If you’re a beginner investor in the world of real estate, then managing a property can seem like a daunting task. But don’t worry – with these five tips, you’ll be an expert in no time! In this article, we’ll discuss how to market and advertise your property, how to screen and secure tenants, how to collect rent checks, how to handle maintenance and repair issues, and what to do if the tenant won’t leave. Read on for more information!
Tip #1: Marketing and Advertising
When it comes to managing a real estate property, advertising and marketing are key. You’ll want to make sure that your property is visible to as many people as possible, so put up flyers, post ads online, and talk to local brokers. The more people who know about your property, the better!
Tip #2: Maintenance and Repair Issues
As a self owned property manager, it’s important to be prepared for any maintenance or repair issues that may arise. Make sure you have a list of qualified contractors who can help with everything from plumbing problems to roof repairs. By being proactive about maintenance and repair, you’ll help to keep your property in good condition and avoid costly surprises down the road. This holds true especially for older properties because they often require more upkeep. If you don’t keep up with the property, bad repairs can get worse. A good example of this would be mold. If mold isn’t taken care of quickly, it can spread to the entire wall and then you’ve got a much more expensive predicament on your hands. Sometimes it’s better to just hire a property manager as suggested in this article.
Tip #3: Screening and Securing Tenants
When screening tenants, you’ll want to make sure that you’re choosing the right people for the job. Look for people who have a good credit score, stable employment, and a history of paying their rent on time. You’ll also want to do a background check to ensure that potential tenants have no criminal history. By screening your tenants carefully, you’ll help to ensure that you have a good tenant base who will take care of your property. But you’ve also got to be careful. If you can catch a good glance of what a tenants car looks like, then you’ll be able to see how clean they are. If their car is a mess, chances are, your house will also be a mess after they’re done living in it.
Tip #4: Collecting Rent Checks
One of the most important aspects of managing a real estate property is collecting rent checks on time. Make sure that you have a clear policy in place for how often rent is due, and be sure to send out reminders to tenants as the date approaches. You can also set up autopay so that rent is automatically deducted from the tenant’s bank account each month. This will help ensure that you always receive your rent on time. There are plenty of software products where you can set this up in five minutes. It makes collecting rent checks much easier than trying to chase tenants down and having them write you checks on the spot.
Tip #5: Evictions and What to Do if the Tenant Won’t Leave
If a tenant is not paying rent or violating their lease agreement, then you may need to evict them from the property. Make sure you familiarize yourself with your state’s eviction laws, and be prepared to take legal action if necessary. In some cases, you may be able to negotiate with the tenant to get them to leave the property voluntarily. But if they refuse to cooperate, then you’ll need to take steps to have them removed along with their furniture. Things could get out of hand. There have been horror stories, but it’s important to remember that the vast majority of tenants are good, responsible people. With a well-run property and some common-sense precautions, you can minimize the chances of any problems like this ever happening. If managing a rental is just too much or if things get out of hand tenant-wise; consider hiring a professional.
Final Things To Remember About Managing a Property
– Advertisement and marketing are key
– Screen tenants carefully
– Collect rent checks on time
– Prepare for maintenance and repair issues
– Be prepared to evict tenants who violate their lease agreement or do not pay rent.
Remember, managing a property can seem like a daunting task, but with these five tips, you’ll be an expert in no time!
