Owning and operating real estate properties can be a great way to generate some extra revenue.
It’s like a cross between being an investor and a CEO. You invest some time and effort into it, and (hopefully) it provides a constant stream of revenue back to you. But like a CEO, you have a certain amount of control over and responsibility for how well it does.
In order to maximize your return and ensure your tenants have a pleasant experience, we’ve collected some advice we’ve picked up from different property managers over years. Some of the tips are more obvious than the others, but it never hurts to hear sound advice.
1. See the Big Picture
Property management isn’t just about making sure tenants pay their rent. Nor is it just about making sure their utilities work. As we said in a post a few weeks ago, managing property is like running a business.
There’s an overarching system, and it’s your job to make sure that system stays functional. One misstep or oversight can throw your whole operation off balance, potentially affecting you, your property, or your tenants in a negative way.
None of which is a good thing.
One way you can help keep an eye on the big picture is with real estate management software. From vacancies to maintenance schedules to simple bookkeeping, some great software will make sure nothing gets missed.
2. Keep Tabs (Stay in the Loop)
This step requires a little balance. No one wants a nosey property manager, but just because someone is paying rent on time and never calling for maintenance requests, doesn’t mean they’re taking care of your property.
It never hurts to stop by every month or two simply to say hello, and to make sure the place isn’t falling apart. That said, don’t be intrusive. If your renters are paying on time, then they’ve earned some privacy.
Also, if you have any vacant property, make sure to check up on that too. You never know when something might go wrong, and if there’s no one living there to let you know, how else will you find out?
We knew of a property manager who had a vacant residence he hadn’t checked on in a few months. Finally, he paid the place a visit only to discover a pipe had burst and flooded the entire home. Don’t let that happen to you.
What’s the best way to avoid that?
3. Keep Your Property Filled
A property that’s being rented is always better than a vacant property. Finding renters can sometimes be a challenge, but it’s a part of your job. Letting your real estate sit unused means you’re losing out on all the revenue you should be earning.
And instead, it’s costing you money.
If you have some sort of property or space that is sitting around, waiting for people to rent it, get it filled! Fill those places with renters. If the space is currently in an un-rentable condition, do whatever it is that needs to be done to make it so.
Come Back Soon for More Tips
In a continuation of this post, we will discuss the best practices in management/tenant relations. It’s about knowing the rules and treating everyone equally.