5 Tips for Rental Property Management

If you want to be a successful landlord, you will have to build knowledge and develop a process for the effective management of your property or properties. If you want to be successful with your managing your rental property, Belmares Properties has some helpful tips for you. A well-managed property can promise better finances and potential growth as well. 

We suggest following these tips for effective rental property management.

1. Come up with Fair Market Rent

If the rent is too high, it can repel most of your qualified tenants. A low rent can affect your bottom-line. It is recommended to consider the following factors when setting your rent:

  • Median household & per capita income in your area
  • Median rent charged by the competition
  • Tenant demographics such as families and singles
  • Amenities on the property to justify a higher rent

2. Follow the Local Regulations

Every state has laws and regulations guiding the relationship between tenants and their landlords. As a landlord, it is important that you know the laws that apply to your region and property. The kind of information that is usually covered in such laws is as follows:

  • The amount of the security deposit
  • How to save the deposit and when it should be returned
  • The ways  to handle rental violations

It is important to know about both state and local laws.

3. Promote Vacant Homes for Rent

You will have to promote your vacant units to be able to find tenants. You can take advantage of online rental listings to find potential tenants. Some of the benefits of such platforms are as follows:

  • Creating a rental listing
  • Sending out leads from prospective tenants

During the tenant selection process, it is important to conduct background screening. The next step is to create and sign a customized agreement. You should then collect the security deposit along with the initial rent before the tenant moves into the unit. It will also be required to complete a move-in checklist.

4. Rent Collection & Lease Enforcement

You invest in rental properties to generate income. If you want to make profits, you will be required to collect the rent on time and in full. You can accept payments via check or online mode. If and when tenants don’t pay their rent on time, you should take steps to charge a late fee as per the lease agreement. Don’t let any tenant make a habit of paying rent late without paying the late fee. It is important to realize as a rental property owner that tenants that consistently pay late create cash flow issues. 

5. Ensure Maintenance & Inspections

An important element in rental property management success is to keep up with your tenant’s maintenance requests. There are at least two ways this is important:

  • If your rental property is not well maintained, finding and retaining good tenants can become difficult.
  • It is required under law to ensure your rental property meets minimum standards.

It is further recommended to keep up with property inspections. Inspections will help you document lease violations or unreported damage. There are different types of property inspections including:

  • Move-in inspection
  • Move-out inspection
  • Seasonal inspection
  • Drive-by inspection

You should always be ready to take steps to evict tenants who don’t pay their rent. It is further recommended to make use of a good rental property accounting system to simplify the accounting and finance tasks. If you need more guidance with rental property management, investment, purchase, or sale, feel free to contact Belmares Properties. You can call us at (210) 877-0815 or send us a message via this Online Form.