Don’t get freaked out about the term”rental property management”, it sounds threatening but all it really means is:
A game plan to keep your rentals headache free, cash flow creature.
Does that sound a little better than leasing property management?
You better believe it will and guess what. Managing rental apartments is merely a matter of having the proper mind set and doing some preparation ahead of time.
I do not care if your talking about one two family property, a six unit house or twenty rental properties, having a game plan for managing your rental units is essential!
Before I go any further, you need to know that I always manage my own rental units. I would never have an external property management firm manage my properties. I knew a roofer who had a gig set up, where he would give a kick back to the man in charge of getting bids for a property management company!
Learning whats involved beforehand for managing rental houses will save you plenty of hassle and time.
Your rental property management plan has to cover:
Who’s going to do the basic maintenance repairs,i.e. clogged sink or toilet, broken facet, doorknob,window, electrical plug not working, etc.. If not, you will want to find handymen that won’t break the bank.
Are you able to financially handle more acute problem, such as roof leaking, need to replace a hot water tank, need new furnace, vacancies…
How to screen tenants. See roofing renton wa. After all, they are the source of your profit center.
How to control your tenants to ensure their personal/financial issues aren’t your concern.
Whenever someone goes out or you evict someone, who is going to prep the flat for the next tenant.
Talking of evictions, do you understand how to do one? How much does it cost?
How to accommodate the proper mindset for successfully owning rental property.
You’ve got to have a property management plan that is appropriate for you. This is key. You see, some folks are white collar, some are blue collar, some are hands on, some can’t and don’t need to learn how to turn a screw driver, each bodies situation is different. Knowing this and using a system to manage your property will maintain your rental property a cash flow animal.
Allow me to rephrase that. Having a property management program that works for you will keep investing in rental property hassle free and running like a well oiled machine.
Getting your rental units be a cash flow machine is a primarily a function of buying the rental property at the perfect price. However, even having purchased a multifamily house at the perfect price, you can end your rental property being a cash flow creature with no fantastic property management plan.
Remember, a good rental property Program will
Help you find good paying tenants who will not do much more harm to your flat than normal wear and tear.
Allow you to charge top rent because your apartment warrants it.
Ensure things get fixed quickly and cost efficiently when required.
Keep your tenants happy, so you don’t have frequent vacancies as a result of poor property management.
Make owning rental property stress free.
Recognizing what a rental management program should entail and implementing it’s going to make your rental property business enjoyable and successful.
Some of the rental properties were complete rehabs while some had existing tenants and just needed cosmetics