Today managing rental properties is no more limited to repairing leaky taps or finding new renters. Whether you are an experienced real estate investor or about experiencing your first land lordship, it’s possible you could make mistakes when renting your property. You need to manage all your finances, need to hire a potential tenant- all this and more when you are involved in the complex business of residential property management. Managing the post of a landlord can be just as challenging as managing any other business.
To handle the complexity involved in the business, we are going to break down 6 residential property management tips for rental to help you protect your time and money:
In order to manage apartment rentals Bangor Maine’s responsibility smoothly and in a hassle-free manner, boost your property management skills by following these 6 time management tips for property managers.
- Screen tenants rightly
Screening the nature and potential of someone whom you are meeting for the first time is a tough job. Tenants are the one who can either make or break your first landlord experience. With a potential tenant, you can sleep easy at night as a landlord, you know that the rent will get paid on time and the property will stay relatively undamaged. And with a selfish tenant, on the other hand, you are left with a concern about your investment while answering complaint calls of angry neighbors.
The problem is that any prospective candidate (tenant) can easily pretend like the best tenant in the world. Even you can’t identify the true reality behind their ‘gentleman’ tenant mask. So, if you want a peaceful sleep at night by getting the best renter, it’s important to screen every prospective tenant rigorously before giving them the key.
You have two choices when it comes to finding a potential tenant for your residential property: you can either hire a residential property management company to take the stress of finding good tenants or else you can find the tenants by yourself. But remember, if you do the hunting job, you are always responsible for every activity of your appointed tenant.
- Always document your communication with tenants
If houses for sale Bangor Maine involve extensive interaction, it may consume your energy for convincing the tenant as well as your productive time. Therefore, it is always recommended to the property managers to document interactions with tenants so this should be second nature.
In order to make yourself more efficient in residential property management, you’ll need to first document from the starting. Not general statements of what you do for a whole day, but how much time and in what activity you spend on each project.
For instance, how much time spent on setting up listings, answering calls, doing showings, communicating with contractors. It may be a painful task, but try to document your activity one full week of work to get a better idea of how your time is spent. This way you will not only keep a record of your interaction but can also manage your time.
- Make “rent” the first priority
After all, rent is your income. It’s very shocking to see that there are landlords who are not at all aggressive in pursuing rent and late charges. In order to manage your rental property, you need to harden your heart, keeping aside all your emotions and feelings. Like, if your tenants not paying your rent for the past few months and ignoring all your calls, you need to start eviction proceedings.
- Comply the renting with a recognized standard of measurement
Make sure you are renting the recognized standard of space to tenants. Make sure when you offer the space for lease, you should offer the space in accordance with a recognized standard of measurement. Often there are certain cases when the usable space and the leasable space are vastly different from each other. If this major difference brought to the court by the tenant, then the landlord is obligated to pay the tenant for the overcharge. This could become a matter of committing fraud to the tenant.
- Promptly listen to the tenant concern related to your property
Just like happy customers are the guarantee of repetitive business, in the same manner, satisfied tenants are always the assurance of on-time rent payment as well as good conditions of your residential property. So, the best you can keep your tenants happy is ensuring that you promptly attend their property-related concerns and resolve them as soon as you can. For instance, if they come to you regarding the roof sealing or water leakage concern, try to have it repaired immediately.