Though many individuals know how lucrative owning rental property can be, some underestimate what it takes to be an effective landlord. Creating and managing lease agreements, screening new renters, marketing rental properties, handling maintenance issues, and evicting residents are just some of the task’s landlords must juggle daily. With so many responsibilities, it is no wonder property owners get overwhelmed!
While managing rental properties takes a lot of effort, implementing the following strategies can help improve the overall process and set you up to be a successful and effective landlord.
Screen renters thoroughly – help secure reliable renters by performing credit and criminal background checks, requesting referrals from prior landlords, and verifying employment history. Doing this will help eliminate unqualified renters, keeping your investment intact.
Resolve problems quickly – whether it is addressing maintenance repairs, dealing with pest issues, handling noise complaints, or collecting late rent, it is important to try and put out fires as soon as they arise. Although you may not be able to fix all issues and make every renter happy, you should do your best to contain or lessen the problems whenever possible.
Be resilient – unforeseen circumstances are going to happen. Things are going to break, renters are going to violate their lease, contractors are going to bail on jobs, etc. While you may get discouraged and want to give up, you need to remember that things will improve. If you feel overwhelmed, consider hiring an experienced residential property management company that can offer a practical solution to your needs.
Stay organized – keep accurate records, use correct forms, maintain a tidy office, and have an active website. Not only will being organized help you stay legally compliant, but it will also help your business run more smoothly and increase profits.
Handle renewals and evictions properly – it is a lot less expensive to keep your current renters than to find new ones. Help keep occupants happy by suggesting to install new carpet, apply fresh paint, or update broken appliances at renewal time. Renters will see that you are making an effort and may feel it is beneficial to stay another year, helping to secure a steady flow of income from your rental property.
Evictions can be time-consuming and costly, especially when a renter refuses to leave. Because rules regarding evictions vary by state, it is important to seek legal help as soon as possible.
Managing a rental property is a full-time job, especially when taking care of day-to-day operations on your own. Hiring a property management company to handle resident screenings, collect payments, and take care of emergency maintenance requests can help relieve some of your stress.
If you have tried managing your property on your own, but feel you could be more successful, call Norniella Management Company at 888-979-5357 to learn how we can help you earn profit from your real estate investment without the hassle.