Guest Blogger #645, Entry #1534, August 30, 2012
Managing a rental property is a fantastic way to make money. The workweek is relatively easy, and though stressful situations arise, it can be pretty simple to deal with the common challenges that face a property manager so long as you’re a savvy one. And luckily for you, we’re about to talk about five great ways you can make sure managing your rental property is the ideal source of income for you. Being the landlord of a property doesn’t have to be the nightmare that it sometimes is, and following the right strategies will not only eliminate some tenant problems, but might even make them more eager or willing to give you rent on time!
1. Use a Reputable Property Management Software
There are plenty of dedicated programs for this, and you’ve got to make sure you’re using one to keep track of your books, expenses, tax information, and all the other very important numbers, figures, data that is involved with a job like property management. This way you can keep records of everything and make sure that every single financial transaction you make is recorded. This is huge, especially when considering taxes, which are an incredibly important aspect of property management.
2. Maintain Everything Pre-Emptively
If you keep things nice and clean at your building, not only will your tenants be happier and more willing to shell out their rent on time, but you’ll simply develop a reputation for having a better-looking property. Keeping things nice and clean will either set you apart or keep you current with the surrounding living areas, so you want to make sure that you offer a competitively comfortable living situation.
3. Upgrade Those Utilities
Fix things as soon as they need to be fixed. It’s as simple as that. If you make tenants wait to have important things fixed, then they’re not going to happy and might be more apt to give you trouble. Keep everything in working order, and always do a thorough maintenance sweep when apartments are empty between tenants. Whenever you have the chance, upgrade your utilities so you’re working with the newest and the best available, and not even have to worry about things breaking down.
4. Find Tax Breaks.
There is a mountain of tax information involved with managing a rental property, and finding where those breaks are can mean huge savings for you. Most costs for maintenance and repair are tax deductible, as are other important things that you kind of can’t do without. Expenses like utility bills and such can often be written off.
5. Charge Rent Carefully
Don’t go overboard with your rent. Try to keep yourself within about $100 of the average rent at the buildings nearby. If you overcharge nobody’s going to want to live at your building, no matter how well-maintained it might be.
There are so many ways to improve your property management experience that at this point, you might very well be a professional by now. Maintaining a nice building and a good relationship with your tenants makes it all the more easy. If you’re looking into owning a rental property, you want to get a property management quote and then determine if it’s the right business for you. Who knows, you might make an excellent landlord. And if you’re already one, then these simple tips can help you be further on your way to a more successful and sustainable business.
For more moving tips on Stagetecture, click here.