As a rental property owner, you are the individual ultimately in charge of the maintenance, repairs, and management to the property. You can do so by yourself or you can hire a professional property management service. Whether you want to handle all of the work, some of it, or turn it all over to a management service, make sure that all the aspects and details for the property are still a good investment. Here are some recommendations to help you manage your new rental property.
Visit Your Property
For the most part, your property is going to run smoothly and it will not need a lot of hands-on attention with daily management. However, it is a good idea for you to regularly visit your property. This way, you can keep an eye on the general condition and activities going on at the location. For example, if you own a multi-unit property with twelve rental apartments, take some time once a week to drive through the parking lot and look at the dumpster, sidewalks, breezeways, and porches of your rentals. This way you can make sure they are not cluttered with trash, vandalism, or harbor other damage.
You should also arrange for a thorough and periodic inspection of each unit. You can complete this once a quarter, monthly, or at any another regular frequency. During this inspection you can complete a pest control service, change out the furnace filter, and do a visual inspection of the interior condition. You can also check smoke and fire alarms, interior water lines for any leaking, and inspect the roof and downspouts for problems. If you live too far away to make this process convenient, arrange for a property manager to visit regularly and handle other maintenance and management tasks for you.
Know When to Delegate and Outsource
There may be a variety of different tasks you want to and can handle on your own with your rental property, but doing them all may not be possible. Sometimes it is a good idea for you to hire others to complete specific jobs in your property management.
For example, your bookkeeping tasks may become overwhelming when you get a few rental properties, although you used to be able to handle your bookkeeping when you had just one or two rentals. Another example would be for cleaning your rental's carpeting, Hiring a professional to do the task is going to pay off when your carpets look clean and stain-free for the next tenant to move in.