Eazy Tips: 5 Property Management Tips For Landlords
- November 29, 2021
Contrary to what you may think, landlords often expend significant time and effort in other to build financial security and ensure your properties are providing a return on investment. This can be done if you enlist the help of a qualified and capable property manager, or by yourself if time and convenience permit.
Landlords should carry out their property management duties to the best of their abilities in other to avoid vulnerable risks, personal conflicts, and legal battles.
Here are a few property management tips we recommend for landlords.
1. Be meticulous about tenant selection
Ensuring you find the perfect candidates can save you a significant amount of time and money later on because it is cheaper to keep a good-quality tenant long-term than it is to spend time and money on re-advertising your property and cleaning up after, or even evicting low-quality renters, not to mention the risk of having a property without income if a new occupant is not available immediately after a previous tenant has vacated the property. With this in mind, selecting tenants should be a significant priority for every successful landlord.
It is quite common however that family member may feel entitled to ignore certain clauses and requests, or you may feel uncomfortable following up late rent payments or damages when you have to see the occupant at next week’s family hangout. If you do rent to family, have a very honest conversation about the lease and expectations before making anything official.
2. Get the lease right
For complete peace of mind, have a professional draw up your lease in consultation with yourself; whether that professional be a lawyer or a property manager. A trusted professional will know the ins and outs of what is allowable and proper to ensure you’re not caught out during any future conflicts with your residents.
Pay particular attention to the clauses that outline your rights and responsibilities. Having a full understanding of how late payments are managed, how inspections work, or eviction timelines can empower you to act on less desirable occupants if required while remaining confident that the law is on your side.
3. Be smart and responsive about property maintenance and repairs
Landlords are responsible for ensuring their properties are safe to live in, therefore being responsive to any concerns raised by the tenants will confirm to your tenants that you are willing to uphold your end of the lease, which makes them less likely to cause avoidable problems for you down the line.
4. Find the right property manager
If choosing tenants is important, choosing the person who’ll be interacting with them is more so! A good property manager will provide you with regular reporting and clear communication and will be able to take you through the established protocol for any tenant-related situations that may arise.
Ask prospective property managers for references, request detail around their processes and communication practices, and get a live demonstration of any online platforms they use. This will give you a good idea of how they do business, and what kind of asset they will be to you.
5. Protect your own wellbeing
Resolving issues stemming from tenant management can be intensely stressful, particularly if multiple properties have issues at the same time. It’s critical that you set boundaries and give yourself the space to enjoy your life outside of property management. After all, isn’t more freedom the reason you became a landlord?
Consider protecting yourself with landlord insurance to take some of the immediate stress away/ You could be covered for loss of income in the event property is without a tenant, malicious damage caused by problem leaseholders, or even your own personal property if you have some stored in your buildings.