Managing a rental property isn’t easy. Whether you’re new to property management or you’re looking to maximize your property’s potential, our guide will help you become a successful landlord!
1. Research Rent Rates
A fair rental rate for your property is essential for attracting and retaining tenants. If the rate is too high, you’ll have a hard time finding a tenant, and your profits will shrink if it’s too low.
Conduct thorough research on areas that have similar demographics and rental properties. Where does your property fit in the area? What type of tenants are you looking to attract? What amenities does your property offer?
2. Keep Up With Maintenance
The responsibilities of a landlord don’t end when the tenant moves in. You want to keep tenants happy. To make your property attractive, you’ll need to keep up with maintenance and repairs.
If your tenant needs a repair, the sooner it’s addressed, the better for the both of you. The occasional inspection of the interior and exterior is wise, so communicate with your tenant to schedule periodic check-ups.
3. Get Help From a Professional Manager
Managing a property full-time can be a lot of work, especially if you’ve got many tenants or multiple properties to look after. While you can manage a property yourself, getting help from a professional management company can help.
You can opt for a full-time manager to take care of most of the day-to-day operations of managing a rental property or use a company with a la carte services. While you take on the rest of your landlord duties, a management company can take care of some little things like giving tours, screening tenants, and signing leases.
4. Keep Detailed Records
One of the best tips we can give for managing your rental property is to keep a detailed accounting system of your records. Managing a property and tenants requires a lot of paperwork, so a detailed system will help you in the future.
It’ll make your and your tenants’ lives easier to have all the necessary paperwork. Some examples of paperwork you should be able to produce at a moment’s notice include:
- Insurance policies
- Lease agreements
- Rent receipts
- Rental applications
- Maintenance/repair receipts
5. Automate Rent Collection
A primary concern when managing a rental property is rent collection. There are many ways to do this, but instead of hassling your tenants monthly for cash or checks, it’s easier to set up an automated rent collection system.
Many landlords use financial or invoicing apps like Venmo, and there are even apps dedicated solely to rent collection. It’s easier for you, your tenant, and is one less thing to worry about!
We hope our tips help you manage your rental property to its full potential! If you’re interested in getting a new rental property, we’ve got all kinds of Rosemary Beach, Florida, real estate properties!