like Lofty Property Management can take a lot of the stress and responsibility off your shoulders. With a track record of success, outstanding due diligence, and a transparent fee structure, Lofty Property Management has all it takes to ensure that your property and your tenants are well taken care of. Contact us to learn more.