Source: freepik.com
Managing a property is never easy, especially when it comes with many responsibilities, including property maintenance. You have to know the ins and outs of the rental market, how to collect rent, how to create an application form, and more.
If you're a new landlord who just got their first rental, you need to know how to maintain the property and ensure you pick the proper tenants for it. For instance, if you’re a new landlord in Georgia, it's important to understand what a landlord cannot do in Georgia and the legal rights and responsibilities that govern landlord-tenant relationships in the state.
According to statistics, around 7.1 percent of American tax filers are landlords, with an average income of 17.7 million properties.
Whether you're a new or professional landlord, it's essential you know how to have a decent property management strategy to maximize income and success. The statistics show that the average landlord has up to three properties to their name, but their income depends on the worth of the property.
As you can see, being a landlord comes with responsibilities and success, but you need to know how to properly manage your rental. Here are some tips to get started with property maintenance and guide you through other tasks.
Invest in Property Management Software
If you've been in the rental market for a long time, you know how challenging it can be to manage your property. Luckily, the period of technology is affecting the management system too, allowing landlords to manage their business from anywhere and saving time.
Property management websites are automatic tools that allow you to keep track of everything, including leases, payments, maintenance, and communication.
For example, Rentberry is an excellent website that helps you screen tenants, their credit score and history, and their background. At the same time, you can also use it to collect cash or checks online, which is perfect if you're a busy landlord.
Such software helps you avoid mistakes and manage your tasks efficiently, not to mention it's beneficial for the tenant too. They can also pay online, without having to go to the bank or through the hassle of arranging a meeting with you. At the same time, automated websites can set up reminders to your tenant to ensure they pay rent when it's due.
Treat Your Property Like a Business
Knowing how to handle a property requires skill, time, and a lot of patience. It's essential to remain professional with your tenants and still treat your rental as an extra source of income. Additionally, you should keep complying with all types of laws to ensure your business maintains its positive reputation.
After all, rental investments have federal, state, and local regulations, so it's essential to do your research before your tenants move in. Considering how only 0.11 percent of rental homes are rent-controlled, you're more likely to endure unfortunate situations and be left without a solution due to a lack of property maintenance.
Keeping your business intact also means preventing issues before they happen, and ensuring good communication with your tenants at all times. If you've never been a landlord before then you might benefit from a company that specializes in landlord and tenant relationship management to help keep conversations flowing smoothly. But before renting to tenants, these are some other things you should check:
- Ensure all vents are free of moisture, debris, etc.
- Test smoke detectors
- Check external and internal pipes
After making sure everything is in working order, you should have a plan for every possible scenario. For example, how will you help a tenant if they lock themselves out or the pipes break? If you want to prevent such problems and manage a rental property, you must remain professional and comply with your state's laws.
Maintain an Effective Landlord-Tenant Relationship
Apart from being serious about your business, it's also essential to maintain effective and timely communication with your tenants. When you consider your tenant's happiness and safety, you're more likely to avoid misunderstandings and rent delays – both of which will make your lives easier.
Some of the best communication tips you can follow include:
- Having a reliable way of staying in touch
- Ensuring your tenants understand your requirements for maintaining the property
- Discussing any policies or rules before moving in, so everyone is on the same page
Set a Fair Rent Price
One of the best assets you can have as a landlord is knowing how to set the right rent price, while also staying in the market. First, you can start by researching your rental market and understanding the average prices.
According to Zillow's rental report for April 2023, the price of asking rents increased by 0.6 percent, which indicates that the growth is affected by many factors, including location and seasonality. That's why pricing your property at the right price increases your chances of attracting potential tenants who want to rent your property immediately.
One thing to note when setting a rent price is to keep in mind how it affects your business' finances. You should compare your rental expenses to your rental income and see how the price affects your monthly income.
Require Renter's Insurance
All landlords want to keep their property in good condition, even when they're not physically there. However, unfortunate situations may happen and your renter's personal belongings might get damaged or stolen.
If you want to avoid dealing with such circumstances, requiring renter's insurance can help with that. Not only is this a low-cost option, but it also works both ways: helps you avoid litigation and your tenants' liability.
Hire a Property Manager
If you want to save yourself some time and hassle, hiring a property manager can be a smart investment. A decent property manager can help you manage your property in many ways, including:
- Marketing your rental
- Collecting rental payments
- Dealing with tenant problems
At the same time, they can help manage many rentals at once, especially if you don't live near your properties or don't want to deal with the hassle of maintaining your property. A property manager can act as a third party who can ensure your property is maintained professionally.
However, keep in mind that you're the one who's legally responsible for maintaining a safe space for your tenants, so if you've got your hands full with other responsibilities, it's time to consider hiring help. If you can afford it, a property manager can facilitate all rental procedures, including screening tenants.
