As a property owner, you have a lot on your plate, especially now that you have the possibility of having more tenants due to rising home prices. If you want to make your life easier, consider using these properties’ management options.
Proactive Maintenance and Repairs
One of the most important things you need to do as a property owner is to keep up with maintenance and repairs. Not only will this help keep your tenants happy, but it will also help prevent minor issues from turning into extensive (and expensive) problems. Here are five essential maintenance and repair you have to do annually.
One of the most expensive things to replace in your property is your roof. It can cost around $5,500 to $11,000, depending on the size of your home. Thankfully, roof repair only costs around $250 to $1,000 annually. This proactive maintenance can save you money in the long run and prevent water damage to your property.
Your HVAC system is responsible for keeping your tenants comfortable in their homes. Regular maintenance can not only improve the air quality in the property but also extend the unit’s life and prevent expensive breakdowns.
Leaky pipes or clogged drains can be a nightmare for you and your tenants. However, regular plumbing checks and repairs can prevent these issues and save you money in the long run.
Electrical Safety Checks
Faulty or outdated electrical wiring can lead to fires or injuries. Therefore, it’s essential to have an electrician inspect your properties regularly to ensure everything is up to code and functioning properly.
The outdoor appearance of your property can significantly impact its rental value and curb appeal. Regularly maintaining landscaping, such. as mowing the lawn, trimming trees and bushes, and removing weeds, can improve the appearance of your property and prevent future issues.
Find and Screen Tenants Carefully
Finding quality tenants is essential to being a successful property owner. Be sure to take the time to screen applicants carefully. Here are four things you need to do when you want to screen your tenants properly.
One of the most fundamental things to do when screening tenants is to conduct a background check. This will provide information on their rental history, creditworthiness, and any criminal history they may have.
Verifying the applicant’s employment can give you an idea of their ability to pay rent consistently. However, it’s also essential to ensure that their income is at least three times the rent amount to ensure they can afford it.
Speaking to previous landlords and coworkers can give insight into the applicant’s behavior as a tenant and employee.
Meeting the applicant in person can give you a better sense of who they are and how they may fit in your rental property. It’s also an opportunity for them to ask any questions about the property or lease agreement.
Collect Rent on Time
Rent is how you make money as a property owner, so collecting it on time is essential. Here are ways you can collect rent on time in your property.
Sometimes, tenants don’t pay their rent on time because it’s inconvenient for them. Allowing online payments can make it easier for them to pay and decrease the likelihood of late rent.
A strict late fee policy can incentivize tenants to pay their rent on time. It’s essential to clearly outline this policy in your lease agreement, so there are no misunderstandings.
Maintaining open communication with your tenants about their rent due date and any changes to the payment process and reminding them of late fees can help ensure they remember to pay on time.
Preparing For the Future
Most landlords tend to forget that their properties would outlast them. Preparing for the future is crucial for your property and those who inherit them. Here are different ways you can prepare for the future of your property.
Planning what will happen to your properties once you’ve passed away is one of the most fundamental things you need to do as early as now. Consulting with an experienced estate planning attorney can help ensure that your property and assets are allocated according to your wishes after you pass away. They can also help you write your will, which is crucial for the future of your assets.
Having a succession plan for your rental properties can make the transition smoother for whoever takes over after you. This may include training them on managing the properties or finding a trustworthy property management team.
Reviewing your insurance policies regularly can ensure that you have adequate coverage for any potential issues with your properties. It’s also essential to update any changes, such as new tenants or updates to the property.
Utilizing these property management options ensures that your properties are well-maintained and in good condition for current and future tenants. This will not only improve the overall value of your properties but also make your job as a property owner much easier.