Managing a property is not just about collecting rent and making repairs. Managing a property well requires organization and routine maintenance to keep things running smoothly.
The cost of owning real estate can be overwhelming, but with the right management, it can also be profitable. An investment in real estate is an investment in one’s future—whether as a primary source of income or as a means to achieving other financial goals. To manage your property well, you need the right information and resources. This blog post explores the 5 essentials of managing a property so that it thrives.
A Solid Financial Strategy
A solid financial strategy is the foundation of real estate management. Keeping track of expenses and income will help you plan for the future and stay on top of your budget. Excel spreadsheets and note-taking apps can help you track your expenses and income.
A good financial strategy starts with an effective budget that takes maintenance, repair, and improvement (M&R) into account. A well-maintained property attracts higher-paying tenants and will be more valuable in the future.
Good Communication With Tenants
Good communication with your staff and tenants will help you manage properties more effectively.
This starts with creating a comprehensive employee manual that includes expectations and standard operating procedures (SOPs). An employee manual will help you enforce company standards and policies. It will also help you respond to employee issues and concerns more effectively.
A good employee manual also includes an onboarding guide and a detailed list of FAQs. A detailed tenant manual is also important. It should include information about the rental terms and conditions, including the rental rate, security deposit amount, and payment methods. A tenant manual should also include information about the local neighborhood, such as a list of nearby amenities, school information, and instructions for reporting maintenance issues.
Proper Property Maintenance
Proper maintenance of your rental property is essential to its long-term health. This means more than just making repairs after a tenant reports them. It requires routine inspections and a thorough knowledge of SOPs and recommended maintenance procedures. For example, if your rental property has a roof with a lifespan of 20 years, you’ll want to replace it before it reaches the end of its life.
This could mean organizing a roof replacement as early as five years after the property is occupied. A property inspection is a thorough look at your rental property to identify maintenance issues. This can be done by an outside inspector or you can perform the inspection yourself. A maintenance log is a helpful tool for tracking repair issues and the progress of each repair. A maintenance log could be as simple as a spreadsheet or note-taking app. At a minimum, it should include details about the repair issue, who reported it, the date, and the date the repair was completed.
An Effective Marketing Plan
An effective marketing plan is essential to attracting tenants to your rental property. It should include a thorough advertising plan as well as a tenant screening plan. A thorough advertising plan will help you reach potential tenants with the right marketing materials. An online presence is essential for promoting your property to potential tenants. This includes having an active social media presence, posting advertisements on online sites like Craigslist, and having a professional website that outlines your rental terms and conditions. A tenant screening plan will help you identify the right type of tenant for your property. A good tenant screening plan includes a detailed questionnaire, a thorough background check, and verification of the tenant’s income. A rental application is also helpful for collecting essential information about each tenant.
A Solid Knowledge of the Law
Knowing the law and how to apply it to your rental property is essential. This starts with understanding your state’s landlord-tenant laws and the terms of your rental contract. There are many ways to educate yourself on the law and the rights and responsibilities of landlords and tenants. Start by reading your state’s landlord-tenant laws. You can also find many guides and outlines online and through various industry associations. A good way to stay informed and up-to-date on the latest developments in landlord-tenant laws is to join a professional organization that represents landlords. These organizations often provide access to legal experts and industry experts who can help you manage your property more effectively and stay informed on the latest developments in the industry.
Conclusion
Managing a property requires organization, routine maintenance, and a good financial strategy. A solid financial strategy is the foundation of real estate management. Keeping track of expenses and income will help you plan for the future and stay on top of your budget. Good communication with staff and tenants will help you manage properties more effectively.
This starts with creating a detailed employee manual that includes expectations and SOPs. An effective marketing plan is essential to attracting tenants to your rental property. Knowing the law and how to apply it to your rental property is essential. These 5 essentials will help you manage your rental property better.
Contact JD Homes
At JD Homes, we specialize in property management for single family and multifamily properties in Atlanta.
Our team saves owners the time and hassle of managing their properties themselves.
To learn more about the property management services we can offer you, contact us today by calling (770) 506-2630 or click here to connect with us online.
