Property Management Tips.

If you have invested in real estate property, then you know the value of good property management! Owning investment properties is exciting and can be a very strategic choice but managing them well is crucial to investment success in the long run, as well as alleviating stress in the meantime. 

Whether you choose to manage your properties yourself, or to hire someone to oversee their management, these are some of the key areas to be aware of:

• Screening potential tenants. The tenants you have can really make or break your investment property experience. It is important to screen potential tenants, and strive to find renters who will abide by the lease requirements, pay rent on time, and reasonably maintain the property. There are a few steps you can take that help tremendously with the screening process, including credit evaluations, reference verification, and background checks. Although this step takes a time commitment, it is essential for the long-term success of your rental property. 
• Financial management. This is the bookkeeping aspect of managing your rental properties. It includes tracking rental payments, repair and upkeep expenses, keeping records for taxes, and the like. If this is something you have the bandwidth and experience to handle yourself, amazing! But if that is not the case, don’t hesitate to hire someone to manage your bookkeeping. Knowing that the financial management of your properties is in capable hands can make managing your investment properties in general so much simpler!
• Maintaining the property. And then there’s the physical maintenance of the property! As with any home, the need for repairs and upkeep will arise. This includes routine maintenance, such as landscaping and mowing the lawn, as well as urgent repairs, such as leaks and plumbing issues.
• Legal paperwork. On top of bookkeeping, investment property management also requires a bit of legal paperwork as well. This encompasses writing leasing agreements, setting in place eviction procedures, and making sure that all processes are in line with your State’s Residential Tenancy Authority. 
• Marketing the property. Having a consistent flow of tenants is essential to the success of your rental properties. So making sure your property is well-marketed should be a priority for property investors. In our day and age, marketing online is an effective route to take!

If you have any other questions regarding investing in properties, or managing investment properties, I would love to chat more about it! As always, don’t hesitate to reach out.