Helpful Tips For Better Real Estate Management

Managing rental properties can be a tedious process sometimes landing you into legal issues. As a property manager or owner, you should think about preventing problems even before they occur to have an easier time maintaining order. Apart from making your tenants feel worthy, you should also find ways of making the management process easy for you especially when handling large properties or multiple properties. When you are organized in how you handle your property, it becomes easier to keep everything in check and a few tips can help you put in the best measures into the management process.

Tip 1 – Get a professional property manager

If you are a property owner with little knowledge of how to go about management, you should consider getting a professional property manager to ease out the process for you. Professional managers with some knowledge and experience in the real estate industry will know exactly how to go about the process and find organizational solutions to ease everything out. When there is a manager in place, you will feel more at peace and have fewer issues to deal with.

Tip 2 – Embrace technology

There are very effective real estate management solutions available thanks to technological advancements. Real estate management software is among the best solutions you can find to make the process easy and organized. Such a solution can improve communications and payments and data maintenance for the property. With the right system you will have an easy time collecting, returning and holding security deposits, as well as inspecting and documenting rental unit conditions before move-outs. There is just so much you can do with real estate management software to streamline processes so look for the best solution.

Tip 3 – Handle tenants appropriately

First of all you should consider screening tenants before allowing them into your property. It is a simple way of keeping troublesome characters off your property. It is also important that you put tenant landlord agreement in writing to keep things clear and ensure that you treat all tenants equally and without any discrimination. Discriminating prospective tenants based on sex, race, origin, disability or even familial status can land you into trouble. It is also important to respect their personal privacy even if the property is yours by notifying them prior to entering their rental units. Handling tenants appropriately will save you from a lot of trouble especially legally.

Tip 4 – Keep the property in top shape

Regular inspections are very important so you can make any improvements and changes where need be. Recklessness on your part leading to safety and security issues can lead to hefty losses in terms of compensations. You should therefore make a point of making prompt repairs and consider having a security system in place to give your tenants the sense of security they deserve as well as ensure that their safety is not compromised in any way.

Tip 5 – Oversee managers

They should be competent enough to keep your property in check. It is therefore important that as a landlord you choose and supervise property managers. Background checks and clearly spelling out their duties will prevent issues cropping out later.

How A Property Management Company Helps With Quality Renters

One of the toughest parts of being a property investor is finding an outstanding tenant to fill your vacancy. What makes an outstanding tenant? The two most important things are that the tenant pays their rent on time and cares for the property as if it were their own.

According to MarketWatch.com, considerations for placing a quality tenant in a property is more valuable than even the old adage of location, location, location when investing in the rental housing market. As such, this is one of the most valuable aspects of working with a property management company. A good property management company will find you rock star tenants that will not only pay the monthly expenses on time, but also keep the home looking as nice as it did the day they moved in.

But what do property management companies do to make that dream tenant a reality? We’ve highlighted some of the most important steps a firm can take to protect you and your investment.

The most important aspect to finding a quality renter is the screening process. A reputable property management company will utilize a nationwide screening company to ensure the most qualified candidates are found.

Several factors come into play when screening a potential renter. Things like criminal and sex offender history are good places to start. But beyond that, other items that will be checked include credit history, verify income, check rental history and search for past evictions. By thoroughly researching potential tenants, you can feel confident about the tenants you allow in your home.

Also, by being available to take applications online 24/7, a property management company will be able to swiftly process the applications received and get a quality tenant in your property faster than if you did it yourself.

A reputable property management company will also likely have a marketing department that will utilize as many resources possible to reach potential renters. This is particularly important because quality renters may seek out a reputable company that appears more legitimate rather than work with an individual one on one. With rigorous marketing, quality renters will gravitate toward properties represented by a reputable firm.

A good property management company will always strive to treat tenants with the utmost respect and address their needs swiftly. A tenant should feel that the home they inhabit is more than just a place to hang their hat, they should care for the property as much as if it were their own. Even the best tenant can become disgruntled and less than motivated to care for the property when they feel they are not being treated well and their concerns not addressed.

By working closely with the tenant, a property management company helps to keep the tenant happy and willing to do the little extras that keep up your investment. For many investors it is not possible or practical to build this relationship themselves and by letting a management company take over the work, you can rest assured the tenant will be happy to call your house their home.

Also, keeping a good quality tenant happy in the property means they are more likely to renew, which will keep costs down and keep the steady stream of income from the reliable tenant coming in to you.

Finally, much in the same way that having a sign for a security company outside your home can act as a deterrent to burglary, association with a property management company may deter unqualified renters from applying in the first place. Often, those who cannot meet the rigorous standards set forth by a property management company will seek out individual landlords who may not have the knowledge or resources to help find qualified candidates. When you partner with a property management company, you send the message to potential tenants that you are seeking quality and will not be taken advantage of.

At Park Avenue Properties we take finding and retaining quality tenants seriously. We know that for investors, filling a vacancy means earning on your investment. We take all the steps above to ensure that we get the best tenants possible in your property as quickly as possible.