10 Helpful Tips for Self Managing Your Rentals

10 Helpful Tips for Self Managing Your Rentals

10 Helpful Tips for Self Managing Your Rentals | stylproperties As the owner of a rental property, you have to decide whether to self-manage your rental property or hire a professional property management company. If you own multiple rental properties, or your rental property is out of town it makes more sense to hire professional management services. But if you have one or two properties, it’s best if you self-manage them and use your rental income for other purposes. Here are 10 helpful tips for self managing your rentals

10 Helpful Tips for Self Managing Your Rentals

1. Market Rental Properties Effectively

It’s incredible to me how many real estate investors still advertise in the newspaper and use yard signs. From my experience (12 years now) potential tenants who call you and pretend to be interested in your property are just nosy neighbors.

Using an online resource like Cozy to market your listing is excellent because tenants can view pictures of inside the property and get valuable information about the property without bothering you.  

This saves you an incredible amount of time.

2.  Know Fair Housing Laws

According to Landlordology, for whatever reason, many investors choose not to educate themselves on fair housing laws, and there can be serious implications if you violate them. There’s no excuse not to educate yourself on the laws in the real estate industry.

3.  Choose Trustworthy Tenants

Since you will not be close enough to go to your rental at a moment’s notice, it’s essential that you trust your tenants.

When renting to someone you don’t know, make sure you conduct a thorough screening of their rental background before allowing them to move in. Ask them to complete a rental application, and be sure to contact their references.

If possible, rent to family, friends, or referred tenants. This comes with its own risks, but at least you have a relationship with this person and the peace of mind of knowing that your property is in good hands.

4. Keep your tenants happy and satisfied

A key factor to successful rental property management is a happy tenant. Managing your rental property well and responding quickly to tenant requests keeps them happy. When a tenant is satisfied with your managing skills as a landlord, they will likely renew the lease, and it encourages them to maintain your rental property as well. Ignoring your tenants and not fulfilling their needs can lead tenants to take poor care of your property.

5.  Collect Rent Online

There is no reason for you to be collecting rent by check in the mail. Not only is it time-consuming to go to your P.O. Box or mailbox, keep up with all the checks and then deposit the checks, but it’s riskier.

The check can bounce, and then you’ll need to pay a non-sufficient funds fee and then contact your tenant for the rent and the NSF fee.

6. Rental property management for tenant turnover

Any property that experiences tenant turnover requires some maintenance costs to bring it back to rentable condition. Your rental property should be cleaned and repaired between tenants. Make sure the yard is tended, the locks are rekeyed, the walls painted, and the structure of the home examined.

7.    Don’t forget your property’s ongoing management

There are continuing tasks that must be taken care of on a regular basis. Once the tenant lives in the property, you must remember to:

  • Collect monthly rent payments
  • Handle and respond to all maintenance requests
  • Update all safety certificates as and when necessary
  • Carry out a home inspection of the property at least once a quarter.

8.  Make Friends With Repair People

Maintenance, repairs, and other complaints all come to you as the landlord of a rental property. When you are out-of-town, you have to find different ways of dealing with these situations.

A handyman, electrician, and plumber are useful contacts to have in your Rolodex. If there is ever a leak or electrical problem that needs to be fixed immediately, you can call on them to get the job done and bill you later.

9.  Enforce and Follow the Rules

You need to enforce the rules in your rental agreement. Otherwise, your agreement loses its importance. Tenants will notice if you do not enforce rules and may take advantage of your leniency. The most important rule to enforce is your late rent fee. You can allow a grace period, but after that, you should make sure your tenant pays his or her late fee.

Tenants are more likely to follow the rules if you do too. An example of a rule you should follow is the Notice of Entry rule, which typically requires 24-hour notice before entering the unit. It’s best to be respectful of the rules. Tenants appreciate this, too.

10. If All Else Fails, Hire a Property Manager

According to Lawdepot.com, “Managing a rental property from a distance and balancing other aspects of your life, including work, family, and friends, requires superb time management and a lot of patience.

Attending to your property can save you money, but it also costs you time in the process. Hiring a property management company to oversee your rental may increase your overhead, but it can also be the right option if you are not interested in managing the suite directly, dealing with tenants, or simply do not have the time to invest in caring for a property yourself.

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Styl Properties, Inc. is here to help homeowners out of any distressed situation.  

As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what!  There are no fees, upfront costs, commissions, or anything else.  We offer the simple truth about your home and how we can help you sell it fast.

Give us a ring. We would love to help you understand the process and to answer all of your questions. You can reach us at 402 999.0577

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