Tips for First Time Property Managers

rental house

Property management has its perks, but it also has its challenges – as is the case with most aspects of life. However, your first time managing a property doesn’t have to be a total nightmare. Here are some tips to help you, should you be new to the field.

  1. Take your time with screening candidates. Set your standards high and complete a thorough screening of each prospective candidate.
  2. Make payment options easy for both you and the renter. Many use the option of paying online, which is perfect in today’s technologically driven world. When using this payment option, include it in the lease and use a reputable online rent payment company, such as Cozy or Appfolio.
  3. Finalize your lease and stand by it. Your success will be determined by the strength and fairness of the lease you’ve created. A written lease is always best, even if they’re renting month-to-month. You’ll want everything in writing, should issues appear later on.
  4. Thoroughly inspect your property once a quarter. There will most likely be a repair, issue, or maintenance needed once a quarter. Sure, you can hire a contractor; but follow up on their work to make sure the issue was resolved.
  5. Be a model citizen. Everyone knows that customer satisfaction is the number one goal, or at least should be, for every business. Be fair and honest in your work; be timely in following up on promises and repairs. If you’re good to them, chances are, they’ll be great to you.
  6. Don’t refrain from using notices. While every state has their own requirements, abide by the law and use a notice – this applies to whether you will be visiting the property or terminating the lease. It’s what’s right and what’s fair.
  7. Withhold the deposit amount ONLY if damages have occurred. This is in regards to material and financial damages, such as rent, late fees, cost of repairs, etc. Don’t withhold the deposit if you and the tenant got into a disagreement or if they found a way out of the lease. If damages are present, you will need proof through either a receipt or the contract/lease.