June 21, 2024

Fryer And Brown

Creating Your Dream Home

Tips for Rental Property Management

When it comes to rental property management, you want to be sure that everything goes smoothly when rent is due. You want your tenants to understand the lease and pay on time, but you always want to be negotiable if there’s ever a month where there’s a late payment. You want to come to an agreement and a beneficial relationship with them and not have problems. There is a lot that goes along with managing a rental property specifically.

There are two things that you always need to keep in mind with property management. You need to fairly enforce rules and regulations and have a constant line of communication with your tenants if they should ever need anything or have any issues.

Always be as straight forward as you can be with your tenants. The issue of rent collection starts before the tenant even signs the lease. You need to make sure you lay out the rent cost, the day it’s due and what happens in the rent if not paid in full on the date required. These things must be clear before they even move into the apartment if you want to avoid hassle later on.

If a tenant is late on payment, you can decide on what the proper course of action is. If they are an otherwise great tenant that you rarely run into problems with, make sure you are available to sit and talk with them and see if you can work out an extension. People often run into troubled times and it’s best to talk about it than just assume they are withholding money. If the problem persists or rent is still not paid within your extended time frame, sometimes eviction is the right course of action. You have to be prepared to go through the process if this should happen.

Of course you have a part in rental property management beyond collecting rent and making sure the tenant follows rules. You have to be available to take care of any repairs, whether you do them yourself or call in a professional. You need to be on top of tenant complaints and repair issues or you won’t be seeing them stay for long. Beyond issues in separate apartments, you need to routinely clean common areas, take care of landscaping, be on top of water, heat and air systems and have proper upkeep of the building.

If you take care of your property, you’ll have happy tenants. Happy tenants will continue to pay rent on time and will want to sign extended leases. Rental property management is a two way street and if both you and your tenant have a good relationship, you’ll have no problems.