Did you know that nearly 31% of people in the United States rent their homes or apartments?

Rental properties are great, they provide temporary housing for families and income to the property owner.

If you want to make money by renting out properties, there are a few things that you need to be prepared for. 

Continue reading to discover the basics for rental property management to help make you a better landlord! 

Focus on Maintenance & Repairs 

One of the largest factors to consider with rental property management is maintenance and repairs. 

If you are running an apartment complex, you must ensure that the living conditions are suitable for everyone in the building. You will have to work with contractors to fix and replace damaged areas. Neglecting to make repairs can lead to tenants not paying their rent, which they have the right to withhold in certain conditions.

Before you start moving tenants in, develop a list of local contractors that you can work with. This will make it easy to get problems resolved when they come up. 

Take Care of Rent Collection 

Before moving tenants in, you will have to discuss the price of their unit or property.

You will also need to set clear expectations about when rent is due and when it becomes late. This information must be written down in their leasing contract to hold them accountable. If you need assistance with rent collection, these 10 tips for property management bookkeeping can help guide you. 

Rent collection should be a simple process. Some landlords have tenants drop off a check in a dropbox, while others allow direct deposits into an account. Figure out which method is best for you so that you can properly track who paid and who didn’t. 

Handle Leasing & Documentation

Every tenant should have a rental application, provided references, and signed a contract.

All of this documentation must be safely stored in case you need to reference it. Most landlords review this information when lease renewals are coming up to ensure that the tenant is still a good fit. Having this documentation will also help if legal matters were to come up, which they inevitably will. 

Conduct Property Inspections 

Everyone in the real estate industry should be aware that property inspections are a must. 

As a property manager, you will be responsible for conducting these inspections. They help to ensure the safety and convenience of tenants. This also provides opportunities to ensure that your tenants are abiding by the rules and terms that were set in your contract with them. 

Try to be as thorough as you can with these inspections. Always inform tenants ahead of time that you will be conducting inspections so that they can be aware. 

Improve Your Rental Property Management

When it comes to rental property management, there are many factors to consider and take on. 

By utilizing this guide, you can prepare yourself for dealing with tenants, financing, and maintenance. Landlords, or property owners, are responsible for a variety of things to help make residents more comfortable. 

Increasing your management skills can increase your tenant satisfaction and make you more money in the long run. 

Be sure to check out our blog for more articles about property management and being a landlord! 

Jane