As you get started with your first rental property, you’ll discover that several areas need your consistent attention. Keeping track of every facet of property management can feel overwhelming if you don’t take the time to prepare. Use this guide to develop a plan you can follow consistently.
Market Your Vacancies
A vacant rental property will increase your losses on a daily basis. To avoid this situation, create evergreen marketing materials that you can promptly publish each time a tenant vacates your property.
Keep Up With Property Maintenance
Plan on conducting annual property inspections to keep up with maintenance needs. The process should include exterior and interior inspections. Make sure to give 24-hour notice to each tenant. When you do find a maintenance issue, make sure to repair it as soon as possible.
Create Responsive Landlord-Tenant Relations
Before you market your first rental, set up methods of communication for you and your tenants. Provide a phone number, email address, or other contact information to simplify communication. You should also make it easy for your tenants to pay their rent. Simple procedures will make it easier to avoid landlord/tenant misunderstandings.
Maintain Accurate Bookkeeping
One aspect of property management that people often overlook is the importance of bookkeeping. Maintaining accurate records will help you reinvest in your property, manage your earnings, and comply with tax laws. A property management company can assist you in keeping more precise records.
Set Up a Quick Turn-Around Process
At some point, every tenant will move out. When you lose a tenant, you’ll want to find a new renter as quickly as possible. Before you can market the unit, you’ll have to clean the rental and repair wear and tear damage.
Create a checklist of all the items you’ll need to inspect, repair, and clean. Check off each item to make sure you leave the unit in excellent condition for the next renter.
Experience the Benefits of Professional Property Management Services
Reliable Property Management offers the services you need to maintain your investment property and look after your tenants. To learn about the specific services we offer, contact us online or call us at 443-869-3799.