Being the owner of a rental property comes with a myriad of responsibilities to the financial responsibility with the property but also to the property's management with your tenants. Property management is a large part of your ownership with rental properties, and you can choose to do it on your own or you can hire help from a professional property manager. Here are some recommendations to help you keep your rental property managed properly with the right services.
Utilize a Thorough Screening Process
As a property owner and rental landlord, it is your job to make sure you only allow the right type of renters into your property. And the right type of renters will pay their rent on time and take care of your property while they live there. You don't want a tenant who is going to cause damage to your property and stop paying you rent, because you will lose rent and the costs to remove them from your property. As a prevention strategy, carefully screen all new tenants over the age of eighteen to make sure they qualify within your tenant requirements.
When you hire an outside property manager to handle your rental, they should have a strict screening process that they always follow. You can ask to get details of the screening process if you are considering hiring a property manager. This should include evaluation of an applicant's credit report and completing a criminal and background check. This gives you a snapshot of a potential tenant's payment history with their debts and especially their past rentals and information about criminal activity. Successful property managers have a thorough tenant selection process to ensure they provide a positive return for their property owners.
Complete Regular Inspections
Just as you want to ensure you select the right tenants to live in your property, you will similarly want to take proactive measures to make sure your property is kept up during their tenancy. Regular inspections of your rental property are essential to keep your investment protected against damage from the tenant but also from pests and weather events. An inspection provides you the chance to check the interior of the property for damage but also for signs of pests and damage from pets.
Complete quarterly or monthly inspections where you replace the furnace filter or hire a pest professional to treat the interior for pest problems. You can go into the unit while each task is performed or arrange for a property management agent to facilitate the inspections. If you find, for example, mold growth in the bathroom during a pest control check, this provides you the chance to have it cleaned up before it can cause further damage to the unit.
Contact a local property management group to get more tips.