Managing a property comes with a long list of responsibilities. If you’re a seasoned landlord or a first-time property manager, it can get overwhelming keeping up with the daily tasks. But don’t worry! There are steps you can take to get the most out of your property and create a happy environment for your tenants.
When you’re the landlord of a property, there’s a lot to consider. Whether that’s the proper inspections, a thorough lease agreement, or updates to the property, the cards are in your hands. Luckily, there are easy ways to enhance your property, make your job easier, and earn you money in the long run. Consider following these tips to give your property management skills that extra boost!
Use Reliable Services
Arguably one of the most important parts of property management is ensuring that the services and utilities on the property are efficient and reliable. The last thing you want is endless calls about plumbing, HVAC, or pest issues. Vetting the services you hire for these issues will ensure the problems won’t continue.
Do you have a maintenance team that you rely on? Make sure they have everything they need to assist in maintaining the property. This might include purchasing new equipment, hiring extra hands, or calling in specialists; however, this will help you save big in the long run.
Prepare Ahead For Seasonal Maintenance
The changing of seasons can often lead to wear and tear on your property. Whether that means preparing for snow and ice or weeding your landscape, there are lots of ways to protect your property from harsh weather, inside and out.
A year-round, money-saving tool for weather control is residential window tinting. Adding a window tint to your buildings not only helps for privacy and safety reasons, but also blocks UV rays. This will make it cooler inside during the warmer months, and warmer inside during the colder months. You’ll be protecting your windows and saving on energy bills for your tenants and yourself!
Be Specific About Policies And Stick To The Lease
When you’re maintaining a property, you’re putting trust in your tenants to follow the lease agreement set in place. This, of course, is not always the case. Protect yourself and your business by sticking to your lease agreement and ensuring your tenants do the same.
If you find that renters aren’t abiding by the rules outlined in the lease, it’s important to notify them immediately. Showing your tenants that you are serious about the rules in place will set the standard for how they treat your property and set expectations.
Maintain Open Communication With Tenants
In the same way that you stick to the lease, being open and available for your tenants will create a healthy relationship. If your tenants can’t reach you during normal business hours, they may feel frustrated. Let alone if there’s an emergency, it’s important you’re able to help before any damage is done.
Creating office hours can help regulate communication. This will allow tenants to know they can always reach you during those hours of the day. Having voicemail and email set up and checked consistently is also helpful for after-hours emergencies or issues. The more your tenants feel comfortable reaching out to you, the less likely there are to be unsolvable issues.
Know Your Local Laws And Regulations
No matter what you do, there may still be some troublesome tenants or issues that arise. Aside from vetting your tenants before they move onto your property, you can’t always predict what will happen. The lease is a legally binding contract for a reason, and knowing your local laws and regulations when it comes to renters and landlords will help you in the event of a legal issue.
Document every communication and interaction with your tenants in case of legal necessity. This will ensure that if a legal situation arises, you have all the information you need to protect yourself and your property. Along with this, have your local laws on file and continually check that you’re within your legal rights, as well as your tenants’.
Follow These Landlord Tips And Manage Your Property With Ease
Managing a property will always come with surprises, accidents, and unexpected events. But with these helpful tips, you should be able to save money, protect your property, and keep happy tenants.