Property management is a big responsibility and can require undertaking a list of tasks on a frequent basis to make the process of managing your property go smoothly. Depending on how many properties you are managing and if you’re letting them out, you may find that there are even more things to consider than first anticipated. So here are some useful tips and advice to help make the management process bit easier and more efficient.
Follow Landlord-Tenant Laws
It’s important to understand and comply with the landlord-tenant law. This will make it easier for you to manage your rental property and will help you to avoid making certain mistakes in the management process. It will also protect you from unnecessary fines and legal actions so make it a habit to check that you are complying with all the relevant laws regarding your property and tenant's.
Minimise Tenant Turnover
Another effective way to manage your property is to minimise tenant turnover. The process of listing your property and booking viewings to find new tenants can be quite time-consuming and expensive, not to mention the fact that your property won't be generating any money during these vacant periods. Therefore, you should try to avoid having frequent tenant turnovers as much as possible by making sure that you are keeping your tenants happy.
Do things such as responding to tenants’ queries, making sure repairs, or replacements are carried out promptly and keeping up with the property’s maintenance, can go a long way to ensuring that tenants feel comfortable and settled. This is a great way to encourage your tenant’s to continue or consider a long-term tenancy with you.
Avoid Rent Increases
An additional tip to consider is not increasing rent. This can put off tenants, especially if there are cheaper properties available in the area, so avoid putting an above average rent Increase on your property if possible.
If you do however decide to increase rent, then consider increasing it by a relatively small amount. Remember moving out can also be stressful and inconvenient for tenants. Between going to viewings, paying reference fees, putting down a deposit and moving costs, leaving a tenancy can prove to be quite expensive for the tenant as well. Therefore, most tenants are more likely to accept an increase in rent if it is relatively small rather than facing the hassle of moving.
Outsource Some Work
If you are managing more than one rental property, it is unlikely you will be able to handle every single aspect of managing the properties by yourself, some of the work such as repairs may need to be outsourced. In order to manage your properties effectively and save yourself the burden and potential headaches, consider hiring a contractor who can take care of such repairs and maintenance on all your properties. Contractors tend to have special deals available for working on multiple properties, so you could end up saving yourself some money as well.
However, it is important to do some research and set clear expectations with whatever contractor you decide to work with. It is also a good idea to make sure you review them regularly to ensure you always get the best deal.
Hire a Property Manager
There are a number of benefits of hiring a property manager as they can essentially be an all in one stop for property owners looking to get a more structured and comprehensive property management services. An experienced property management company can end up saving you a lot of money and hassle.
One great benefit of hiring a property management company is how they conduct the screening process for potential tenants; property management companies have a variety of resources to carry out a thorough screening process. As a result, they are able to weed out any unsuitable tenants and are generally able to find high-quality tenants. Aside from that they can also collect rent and pass it onto you, managing maintenance and repairs, conduct checks and referencing, draw up tenancy agreements, assist with legal processes and much more.
The haart Investor Services Team is here to help customers obtain more information about how to maximise their investments in the current property market. Whether you are an experienced landlord or just starting out, haart has extensive local knowledge to let your property quickly for the best possible price, to quality tenants.
We offer three levels of service – Let Only, Rent Collection and Full Management, giving you peace of mind, every step of the way. Our friendly, staff are available seven days a week to help. Contact Your Local Branch Today