Owning rental properties is one of the best ways to increase your wealth, which is why there are more than 43 million homes for rent across the country. But managing those properties can become an overwhelming and stressful task if you're not careful.
In order for rental property management to not take over your entire life, you'll need to be strategic about you handle all of the major tasks required. A little bit of planning ahead of time can save you the stress and panic that can come when you don't know how to handle a specific situation.
In this guide, we've outlined the top four rental property management tips to help you make the most money and enjoy doing it at the same time!
1. Set Up a Maintenance Schedule
One of the first things you'll learn about how to manage a rental property is that there is always something that needs worked on or cleaned. The best thing you can do is put together a maintenance schedule to try to avoid surprise issues popping up.
When you stick to a maintenance schedule, it's less likely that something will go undone for too long. Your proprieties will stay much nicer when the work is regularly done.
2. Hire Out Rent Collection
Arguably the most important part of investment property management is rent collection. This is the only way that you'll get any income from owning the home but it can often be a difficult task to make sure you get paid in full and on-time.
Many property owners find hiring out the rent collection to a professional company makes it easier for both the tenant and themselves.
3. Stick to Policies and Procedures
It's easy to see that the best way to manage an investment property is to have set policies and procedures to follow. This keeps you from having to figure out new solutions every time an issue comes up. Sticking to your set procedures and policies for every tenant makes your job much easier and sets clear expectations.
4. Thoroughly Screen Tenants
The best way to avoid problems while managing a rental property is to have good tenants living in your spaces. This means you have to thoroughly screen the potential tenants before they move in.
Set clear, high standards for the people you approve to live in your properties. No one should be approved if they don't meet those criteria or agree to your contract.
Simplify Rental Property Management
Getting into the rental property management industry can be an exciting endeavor. There's so much potential and possibility, it could be a complete game-changer for your career.
But there are also a lot of curve balls that can be thrown and different challenges that come up as you navigate working with tenants and owning buildings. It's helpful if you have some professionals on your team to help you develop your strategy for dealing with everything. They can point you in the right direction and also handle some of the things you're not interested in.
If you're interested in learning more about working with a property management team in Colorado Springs, contact us today!