Whether you’re a real estate investor or a homeowner, everyone can agree on one thing: that time is money. In this article, we’ll break down some essential property management tips and tricks to help you use your time (and money) better. Implementing these strategies into your property management can let you maximize your real estate assets. How your property is managed can either make or break your investment.
While there are dozens more property management tips, the 5 tips below will ensure a smooth-sailing experience. It’s still the best idea to hire expert property managers, but if you want the hands-on experience as well, here are five important tips every property owner should know:
Tenant screening is a must.
Finding the right tenant for your property through a thorough background check will ensure that your property is in the right hands. Avoid problematic tenants that will badly affect your property management goals. Check all tenant databases available to make sure the tenant applying has no outstanding debts or contract breaches with their previous properties. Also, set your criteria and create surveys that will make sure you match a qualified potential client before the screening process.
In Luxury Property Care, we offer Tenant Management and Screening Services that will help you in screening applicants and finding the right tenants. We also offer Tenant Communication And Transparent On-Going Owner Communication Services. You only need to tell us your criteria for potential tenants, and we’ll do the tedious work of tenant screening for you!
Properties must be managed, vacant or not.
Your property must be well-kept all year round, and that includes mowing laws, checking plumbing, cleaning carpets, and every little thing you can think of. These are issues usually forgotten when a property is vacant. With property management, managers can create a cost-effective system that will ensure that all aspects of your property are maintained.
Keep track of all your needed upgrades, from painting of the walls to landscaping of the front yards. To attract your preferred clients, you need to present them with attractive properties.
Through the Cost-Effective Maintenance Management and Property Preservation Services offered by Luxury Property Care, all your properties will be well-maintained – vacant or not. We have preferred contractors that are often able to save property owners significant expenses for the maintenance and the general upkeep of their properties. We also have Emergency Maintenance and Inspections as well as Repairs/Remodeling Management Services that will create a system for you to keep all your properties in top-up shape all-year-round. You can even access and view all of your monthly statements on our Online Owner Portal to oversee your property management expenses.
Schedule your time wisely.
With so many things to do, things can get overwhelming pretty quickly, and you’ll likely end up missing client meetings and paying the bills! It’s important to list down all of your property management duties to stay on track.
Prioritize what you think must be done first and what will help reach your property management goals more efficiently. But be realistic and schedule your tasks according to the time you have. This will create a more organized approach for the next day in managing your properties.
But with Luxury Property Care, your tasks in managing your property will dwindle in number. We have Management Services ranging from Rent Collection to Bill Pay Services for all bills related to the property. This includes property taxes, annual reports for LLC, insurance, mortgage, HOA, and utilities. We will manage and oversee your repairs and even obtain necessary permits for your business. There are several services and experts in Luxury Property Care that will ensure that you are stress-free in your real-estate venture.
Keep in mind the legal terms.
As a property owner, you will deal with many contracts and agreements about your properties and tenants. There will be insurance claims in case of tenant injuries. Some may claim legal actions and you will be left wondering where you went wrong. Always document your interactions with your tenants and generally the whole transactions of your day-to-day business. These will become records that will prove your actions legally. For said insurance claims, only speak to people authorized by your insurer.
Make sure that tenants are given the chance to read the tenancy agreement documents. Highlighting the front page and directing to sign over the dotted line will not be enough to make the agreement legally binding.
Luxury Property Care has a team of experts that can help you in legal situations. We have in-house attorneys, whom we have a long-term and stable relationship, who will make sure all your contracts and agreements meet legal standards, and that tenants are informed of their responsibilities before signing.
Set your real estate investment goals.
Clearly state your goals for your real-estate venture. These tips and tricks won’t be of much use if you, as a property owner, do not have goals set for your business venture. In finding your goals, you can study the real estate market trends. Study the pros and cons of managing high and low-end rental properties and choose which you would like to manage most. Set your goals and you are good to go! Always keep in mind what you would do when finances are tight; should you sell the property or rent.
Trend analysis is made easy by Luxury Property Care’s Market Rent Analysis Services. We have a team of experienced analysts that can help you set your goals and understand how your real estate investments can be maximized.
The Bottom Line
Property management is an ongoing process that offers plenty of opportunities for improvement. Being a property manager, it’s easy to feel overwhelmed, but by implementing these tips, you can work more efficiently and watch your income steadily grow.
But if you want to just sit back and relax, you should consider hiring a luxury property manager who can handle everything, from tenant screening to accounting. Luxury Property Care has the expertise and experience to cover all of your property management concerns.