Property management is a big job, even if you are only managing a single property. Whether you are an investor with a number of properties, or you have just one property that you are renting, it is important to have a plan in place when it comes to organization. If you aren’t careful and if you do not plan, you might just find that running even a single property can turn into a fulltime job. The goal of the property manager is to ensure that everything runs well from the start.
The Right Tenants
It starts with the process for choosing the tenants that live in the property. You cannot simply let just anyone into the unit. You need to conduct a background check to make sure that those who are renting have the income to pay for the property, and that they are responsible enough that they will not cause damage to the home or condominium. It’s also a good idea to think about the neighbors, for example. If the property is in a community with families or older people, then renting out to a group of college kids may not be the right choice.
Consider the Maintenance
How much maintenance, and what type of help, will you be able to offer the tenants in the unit? If there are plumbing or electrical issues, do you have the skills needed to help them, or would outsourcing be a better option? Choosing a professional is generally the right choice, so you might want to start looking up different contractors that can offer the skills you need, and who can offer emergency service for the tenants.
If the tenant has issues with the maintenance or any other thing going on in the apartment, make sure you have a system in place so they can contact you. Make sure you get back to them as soon as possible as well.
Collecting Rent and Keeping the Books
You have to have a system in place for the rent as well. When is it due, and how will the tenants need to pay? Will you accept checks and money orders? Never accept cash. You need to have records of the rent, as well as expenditures on the property.
Many property owners find that they do not want to go through the trouble of managing properties themselves. Instead, they hire an outside company to help them. It can be a good option for many owners in Brevard County.