Property management encompasses real-estate matters such as leasing, negotiating, collecting rent advertizing and more. There are few cardinal rules for effective and successful property management that must be adhered to.
Following is a list of some property management rules recommended by real-estate experts:
- Proper Screening Of Tenants: Thorough screening of potential tenants is critical for effective property management as good tenants ensure timely rent payment and a well maintained property. To screen the tenants, request them to fill an application form, run a credit & background check, contact previous landlords as well as employers and interview the tenant.
- Easy And Automatic Rental Payments: Collecting timely rent from tenants is a major part of property management. You can facilitate easy and automatic payments by implementing convenient methods like online rent payment. You may include these forms of payment in the lease after discussing with the tenant. Also, make sure that you use a reliable software for online payment services.
- A Strong Lease: When it comes to lease agreements, the rule of thumb is to have a written agreement. It is advisable to seek help from lease writers specific to the state where your property is located. A well written lease is impartial and protects the rights of a property owner & tenant equally. Some components of a strong and fair lease agreement are imposing a reasonable amount of late fees (not exorbitant), issuing a notice to the tenants before dropping by, fair rules regarding the termination of a fixed lease and so on.
- Frequent Property Inspection: Inspect your property at least once a quarter so that you can spot any issues that may need your immediate attention. This will cut down the repair and maintenance costs as well as make the tenants feel more responsible for taking good care of the property.
- Be Fair And Nice: As simple as it may sound, being a fair and kind property manager helps in retaining tenants for a longer time. You can achieve the benchmark by ensuring prompt repairs, treating your tenants respectfully, using reward systems like dinner vouchers, movie tickets, etc.
- Be Available: A non-negotiable rule of property management is to be available as and when needed. One should be prompt at attending urgent calls and requests related to management of the property. You can also set up a dedicated 24 hour contact system for after hours, weekends and emergencies.
- Accountability And Trustworthiness: All records of the tenants should be kept secure with date & time stamps and made available when needed.
For more information, visit John Reider Properties at 455 E. Central Texas Expwy, Suite 101, Harker Heights, TX 76548 or call at (254) 699 – 8300.