Deciding to invest in rental property is a big move but knowing that there are many property management companies available to help can be comforting. Keeping good tenants while taking care of your investment can be difficult, but hiring a good property management firm will take care of the majority of the challenges. If you’re thinking about becoming a landlord, deciding to hire a property management firm to help take care of your property and keep tenants satisfied is often the smartest decision.
Rental property managers know that Millennials now comprise an estimated 40 percent share of the rental housing market. A whopping 90 percent of Millennials rent. This group is saddled with student loan debt and faces soaring real estate costs but they may also simply be more comfortable paying rent than a mortgage after witnessing the aftermath of the subprime mortgage fiasco.
Your tenant’s rental agreement is coming to an end and you want to keep the good tenants you have known for years. Sending a lease renewal letter to your tenants before the current lease agreement runs out is a good way to let them know you want them to stay.
Top 6 rental property management tips for lease agreements
Running the daily operations of rental property management from collecting rent to property upkeep and handling neighbor disputes is a time consuming and sometimes challenging job. Rental property management companies can get into legal trouble or be fired from their position if they do not conduct themselves in a professional and capable manner. While there are all sorts of potential issues associated with property management,
these are the most common rental property management mistakes to avoid:
When hiring a rental property manager, it is beneficial to understand the job description. He or she could be responsible for everything from marketing and screening tenants to setting the rental price to handling all the maintenance required on the property.
Rental Property Manager Job Description
Every home has “standout” features that should be emphasized and highlighted in marketing efforts by residential property management. Owners and property managers should survey the and home determine the standout features.
- Is the living room particularly big and appealing?
- Is the kitchen larger or more inviting as compared to other spaces of similar square footage?
- Is it an open floor plan?
- Are the appliances modern and fairly new?
- Is there a large master ensuite and walk in closet?
In owning or renting a property in Washington state there are several different property management laws the property owner must keep in mind. These laws are thorough and cover a wide range of topics. This article provides a brief summary of some of the most relevant laws. This information can prove valuable as rules for property management companies to follow.
For anyone looking to make money off of an investment property used for vacation rentals, there are several key aspects to keep in mind. Rental property management can help maintain the property, clean it and keep it looking professional while the owners are gone, but beyond this, there are five pillars of successful rental property management, most of which are up to the owner and the property itself.
The 5 Pillars of Successful Vacation Rental Property Management
It is imperative for a rental property management company to manage property maintenance and repairs in a strategic way. All repairs should be documented with a work order that details the date and time, repair item needed, and an action plan to implement and properly service the tenant and property.
Rental property management companies should keep a detailed list of all appliances and major equipment within a property including the following items: