There are about 11 million Americans earning income from rental properties. About half of these manage their own properties.
If you’re a landlord, you know the importance of proper property management. It’s easier to attract and retain tenants when everything in your property, whether it’s a single unit or a multi-unit establishment, is working as it should.
Unfortunately, a good number of landlords struggle with property management. Some simply don’t have the requisite knowledge and others don’t have enough time to look after their properties.
If you want to know how to manage properties like a pro, you’ve come to the right place. Read on for expert insight.
Understand Housing Laws
There are federal, state, and local housing laws that directly touch on your responsibilities as a landlord cum property manager. The Fair Housing Act, for example, illegalizes discrimination against tenants because of color, race, nationality, familial status, sex, or handicap.
When you don’t have an adequate understanding of such housing laws and how they apply, you can inadvertently break the law. It’s not uncommon to hear of landlords being sued because of violating housing laws.
There are also laws defining the rights of landlords and tenants. The more you’re familiar with these laws, the better positioned you’ll be to execute property management duties like a pro.
Keep Your Property in the Best Condition
We’ve all passed by rental properties with dirty walls, unkempt lawns, aging gates, and whatnot. Unless you’re planning to abandon your property, there’s no reason it should look anything close to that.
You have a legal responsibility to ensure that your property is safe and healthy for the occupants. This means repairs should be addressed immediately and routine maintenance done to curb the growth of mold.
Beyond this, go the extra mile to keep your property in the best possible condition. Don’t wait until the exterior paint has chipped off completely to repaint. Hire a landscaping service to keep the lawn manicured.
Get a security services provider to man the gate as well. This will give your tenants (and prospective ones) a heightened sense of safety.
Managing Tenants
Tenant management is arguably the most challenging part of property management.
People are different, so you’re bound to meet and deal with different characters. This, to a large extent, can be solved by designing tenant policies that respect their rights but also enable you to exercise yours.
Tenant screening is key to finding good tenants. In many states, it’s fine to conduct criminal background and credit checks for tenant applicants. However, you must apply this requirement to every applicant.
Investing in the right property management technology will also make your work easier and more efficient. For instance, rent management software will automate rent collection and issuance of receipts, significantly reducing the time you’d spend on these tasks.
Balanced Asset Solutions has a suite of property management solutions that you can check out.
Keep Learning How to Manage Properties
You made a smart decision to invest in rental property, but that’s only half the job. The other half is ensuring the asset becomes a steady source of rental income. You can only do this effectively if you learn how to manage properties like a pro.
Put our advice to practice, and keep coming back to our website for more property management tips.
