If you’ve recently decided to rent out your property, you might be wondering what that entails. It can’t be that hard, right? If you don’t have any experience managing a property, it can be overwhelming to take on this new task.
We believe that property management can relieve a lot of the problems you might have while self managing. Here are just a few key points to take into consideration:
Property Prep & Tenant Screening
If your property is currently vacant, you're going to have to get that property rent ready. This process is extremely time-consuming depending on your property's current condition and whether or not you’ll be doing the work yourself. You are going to have to repair or replace any non-functional items in the house. Clean the property thoroughly and make the home presentable to attract high-quality tenants.
After all that, you’ll need to screen your prospects. You’ll need to run your credit, criminal background, employment, income, previous rental verification, and a nation-wide eviction search to ensure you have quality tenants. There are many online tools out there to help with this process, but at the end of the day, the leg word still falls on you.
Maintenance & Maintenance Coordination
Throughout the tenancy, you should expect some maintenance items to pop off. It’s part of owning a rental property and necessary to protect and maintain the integrity of the property. You should not be surprised or overwhelmed when you receive a call or text from your frustrated tenant that the air conditioner went out. And they need someone out there immediately. It’s the nature of the business, it will leave you with the pressure of finding and coordinating an air conditioning technician to repair the issue.
Tenant Relations
Building a solid relationship takes time and hard work, whether that be with your spouse, significant other, co-workers, or friends. As a self-managing property owner building a healthy relationship with your tenant is crucial for a profitable Rental Property. Taking the time to set the standards on how things will operate and your roles to each other will go a long way. Your tenant is not your friend; your rental property produces income and should be run like a business. Both parties must uphold their duties and responsibilities. Keeping emotions out of the relationship will go along-way.
Rent collection & Financials
Your payday is in the form of rent and due by the tenant on the first. What if they are late? Or never pay? Leaving you the task of spending more time and effort hunting down rent. You’ll need to serve the proper notice and again wait the required time frame to pursue any action. Managing your rental property is a full-time job, and you need to be compensated. Proper accounting, collected all in one place will make your life much easier when calculating your Net Operating Income and Return on Investment — saving you a tremendous amount of time during tax season.
Overall
As our lives become ever so busy, we need to dive deep into how we are spending our time. Your time is the most valuable thing you can spend, and it goes by quickly. Spend it on the people and activities that matter most to you. Contact us for all of your property management needs!
