Are You Fit to Manage a Rental Property?
Category Advice
Managing rental property is a massive undertaking, and if it isn't done efficiently, you could end up facing some heavy consequences. Before deciding to take on the responsibility yourself, learn more about what managing rental property entails:
Financial Management
Being aware of incoming and outgoing money is part of a landlord's responsibility.
Other than making sure you are getting the right amount of rent in each month from your tenants, you need to make sure utilities are being paid for (whether by you or the tenant), your mortgage payments are going through monthly, insurance is covered, and your yearly taxes are done. Also keep in mind that there may be unexpected fees for maintenance or possible fines.
Maintenance Management
Taking care of the property itself is a big part of property management, and you'll need to ensure the house meets all health and safety standards.
As a landlord, you have to tend to possible leaks, plumbing or electricity issues, and any major damage to the property. Depending on the conditions of your rental, you might also be responsible for garden maintenance, and ensuring your tenants have access to the basic household utilities.
Tenant Management
For many, tenant management is the most daunting duty of a landlord. Maintaining a good relationship with your tenants is key to keeping both parties happy.
Other than collecting monthly rent, a lot goes into managing tenants moving in and out of your property. Firstly, you will go through the process of finding a suitable tenant, thereafter you'll need to draw up a lease agreement that meets legal standards. Keep in mind that your relationship with your tenant doesn't end once they've moved in - you'll still be responsible for tending to any complaints and repair requests your tenants might have.
Although it seems like a lot of work, it is possible to handle rental property management on your own. However, if you feel you've already got a lot on your plate, outsourcing help is an option!
Reach out to us if you're a landlord looking for a hand.
Author: SApropety.com
