Any property owner knows that while property management can sometimes flow smoothly, it’s often a road that’s full of negotiation and problem-solving. If you own and manage multiple properties, the number of problems you manage on a daily basis increases. House and condo property management can be overwhelming. This is especially true if you live far away from your property or if you simply can’t give it daily attention. If you want your property to be a source of income security but not a source of daily headaches, here’s how to make property management easier.
1. Set Yourself Up for Success
How can you make the connection between you and your tenants just a little bit easier? Find the right tenants. While you need to abide by fair housing laws, within those laws you can also make decisions about who would be right for a specific property. Look at tenants’ credit checks and references. Find a tenant who will take good care of your property, and you’ll have fewer concerns about the property and fewer problems with the neighbors.
2. Communicate With Your Tenants
As you help your tenants into their new home, make sure that you set up strong communication systems. This includes a list of the rules and responsibilities of each party in the rental contract. Is it the tenant’s job to mow the lawn, or is it yours? Clarify who is responsible for what actions, and set up an online communication system to help you and your tenants communicate on a regular basis before small problems become large ones.
3. Create Systems For Home and Condo Property Management
When you have properties to manage, you need systems that will help you manage those properties. As a property owner, you need to set up:
- Property advertising
- Screening processes
- Maintenance routines
- Regular property inspections
- Rent collection processes
- Invoice tracking
- Document management
With processes to track your budget and expenses, your tenants’ documents, and records of completed property maintenance as well as scheduled maintenance and repairs, you can stay on top of emerging issues in your properties.
4. Know Who to Call
If you can’t be at your property to manage problems that arise, who can you call? When the plumbing leaks or a tree falls onto your condo building, you need to be ready. Create a list of accomplished professionals who are available on short notice to help you with property repairs. Get references from others to ensure that these professionals are people you can trust to take care of your maintenance and repairs with quality and consistency.
5. Work With a Property Manager
You’ve been ambitious, and you’ve tried to do it all. If doing it all isn’t working for you, consider calling a property management company. A management company has systems that work. Management companies set you up for success by advertising and screening your new tenants, and they continue your success with strong maintenance systems and connections to contractors who can work on maintenance and repairs.
If condo property management seems like it’s more of a headache than it’s worth, don’t abandon your plans to be a long term landlord. Instead, work with a property management company. At Lori Gill and Associates, we’re here to make property management easier for you. Connect with us today.