Proper property management is essential to the success of a real estate investment. It’s an intricate job that requires attention to detail and knowledge of local regulations, laws and rent rates. It can also involve working outside of regular business hours, so it’s important for a successful property manager to develop good work habits that allow them to manage their time effectively.
The first step is to set up a system for tracking and reporting on your rental properties. This should include a spreadsheet showing monthly rentals collected, expenses incurred, and balances. It’s helpful to have a system that allows you to make changes and track progress, so your rental properties can stay in top shape.
Another key component is to create a contingency plan for emergency maintenance situations. If something comes up that you or your property manager can’t fix immediately, then it’s crucial to have a list of inside referrals for contractors, tradesmen, disaster cleanup crews, water and mold remediators, and other experts who can help keep tenants safe and secure.
Tenant Screening
A good property manager knows how to conduct thorough tenant screenings and won’t let problematic tenants move in. They’ll have a process for checking credit, employment, criminal and background records, and landlord references that minimizes the risk of costly property damage and disturbances. They’ll also have a streamlined rent collection system and stringent late fee policies that ensure your cash flow is steady and consistent. proper property management