How Can Landlords Manage Their Rental Properties Effectively: Tips and Advice

Knowing how to be a decent landlord and manage your rental property requires some skill, but it’s not impossible. If you have a piece of extensive knowledge of rental property and the right tools, you’re already on a good track. 

Although managing a property may seem overwhelming, all you need to do is choose a strategy that’ll keep your business running effectively. Whether you’re a first-time landlord or you’ve been in the market for too long, there are some expert tips to help you manage your rental property smoothly. 

3 Main Responsibilities of a Landlord 

Many landlords know how to do their job properly and manage their rental property. Others, however, aren’t aware of some of the main responsibilities that they have, including the following:

Tenant Management 

Tenants are one of the most crucial parts of rental properties because they want to get what they’re paying for. Unfortunately, sometimes tenants tend to have unreasonable demands, and as a landlord, you might feel overwhelmed with pressure. 

However, you must understand the landlord-tenant laws and other requirements before making any sudden changes since this can result in breaking the law. The best way to handle such complaints is with diplomacy, meaning having a balance between keeping the cash flow strong and the tenant turnover low. 

Property Management 

Landlords are also responsible for keeping the rental property safe for both the tenant and other people in the neighborhood. Although on average, landlords have up to three properties to their name, not all of them are capable of inspecting each property effectively. 

That’s why documenting the condition of the property before the tenant enters it is essential to avoid damage. Additionally, most states allow the landlord to keep the tenant’s security deposit in case the tenant causes damage. 

Financial Management 

One of the most crucial parts of being a landlord is the finances, especially since they have to keep track of every money received and spent. Different expenses such as rent payments, security deposits, or late fees must be credited to the proper accounts. 

Managing the finances of a rental property can be stressful because if there’s an error or audit, the landlord may be charged with a penalty, fee, or interest. 

Rental Property Tips for Landlords 

After purchasing a rental property, landlords must be prepared for many things; however, we’ve listed only some of the main ones:

Manage Tenants 

Keeping up with different tenants requires some skills, especially the ones who tend to complain all the time. As a landlord, you need to be aware of the common complaints and learn how to address them. 

When you follow up with a tenant after damage or problem has occurred, it shows you care about their safety and well-being. Regardless of the complaint, you should be respectful to the tenant and respond to them accurately. 

If you want to avoid evictions, you can use a tenant screening or an eviction history check to select only the best tenants for your property. This process provides you with a broader picture of the applicant and whether they’re able to pay their rent on time. 

However, if the tenant breaks the lease’s rules and causes abnormal damage to the property, landlords can ask them to leave early. You’d be surprised at how 48.7 percent of landlords have requested a tenant to break off their lease beforehand. 

Inspect and Maintain the Rental Property

Once the tenant moves in, the landlord is ten times more responsible for the inspection of the property and the safety of the tenant. That said, maintenance and repair inspections must become routine, so the sooner they occur, the better the chances of catching minor issues before they become bigger.

Additionally, you must be able to perform seasonal maintenance, such as the following:

• Water heater
• Heating and cooling system
• Roof
• Other appliances

Collect the Rent on Time to Enforce the Lease

If you’re a landlord and trying to make a profit out of your property, you must collect the rent when it’s due, instead of waiting for the check to come. Nowadays, you can use certain online payment systems to collect the fees paid by the tenant, which is more convenient than waiting for the mail to arrive.

Additionally, you could use Rentberry as a way to connect with your tenants as this is a much effective way of submitting applications, signing rental agreements, or online rental payments. 

Not only that, collecting rent online increases rent collections and it’s a good way for tenants to pay the rent on time. Additionally, according to an analysis, tenants who pay their rent online are more likely to get in the habit of paying when it’s due.

In case a tenant tries to pay their rent late many times in a row, you can charge them late fees. At the same time, these tenants can cause cash flow problems for you and may end up being evicted from the property beforehand.

Don’t Be Afraid of Eviction

Many landlords refuse to evict their tenants when the same ones don’t pay the rent when it’s due, and that’s unfortunate. Regardless of the screening process, you might have to use eviction under certain circumstances.

Although an eviction can cost up to $3,500, it can also be time-consuming. To top it off, you might have no rental money at the end of the month or you may have to fix any damage caused by the tenant.

However, a decent strategy that some landlords use is to offer cash in exchange for keys, as this is more effective to avoid an expensive eviction and get the cash flowing again.

List your home for rent on beycome

Source: freepik.com