April 2nd, 2015
Make no mistake – managing your investment property is a complicated business. If you’re not careful, it can turn into a full-time job. Here are a few simple steps you can take to streamline the process to give you maximum rental return for minimal effort.
Your property is a valuable commodity. You need to care for it to make sure it is still attractive – not to mention safe – for tenants. Many first-time investors discover very quickly what a terrible time-thief the task of supervising the maintenance and upkeep of a property can be. The best way to manage it is to draw up a comprehensive list of everything that needs to be done and work out how often you will have to do it. This will vary from property to property, but will probably range from weekly jobs, like trash removal, to things that only need to happen once in a period of years, such as repainting. Put them in a calendar. Of course, you can only plan for so many eventualities. Unexpected repairs are an inevitability. A property manager is the only way to avoid their drain on your time.
This is where a lot of owners trying to manage their own properties fall short. It may seem like it’s complicating matters to go out and research what the laws are in your area about matters such as safety standards, serving eviction notices, and handling security deposits, but making the effort to keep yourself informed now can save you massive financial and practical headaches down the line if (knock on wood) something goes wrong. Don’t forget that regulations change. It can be hard to keep abreast of those developments, but it’s essential that you do, or engage the services of an experienced, local property manager, who will know this.
It’s a never-ending problem! If you’ve got an empty property, it’s imperative that you find someone to move into it as soon as you can, but you don’t want to hand the keys to your precious investment to just anyone. A tenant with a history of damaging properties they have rented or failing to pay rent will be more likely to do the same thing to you. Ask any prospective tenants for at least two references, and make sure you check them! The sad fact is, however, that unscrupulous tenants with poor rental histories will often attempt to circumvent your checks. The only way to protect yourself is with a qualified property manager with a foolproof screening process.
At ABC Property Management, we know how to handle any situation. What's the simplest solution of all to your property management headaches? Call us, and let us deal with them for you.