Tag: rental property

How To Make Rental Property Management Easier

A rental manager is responsible for ensuring the property is in good condition and is safe for tenants. Find out how to make rental property management easier.

A rental manager is responsible for ensuring the property is in good condition and is safe for tenants to inhabit. They are also tasked with communicating with the landlords and tenants to ensure everything is running smoothly. Rental property management is not an easy job and can take up so much of one’s time. There are a lot of responsibilities involved meaning you should know how to manage your time wisely. Keep reading this article to find out how to make rental property management easier.

Keep open channels of communication

A property manager is responsible for relaying feedback and information from tenants to the landlord and vice versa. To make your job easier, you need to communicate effectively between the two parties and be available for queries and clarifications. Ensure that your office cell phone is always on and set up an organized portal on your website if anybody wants to contact you.

Schedule for regular repairs

It would be wise to conduct random property inspections instead of waiting for a problem to go wrong. Routine inspections will help you identify leaks and problems early on so that you can get them repaired as soon as possible. You increase tenant retention when you fix problems on time and keep the property in good shape.

Keep your tasks organized

Organizational skills are a core competency when working as a property manager. Well, there are lots of repetitive tasks and numerous tasks that come up abruptly and need your attention. An effective way to stay organized is to create a database to store all important data in one place.



Work with a reputable property manager in your area

Since rental property management requires many people skills, you will need to hire a competent and reputable property manager. You would also need to hire someone in your geographical area to help you convert more. For instance, in California, you can check out Los Angeles Property Management Company to help you maximize the potential of your rental business. You will earn more with a top property manager helping you out than if you tried doing everything on your own with little expertise.

Be picky with your tenants

Sometimes, you cannot afford to be picky with your tenants since you need the rent money. However, it would help to screen potential tenants before they can move in. You want a tenant who can pay the rent on time and one who will take care of the property as if it was their own.

Have a positive outlook

Things will get tough along the road. The market trends are extremely dynamic, and they can go against you at any time. You are also bound to deal with tenant-landlord disputes. It is important that you maintain a positive yet realistic attitude and always hope for the best throughout all these challenges.

Use digital property management tools

Property managers ought to possess people skills and be tech-savvy in this current technological era. Digital management tools will help you process applications more efficiently, allow you to schedule regular maintenance, and provide you with detailed reports on your properties.

Wrapping up

We hope this article will be resourceful as you strive to make your rental business a success. Remember, you don’t have to do it all alone. You can hire a reputable property manager to take some of the weight of responsibility off your shoulder.



4 Tips to think about before investing in rental property

For many people like yourself, purchasing rental property can be a great way to build an investment portfolio and begin to accumulate substantial wealth.

When it comes to investments, few can match the financial opportunities associated with real estate. For many people like yourself, purchasing rental property can be a great way to build an investment portfolio and begin to accumulate substantial wealth. But before moving forward with this decision, here are four important tips you should keep in mind before investing in that first piece of rental property.

Your Ability as a Landlord

Prior to buying rental property, stop and think about whether or not you want to be a landlord. While you could turn over the jobs of repairs, evictions, and other issues to a property management firm, this will cut into your profits substantially. Therefore, always stop to think about whether you want to be unclogging a toilet at 3 a.m. or serving eviction notices before buying your property.

A Large Down Payment

When you buy rental property, you will probably need a much larger down payment than you did when you bought your primary residence. In most cases, rather than the three percent down payment you needed for your home, you will instead need about 20% of the purchase price as a downpayment for your rental property. As to why, this is mainly due to the fact that mortgage insurance is not an option for rental properties. However, you will need to have public liability insurance on your property, so don’t forget this added expense.

Pick a Good Location

When you buy rental property, look for properties that are located in excellent areas of a community, rather than in ones that are clearly in decline. As a general rule, buy properties that are in locations that feature low property taxes, low crime rates, have excellent schools, and feature plenty of parks, stores, restaurants, and other areas where people can have plenty of fun. There are some great locations for investment in student accommodation, so if you’re interested in becoming a student landlord, look at various university cities near you to find great opportunity you can cash in on.

Bypass the Fixer Upper

Though you’ve probably heard many stories about people who pay very little for homes that are in terrible condition, fix them up, and then flip them for a huge profit, don’t choose this path when investing in rental property. Unless you are extremely skilled in home improvements, you will wind up spending much too money on the property. Instead, find a home that only needs a few basic repairs and is priced a bit below market value.

By following these tips and always using common sense and good judgement when making your purchases, you will be on your way to becoming a real estate tycoon.