6 Property Management Tips for Landowners

Whether you manage your properties alone or have enlisted a capable property manager, being a landlord requires significant time and effort to ensure your properties are providing a return on investment, and doing their part to help build your financial security.

?A reputable property manager can provide a personalized assessment, as well as more information about how to best manage your assets as a landlord. However, the following tips and tricks are a useful starting point for new landlords, and a helpful refresher for experienced landlords looking to maximize the potential of their investments:

1. Be meticulous about tenant selection

Placing a tenant on your property might seem like a straightforward proposition, but a little extra time spent on finding the perfect candidates can save you a significant amount of time and money later on.?

It is undeniably cheaper to keep a good-quality tenant long-term than it is to spend time and money on readvertising 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. If due to studying, you do not have enough time to choose a tenant and your academic performance drops, then you can use the paper writer service to save time and improve your grades

A word of warning—if you’re in a position to provide quality housing at a reasonable price, it can be tempting to help out family members. While this is entirely up to you, many landlords and property managers advise against renting to family.

Family members may feel entitled to ignore certain clauses and requests, or you may feel uncomfortable following up on late rent payments or damages when you have to see the occupant at next week's family barbeque. If you do rent to a family, have a very honest conversation about the lease and expectations before making anything official.?

2. Get the lease right

Getting your lease right is critical in protecting yourself and making sure each party has a clear understanding of their role in the agreement. 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.?

For example, it may not be legal in your jurisdiction to deny pet applications without just cause, but you may be able to charge a ‘pet fee’ to cover any potential damage caused by the animal.?

Property management fees can eat into your investment returns, so it's essential to be aware of them. The impact of fees is one of the most misunderstood aspects of rental investment. Keep yourself abreast with the common property management fee structures to maximize your return on investment (ROI) without compromising tenant satisfaction. By doing so, you’ll save yourself from the stress and hassle of dealing with legal matters.

3. Be smart and responsive about property repairs

Landlords are responsible for ensuring their properties are safe to live in, and that it is up to code (according to your local regulations). Being responsive to any concerns raised by the tenants will confirm for 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.

While it may be tempting to hire the first repair service that returns your call, make sure you call around and get multiple quotes when things need fixing. Finding the best value service and building a relationship with the owner will save you a treasure trove over the years. Consider having a repair fund for emergencies so you’re never caught out without the funds to uphold your legal duties as a landlord. And, if you’re aware of bigger maintenance issues, weigh the cost of frequent ‘patch’ fixes vs spending more upfront for a full repair, which may save you money in the long run.

4. Find the right property manager

A commercial loan is a type of financing that can be used for business, real estate ventures, and many other things. The borrower needs to have good credit to qualify for this kind of loan as banks will want assurance that they’ll get their money back with interest. Commercial property must be worth at least 80% of the value of the loan requested whereas an unsecured personal debt only requires 20% of the loan amount to be put up as collateral. You can find commercial loans in Florida, as well as up and down the country so, if this is something you are interested in, it shouldn't be difficult to find a provider where you are.

?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.?

Some states allow a landlord to require renters. If this is allowable in your local region, it’s a great option to add an extra layer of protection to your property, without upfront costs to yourself.?

?6. Get your filing right

You’re already aware of the importance of protecting yourself with iron-clad lease agreements and various insurance, but all the documentation in the world won't help you if you can’t actually locate it!?

A common error made by inexperienced landlords is failing to create and maintain a no-fuss, intuitive filing system that allows you to find what you need, fast. Electronic filing systems are, undoubtedly, the best option as physical filing systems are prone to be lost, or fire or water damage. However, a mix of electronic and physical is advisable as the possibility of cloud-based storage systems failing is also something to be wary of.?

Keep your documents clearly labeled, in appropriate folders. You may have one folder for each property, for each tenant, or even for each property manager. Whatever you choose, make sure it works for you.

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