Once you purchase an investment property, the real work begins.
You now have to manage it.
There are several aspects of the management process you’ll want to have a good grasp on to help ensure success as a property manager.
Take Steps To Avoid Tenant Turnover
Happy tenants are less likely to leave, so do what you can to make them happy from the beginning. Respond as quickly as possible to repair requests, consider upgrades such as stainless steel appliances, and be vigilant about your tenant screening procedures to lessen the risk of tenants moving because of unpleasant neighbors.
Stay Up On Maintenance
Keeping up with the maintenance of your property is important for a couple of reasons. The first reason is that maintaining property will help keep your tenants happy and more likely to renew their lease. Secondly, keeping your property in good condition is legally required for meeting safety and health standards.
Hire A Property Manager
To lessen the burden of managing a property on your own, it may be helpful to hire an experienced property manager. These managers can do as little as collect the rent, or they may handle all aspects of the management process, including property maintenance or finding tenants. Poor management can ruin your investment, so put as much effort into the selection of managers as you would tenants.
Take Care of Taxes
One of the largest financial obligations property managers must address is paying taxes. To best protect yourself and your investment, it may be helpful to hire an accountant to help you navigate the tax deductions you can take and those that will raise eyebrows with the IRS.
Use Your People Skills
As a landlord, you must be prepared for tenant complaints, because they’re bound to occur sooner or later. Show that you care about your tenants’ experience by following up with them after handing a problem. Familiarize yourself with common complaint topics and how you can best address them in a respectful way.