So you want to start renting out your property? Whether it be a house, condo, or apartment, the process is fairly straightforward. But before you get too excited and jump right in there are some things that you should keep in mind. The following 4 pieces of advice will help you better manage your rental property so that the process doesn’t take up more time than necessary.
Hire an agency
With so much to do when it comes to managing your rental property, one of the most effective things you can do is hire an agency to help with several aspects. For example, if you have a family member who loves routine maintenance but gets overwhelmed by bigger repairs, then hiring someone like that might be exactly what you’re looking for. An agency will take care of anything from small repairs and general cleaning to landscaping and even evicting problem tenants. You won’t need to worry about finding reliable employees or having enough money on hand to pay them. You can handle all of that through the rental company. Just make sure everything is spelled out clearly in the contract so there are no misunderstandings later on.
But, be careful who you decide to go with. If you are located in Nevada and are looking for someone to organize the renting of your estate there are hundreds of agencies that specialize in managing Las Vegas properties and all you have to do is do some online research and choose whoever is best for your situation.
Be Clear On Your Expectations
You can’t manage a rental property if you’re not clear on what your expectations are. If there is ambiguity, it’s going to be hard to pinpoint why things aren’t getting done the way they should. You need clarity in order to get rid of excuses and confusion.
You might think that a lot of newbies make this mistake, but some seasoned landlords also have problems being clear on their expectations from tenants. They forget how misunderstandings can creep up when you assume too much. You can share these expectations with the tenants yourself if you are renting the property personally, or you can tell them to your intermediary who deals with your properties.
Just know that no matter how you go about it, anything not stated can be seen as negotiable. If you have high expectations for your renters, let them know what they are so there aren’t any surprises later on.
Give Immediate Feedback
When it comes to managing a rental property, one of the best things you can do is give immediate feedback when problems arise. The more time goes by between identifying an issue and dealing with it, the worse both sides will feel about moving forward. This is especially true if the tenant isn’t aware of their wrongdoing in the first place. You don’t need to make this into a big confrontation or get angry about it, just indicate how you want things handled going forward and what you expect from them.
It’s also a good idea to set up regular inspections so you can check in from time to time and make sure everything is going smoothly. You might have a tenant who pays on time every month but isn’t very good about cleaning the property after themselves, for example. If this happens, schedule an inspection two weeks before rent is due and put them on notice that they need to step up their game or face consequences.
Be Proactive About Big Repairs
As far as managing your rental property goes, it’s not enough to be reactive when something breaks down. Instead, you should take proactive measures to avoid problems in the first place. For instance, if the AC unit in one of your units stops working during the summer, you need to make sure the issue is taken care of immediately. This means finding someone who can carry out immediate repairs and paying for it without hesitation.
When there are emergencies like this, your rental property isn’t making money, therefore, you should find a way to get the necessary funds so your tenant doesn’t have to experience any discomfort until the problem gets fixed. If none of their neighbors have AC units that work properly, refer them to one so they aren’t calling around all day trying to figure out what’s going on with their new home.
Managing a rental property can be demanding. However, it doesn’t have to take up all your time and energy if you follow the advice we’ve offered in this article. Be clear on what your expectations are for tenants, set regular inspections so that things stay running smoothly, and give immediate feedback when problems arise so both parties know how to move forward from there. You’ll find managing a rental property is easier than ever before with these helpful tips!