Managing Your Residential Investment Properties
Whether you have one single family home, townhome or condo several properties to rent you have several issues to consider. Probably the most important thing to consider is how you will screen your tenants. You want to make sure that your tenants have the ability to pay the rent and have a history of paying their rent on time. Cash flow is the name of the game!
Once you have a good tenant you want to keep him or her. Turnover costs money. Again, cash flow is the name of the game. Properties that are well managed are easier to rent because they show better. Tenants are like everyone else. They want a clean well cared for home. Tenants that know that any repairs will be taken care of in a timely manner are less likely to move unless they have had a change in circumstances.
As a landlord you may want to consider a property management company to help you manage your property. Some of the ways a property manager can probably help you are:
- Advise you as to the current market rents for your property.
- Collect rent! Cash flow is the name of the game!
- Screen prospective tenants for you! Do a credit check, a criminal history report and an eviction report on all prospective tenants for you and verify employment and income for the prospective tenants
- Feature your property on the web with multiple pictures and a virtual tour to ensure the maximum virtual showings
- Show your properties to prospective tenants.
- Provide a buffer between you and the tenants.
- Field tenant complaints and handle them quickly and appropriately.
- Provide monthly statements along with your proceeds check and electronically deposit your proceeds for you.
- Offer tenants the ability to pay rent online
- Check in tenants and make a digital record of the condition of the property so that when the check out is done there are no questions as to the original condition of the property. At the end of the lease do a formal check out with the tenant to assess any wear and tear or damage to the property.