So you want to break into the business of managing rental homes. This is a great decision, since managing property can be a great and fulfilling choice, but managing property can also be rather difficult. Here are some tips and tricks that can help you become a successful property manager.
Finding the Best Rental Property
When it comes to being a property manager, you need to find good property to rent out and manage, which can actually be a hard thing to do. You never want to purchase a property at face value. In fact, there are many things you should consider before taking that step.
- Location- This is the primary standard that can make or break whether someone rents a house or not. You want to choose properties that are in a good location, including being close to schools, restaurants, parks, and stores, and in neighborhoods with low crime rates.
- Infrastructure- Unless you plan to heavily fix up a piece of property, you want a house or condominium that is on a good piece of land and is built to last. Sure, you may have to do repairs or fix it up before renting it out, but you don’t want to have to completely turn it around since it can be so costly. Also think about what people want. No one wants to live in a dilapidated home, so you want to be careful with what properties you buy.
- Amenities- When buying a property, you want think about the amenities both in and around the home. Does it have a washer and dryer hookup? Is it near parks? How old is the plumbing system? These questions are important to answer before handing over the money.
- Schools- Be sure to check out the schools in the area. How old are the students there? Are they private or public? Do they have sports teams? When prospective parents are checking out these schools, these are the kinds of things they look for and you should too.
- Jobs- When people rent a house, they usually check out how close they are to where they work. Take a look around the area surrounding that property. How many businesses are close by? Of course, you can’t always cater where you buy the location based solely on jobs, but it can be a factor that comes into play when screening for tenants.
As a property manager, it is always in your best interest to maintain a good relationship with your tenants. A few ways you can do this are by maintaining open communication, being honest, and being swift with maintenance and repairs. It’s also important to write up a strong contract and to illustrate what you expect of the tenant beforehand so everything is clear early on. This way, you are on the right track to maintaining a good relationship with them.
This is a huge one. Sometimes, being a property manager requires you to work long hours and to handle emergencies at all times of the day. These time management hacks can help you manage with such a busy schedule.
- Use a planner
- Minimize interruptions
- Prioritize tasks and group similar tasks together
- Take advantage of resources, such as calendars and helpful apps
- Plan out meetings with your tenants ahead of time
- Work with a property management company
Working With a Property Management Company
When you work with us here at Vision Realty, we can help you more effectively manage your property. We can help you with everything from marketing your property and finding tenants to maintenance, repairs, and legalities. And with us, you can choose how involved we are with your property, so you have the final say. Call us today for more information!