If you’re looking into investing in rental properties, you’ll need to know how to manage them. There are a lot of factors to consider, including finding tenants and collecting rent checks. It may seem like a straightforward task, but it can be complicated. In this article, we’ll walk you through eight tips that will help you be a successful landlord without becoming a slumlord.
The first step in managing rental properties is marketing them to potential renters. You’ll want to advertise on online databases or local listings that feature high-quality photos and a comprehensive description of the property. You’ll also need to screen applicants by running a background and credit check, verifying their income, and asking for references. This will help you find reliable tenants that won’t cause damage to the property or run up your utility bills.
Once you have a tenant in place, it’s important to communicate with them regularly. This will allow you to catch any maintenance issues before they become major problems and make your tenants feel that you care about them and their home. It’s also a good idea to build relationships with reliable experts in plumbing, carpentry and pest control before you have any tenants.
The last aspect of managing rental properties involves financial management. It’s important to set up a checking account that is dedicated solely to your rentals, as this will help you maintain a record of expenses and income for each property. This will also help you comply with state landlord/tenant laws, as most require that you keep tenant security deposits in a separate savings account and track any interest earned. managing rental properties