Recommendations to Help You Keep a Successfully Managed Rental Property
Property management of your rental property, whether you have one or ten, is an essential part of running your income property business. There can be a lot of tasks to take care of from bookkeeping and tenant communication, make sure you do what you can to keep up on your property. Here are some recommendations to help you handle successful property management services.
Set and Follow Rules and Regulations
When you are managing your own property, it is essential that you have rules in place to keep order within the business and to take care of the property. Without rules or regulations that adjust on a daily basis, you cannot rely on having consistent care for the property and the tenants can do as they please on the property.
Acts that may seem harmless to a tenant can have negative impacts on your property over the long term. For example, if your tenants leave their trash bag just outside their apartment door or in a breezeway until they get a chance to take it to the dumpster, it can allow animals to tear it open and it leaves clutter in walkways that can be a tripping hazard to other tenants and guests. And trash bags left outside look unattractive and can pull down the appearance of the property and its overall quality. Then, other tenants may see trash left outside and follow the same practice as they assume it is okay to do.
Provide a list of the rules and regulations for the property including for the parking and other common areas as well as their unit interior and exterior. Make sure they read it and sign it indicating they understand, then leave them a copy. You can also provide the information on your property management website for review at any time. If a tenant breaks any of the rules, they will need to receive a copy of their notice that they have violated the terms of their lease and can be at risk of eviction if they continue or they don't repair any damage.
Arrange for Regular Maintenance
Another important part of your rental property management is taking care of the property's regular maintenance. It is essential to arrange for tasks, such as maintenance to the HVAC with changing the filters regularly, checking the roof and gutter for drainage, and inspecting and repairing the interior for any moisture damage.
Then, it is a good idea to make sure your rental properties are protected against pest damage with a regular pest service. You can arrange for this to take place on a regular basis, such as monthly or quarterly, then complete an interior visual inspection at the same time. You can arrange for a professional service technician to handle the maintenance or arrange it through a hired property manager.