3 Tips for Better Property Management

Tired of managing tenants or waking up to maintenance woes late at night? If so, then you are on the right page.

When you decide to enter the investment property business and buy a property, it is just the initial step. The next step – rental property management – actually decides your success or failure in the business. When starting our many landlords look at the glamour of the returns on their investments and overlook the importance of property management. As a result, the task of property management takes a toll on them.

If you have been struggling with Edmonton property management issues, then here are a few tips to better it:

Ensuring the Property is Well-Maintained and Secure

No one would want to stay in a property that has constant plumbing or safety issues. Even you wouldn’t want to. The solution to this problem is to keep up with repairs and maintenance. While this is your responsibility under the law, there are several other reasons why maintaining your property is essential. A well-maintained home that exudes a safe living atmosphere can attract tenants and does not give them the right to withhold the rent. This increases your potential for success in the rental business and makes the task of managing the home easier. Make sure you monitor your property now and again, conduct the necessary repairs, and keep it well-maintained.

Screening and Managing Tenants

As a rental property owner, you would want a continuous flow of tenants and also avoid tenant turnover. Tenants are of two types – good and bad. Bad tenants not only frustrate you but increase the turnover rate that could evoke doubts about your property. To prevent this scenario, screen your tenants. Don’t go on the face value of the information they offer. Have a face to face meeting and conduct credit and background screening on them. Also, check references to ensure their reliability. Once you have the screening process in place, the next step is to manage tenants. Quickly responding to their requests and keeping the property in good condition are simple ways you can keep them happy.

Document Management

Oral terms have no value in the eyes of law. When entering into an agreement with the tenant, it is vital to define your relationship with them in writing. This can be done by way of rental and lease agreement. You may add important factors like the tenure, rent amount, and payment methods. Also, add clauses related to handling tenant complaints, repair and maintenance, etc. If you do not specify these, you can get bothered by untimely calls and end up paying additional costs for damages done by the tenant. Understanding of the landlord-tenant law can be helpful in the process.

Once you have everything in writing, make sure all the documents related to the deal are in order and managed well. In times of need, you do not have to skim through drawers and shelves, but get everything you need easily.

Good management is the key to dealing with rental properties. While this is true, property management is not everyone’s cup of tea. It can be especially problematic for those staying far from their rental property. If you wish to succeed in the business but do not want to take up these hassles, then hire an Edmonton property management firm to help you.