Someone who manages rental property needs to make sure that the property is safe for tenants and in reasonable condition. He or she also needs to communicate with both landlords and renters so that small issues don’t become large problems.
Because of all these responsibilities, being a rental manager can be a tough job. It is important for people in this position to effectively manage their time. Here are some suggestions.
Keep an open communication channel
Make sure to completely relay information between renters and landlords. You’ll need to be available for them to contact when there is an issue. So you’ll need to keep your cell phone on at all times as well as having a website portal they can use.
Schedule regular maintenance
It’s smart to stay on top of things. Routine and random property inspections will help you identify a leak before it floods the apartment. Also provide regularly scheduled maintenance such as changing air filters. While you might worry tenants will find this intrusive, in actuality, they will appreciate that you are keeping their home in good shape.
Stay organized
The better organized you are, the better you will do your job. There are numerous, and often repetitive, tasks that you need to juggle. One way to make sure you don’t drop a ball is to keep a database and have checklists.
Choose tenants wisely
Part of your job is ensuring rents get paid. Therefore, you need to screen potential renters carefully. Make sure to do a background check. If they have a criminal record, ask for more details. Investigate. Low credit scores and lack of employment are also warning signs. By making sure you hire someone who has shown responsible behaviour in the past, you increase the likelihood that your renter will pay on time and not trash the property.
Write good leases
A lease should provide both parties with the protection they need. Hopefully, the landlord will provide a good template for you to use, but if he or she doesn’t, make sure to find one that covers all bases. You may suggest to the property owner that they hire an attorney to draft a lease.
Stay positive
Understand that disputes will occur. If you maintain a positive attitude, you will increase your chances of resolving any issues.
Digital property tools can help
You can use modern property management software to help you effectively manage your responsibilities. MRI Software provides you with a great tool that will help you get the information you need in real-time. It will help you to keep tight control of day-to-day functions. You’ll be able to automate all of your processes for both residential and commercial properties.
The software will also help ensure you are compliant with industry guidelines. It will allow you to integrate accounting software with other operational aspects of your business such as financial reports and even industry benchmarks. Good property management software can even help you automate and manage your time well. Hopefully, the information provided here has been helpful to you.
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