Tips for a Successful Management of Your Rental Property
If you’ve ever owned residential buildings, then you are not new to the numerous problems that come with dealing with tenants. Unreliable tenants can be a source of a headache. So how do you make sure that nothing goes wrong? Here are a few helpful tips:
Make the tenants aware of their responsibility.
Part of residential property management lies in letting your tenants know which maintenance tasks they need to take care of. While you’ll need to pay for the general wear and tear, your tenants can take care of smaller things like replacing light bulbs and unblocking clogged drains.
Include a clause in your agreement to make such things clear. You could also resort to hiring a residential property management firm such as Froerer Real Estate to help you oversee your investments.
Find suitable tenants.
The kind of tenants you have will determine whether you will have an easy time managing your property. You want tenants that pay on time. While it’s advisable to conduct a thorough credit history check first, don’t stop there. Meet the tenant in person, and ask questions about his or her work and background.
Have a reliable handyman available.
Your tenants need to have a reliable person they can call for repairs such as toilets that won’t flush or shower heads that get clogged. This way, you won’t always have to take care of things yourself. The handyman can then email you the invoice in case the problem isn’t something that the tenant is responsible for.
Keep a separate bank account.
Some investors use the same account for both their personal finances and their rental income. This may seem like a good idea if you have one property. The only problem, however, is that this can create lots of confusion when you are filing your tax returns. Thus, open a separate bank account for your property.
Managing rental houses does not have to be a difficult affair if you know what you are doing. If you can find trustworthy tenants, this is something you can pull off with little stress.