Managing a rental property can take a great deal of time and energy. If you have rental properties in the Houston area, you want to make sure you're doing it to the best of your ability. Are you just getting started as a property manager? Are you looking for tips that can help you become a better property manager? These tips can help.
1. Utilize an appropriate tenant placement program.
Before you choose renters for your Houston rental property, make sure you're utilizing a tenant placement program that will provide high-quality tenants for your rental. You want renters with a history of paying on time, the jobs they need to continue to make those payments, and who will take great care of your rental property--and a tenant placement program like the one used by Renters Warehouse can help make that happen.
2. Document every interaction with your tenants.
When you speak with your tenants, document it. Keep track of all of your interactions. If a tenant offers a reason for late rent payment, document it. If you offer him an extension, document it. Documenting tenant interactions can also help keep you track of maintenance and repair requests or any alterations made to the property while the tenant is living there.
3. Make yourself readily available to your tenants.
If your tenants can't get in touch with you, they can't let you know when there's a problem. Not only that, they may quickly grow frustrated--especially if there's a serious problem that demands your immediate attention. If you're readily available, on the other hand, you'll find that you have overall better interactions with your tenants and can more effectively deal with any trials that might arise.
4. Maintain work/life balance.
While you need to be available to your tenants at need--preferably on their schedule, which means that they need to be able to contact you on nights and weekends--you must also maintain a reasonable work/life balance. There are times when you will not be available to your tenants, and they need to respect those boundaries. You might, for example, want to keep your cell phone number or personal email address private so that you don't need to deal with tenant problems when you're out and about. Maintaining work/life balance will also help prevent burnout and make it easier for you to keep up with your tenants' needs.
5. Make rent payments as easy as possible for your tenants.
If you want to collect rent on time, make it as easy as possible for your tenants to pay it. Easy online payment options or even automatic payments will help make it easier for tenants to take care of their rent obligations, which means you will be more likely to get your rent paid on time.
6. Get to know your property.
Know what it looks like and what the area is like. Conduct regular inspections to get a better feel for how the tenants are handling the property. The better you know your property, the better you can spot potential problems--and the more information you can offer your tenants when needed. Pay attention to the area around your property, too. Note signs that the neighborhood as a whole is improving or deteriorating to help you make better decisions about your property.
Are you tired of trying to manage your rental properties on your own? Are you looking for an experienced property management company that will streamline the process and make it easier for you to handle maintenance, collect rent, and deal with the other aspects of maintaining your rental properties? Contact us today to learn more about how we can help.
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