Rent collection, tenant screening, maintenance requests...all the responsibilities of a landlord can be daunting, to say the least. So, how do you streamline processes and make changes to give yourself time to breathe?
Whether you're a first-time landlord or you own multiple real estate properties, there are always ways to improve. To maximize your investment and stay competitive, you need to manage a rental property effectively.
Here are some of our top property management tips you can implement today.
1. Follow a Preventive Maintenace Plan
The key to preserving your real estate properties and making them last is to perform routine maintenance. Regular upkeep will prevent costly repairs by catching issues early on. It can also help to extend the life of your building, from the windows to the roof to the heating and cooling system.
Write up a seasonal maintenance plan to follow throughout the year. Follow it and adjust when necessary. Seasonal cleaning, repairs, and checks will reduce damages and ensure the property is in top condition.
Better yet, invest in a property management company with access to contractors and maintenance professionals that can assist with the upkeep.
2. Go Digital to Improve Efficiency
The use of online tools has helped expedite and optimize rent collection and maintenance requests.
Access to a tenant portal allows renters to pay their rent online for a small fee, eliminating the problem of missing rent checks. So, you get paid sooner and you won't have to go around to drop boxes or offices to pick up rent checks.
Another benefit of a tenant portal is that usually renters can look up their lease at any time. If they lose the original copy, they can pull it up to review rules or procedures. Plus, they can easily request maintenance online rather than filling out a paper copy.
3. Find the Best Tenant Through Screening
The U.S. Census Bureau's Housing Vacancy Survey revealed that housing vacancy rates are at or near historic lows. In the first quarter of 2022, the rental vacancy rate was at 5.8%.
Fewer vacancies benefit landlords by bringing in more rental income. In fact, more demand for rentals benefits landlords in many ways. That said, it's also the ideal time to focus on finding quality tenants rather than the first applicants that appear.
Now is when you can afford to go over your options and truly find the best fit for your property.
Using tenant screening services is property management 101! It allows you to professionally screen all applicants in less time.
4. Maximize Your Marketing Efforts
No landlord guide would be complete without mentioning marketing. To find the best tenants, you must learn to maximize your marketing efforts. That means understanding the latest trends, your target market, how to write catchy copy, and how to showcase your property.
Dark, grainy photos and a lackluster description won't entice tenants to apply. Marketing services ensure that you get high-quality photos or videos, professionally written descriptions and ads, and much more.
Property Management Tips for Success
As an owner or investor, you understand that the only way to improve your returns and protect your real estate investments is through proper management. By using these property management tips, you can ensure your success and make your job much easier.
Do you own a rental property here in the Dallas/Fort Worth area? If so, reach out to us to see how HomeRiver Group Dallas/Fort Worth can help landlords and investors.