There are a lot of things that go into rental property management. Today, we’re focused on the top 5 things you should do when managing rental properties.
There are three ways to screen tenants; self screening, using a third party, or, using a management company. Establish a set of requirements. That includes a minimum credit score, rental history, employment history, and even criminal history. Have those requirements in place and apply them to every applicant consistently.
Management companies have great leases. They are tried, proven, and enforceable. They are also fair. Agents have leases approved by the Board of Realtors, and they are also very good. Hire a management company or a real estate agent to write a lease for you. Make sure it is a good and proper lease. I have lost count of the number of times we’ve taken over the management of a property only to find out that parts of the lease aren’t even enforceable.
Document the Move-In Condition
When a tenant moves into the property, documentation must be completed so you know the condition of the property at Move In. I firmly believe you should document and take pictures. You could even shoot a video. When the tenant moves out, you’ll have written documentation as well as pictures and videos. This is a great way to have a baseline of the property’s condition when tenants move in and out.
Do a periodic walk through of your property. Look for maintenance issues. You want to know what needs to be done now so they don’t become costly repairs in the future. It’s easier and more cost effective to repair than it is to replace something. So, take the time to look at the home and see what needs to be done now and in the future. Check the exterior painting, age of water heater, driveway for cracks, and even the garbage disposal. These are potential costly items that may be on the horizon. Look for lease violations as well, such as unauthorized pets or adults who aren’t included on the lease. It’s the owners or management company’s responsibility to provide a safe and secure home for the resident.
Enforce the Lease
Finally, your property management responsibilities include lease enforcement. When someone calls us for help, it’s usually because communication has broken down and the lease was not enforced at some point. Take the time to enforce your lease from the beginning.
If you have any questions on what’s required for the property management of your rental home, please contact us at 4th Avenue Property Management and the Rob Jenkins Team.