Do’s and Don’ts of Managing Rental Property – Part1

By on July 22, 2015

Owning rental property can be a profitable investment strategy. While the property is subjected to market fluctuations, dollars spent on bricks and mortar is a solid business option that not only pays for its own purchase price via rent collection, but is also a significant source of tax savings. Property Management, though, is not a piece of cake. It requires a lot of effort from your side, especially if you are not hiring a professional property manager. So, here we are going to give you a quick list of the important Do’s and Don’ts of managing rental property to help you with your business.

Do’s of the Rental Property Management

Well Maintain Your Property

 It is vital to keep your property value protected. Renting your property depends upon many factors, including the overall condition of the building while you are renting it out and also maintaining it throughout the renter’s tenure. You just need to give a hint to the tenant that you care for your property. This may be demonstrated through simple activities like fixing a broken window, or painting a damped wall. He will then know that you will not tolerate any poor housekeeping habits or negligence of any kind.

Get a Significant Cleaning and Damage Deposit

 Every state has a clear list of rules and laws about how much deposit money one can collect from his renters, how and where he/she can maintain those funds, and how and for what reasons repair and cleaning costs may be deducted from that fund. These details should be properly mentioned in the lease or rental agreement so that it gets very clear from the beginning itself as to what rules apply and what not. By being very transparent in this way, the tenant will know what the landlord will expect at the time of exit inspection.

Take Your Agreement Seriously

 A rental agreement is a contract through which you, as an owner, allow the renter to use the property in an appropriate, authorized way; and tenant agrees to pay you for the privilege of living in your property and expects you to maintain the building in an acceptable way.  You must not deviate from this basic understanding ever.

For instance, if the rent is due on the first day of the month, you should be well prepared to send an eviction notice on the second. You should not give in to any excuses or requests for late payment.

Respect Your Tenant’s Privacy

 It is usual for you to schedule regular inspections of your property, but you should not forget about the tenant’s privacy, even if it is a commercial property.


Read more at Online Property Management Software

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