Real estate can be a terrific investment. Whether it’s a single-family unit or a multi-unit apartment complex, competent property management is the key to success. Poor operation can cost you time and money and add a lot of stress. Here are a few tips to ensure your property runs smoothly.
Maintain Your Property
You’ll want to make the property feel like home sweet home for your tenants and doing proper upkeep can make all the difference. Paint building exteriors and inside units to keep everything looking fresh. Deep clean carpets in units and common areas such as lobbies, hallways, laundry rooms and gyms. Repair any broken appliances and fixtures to make sure everything is working properly. To keep your curb appeal high, mow the lawn, plant flowers and stay on top of landscaping. In the winter, shovel and salt sidewalks and plow parking lots when it snows to avoid slips and falls.
Using the internet is a great way to find tenants but screening the right tenants requires a little work upfront. Write detailed descriptions about your property and post openings on your website and other apartment rental sites. Have all prospective applicants complete a rental application. Be sure to conduct income verification, background checks and contact the applicants’ references. Give an in-person tour of the unit and conduct an interview to make sure it’s a fit for all parties.
Communication is Key
As they say, communication is important in a relationship and the landlord-tenant relationship is no exception. Speak to everyone in a courteous manner and respond to tenant and prospective tenant emails and phone calls within 24 hours. Offer a resident handbook, include information on your website and post signage in your lobbies to make sure tenants know all the rules, emergency plans and other procedures. Host events so you can get to know your tenants and they get to know each other to build a sense of community. You may want to consider offering a newsletter to highlight on-site events and other happenings in the community. Residents will be more likely to follow the rules and be good tenants if they feel a sense of belonging.
Provide Top-notch Rental Property Management
The property manager plays a vital role in keeping the day-to-day operations of a property working well, so finding the right person for the position is critical. You’ll want to hire someone who can provide excellent customer service when managing requests and complaints from tenants and handle evictions if necessary. You may want to invest in rental property
management software to help him/her stay organized with scheduling appointments and showing units to prospective tenants. It can also help streamline the communication process with tenants and assist with accounting tasks such as accepting and depositing rent checks.
Follow Safety Protocols
Providing a safe and comfortable environment for your tenants and staff is priority No. 1. Make sure all door and window locks on your property are working properly. Use outdoor lighting and timers and ensure lightbulbs are working in all common areas, parking lots and walkways. Install cameras in high traffic areas such as parking lots, gyms and pools. Ensure that your property has appropriate fire safety equipment, including fire extinguishers, smoke detectors, and fire alarm systems. Make sure your employees know how to use fire extinguishers and are trained on emergency evacuations.
Get Business Insurance
There’s no place like home, but things happen. Having business insurance can protect your property from damages caused by things like leaky roofs, burst pipes, accidents, burglary or natural disasters. For a comprehensive business insurance policy that protects you against risks such as property damage, workers’ compensation, liability, and loss of income, contact your local FBMICI agent.
Disclaimer: The information included here is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts.
Better Home & Gardens
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