Property Management Tips

Here are some suggested tips for maximizing your profits from your property and minimizing headaches to you...

  1. Provide your property manager the resources to manage your property on time since he is the watching your very expensive asset.
  2. Maintain your property in good working order promptly and efficiently.
  3. Screen tenants in a very detailed manner. Not all tenants are created equal.
  4. Understand that a happy tenant is usually a longer staying and prompt paying tenant.
  5. Document everything you do with your tenants and property manager.
  6. Perform concise & routine inspections of your property.
  7. Hire tried and true contractors. Beware of the low bidder and folks with no licenses and insurance.
  8. Realize that vacancies will happen and that your actions can minimize these.
  9. Market your property wisely and economically.
  10. Review your insurance needs yearly.
  11. Consult a focused Real Estate Attorney about tenant and lease issues.
  12. Take a video and photos of your property before any tenant move in.
  13. Perform annual Rent analysis to ensure your property is maximizing rents.
  14. Talk to your neighbors and ask them to contact you if anything happens with your tenants or property.
  15. Take a pet deposit for all pets.
  16. Ensure that your tenants understand that sub-leasing is unnacceptable without your approval.
  17. Document all serial numbers of your appliances.
  18. Provide tenants with an annual supply of furnace air filters and smoke detector batteries.
  19. Make copies of keys and ensure that tenants have notice that you or the property manager are not locksmiths.
  20. Ensure that tenants maintain a copy of all association documents.
  21. Maintain tenant security deposits in accordance with all local and state laws. Most judges wont have a sense of humor in court.
  22. Do not provide your tenants with your address or contact number. Your property manager is the one you should pay for this interaction.
  23. Remember rule #1.