Property management is hard work, and you may feel like you are putting in hour after hour for little reward. If you ever feel like you are putting way too much time into your properties, you may need to work smarter, not harder. These tips help you save time and continue maintaining your home and properties.
Communication is key for anybody who runs a business, but it is especially important that you communicate clearly with your tenants and maintenance professionals. Communication in writing, perhaps via mail and email, is a great way to ensure you only need to get your message out there once.
Document Everything Clearly
Documentation is your friend. Always put things in writing, and make sure that you keep copies of everything you send out. Additionally, keep electronic documentation of things you do, like mailing letters, visiting properties, or sending out for repairs. You will spend less time wondering if something happened, how much something cost, and so on.
Make Lease Renewal Simple
Next, make sure that your tenants know their options ahead of time. Give them the opportunity to renew their lease online, and make the terms clear. The more clarity your provide, the quicker tenants can make a decision about their next moves.
Develop Helpful Screening Systems
Finding tenants can be difficult, and it is more difficult when you do not have a strong screening system in place. It is important that you develop criteria that are quantifiable and clear.
Create Contract & Agreement Templates
Contracts and lease agreements are difficult to write. The good news is that once you put together a contract or agreement, you can use it as a template. Do not try to recreate the wheel. Use the documents that have worked in the past to create documents that will also work in the future.
Hire a Property Management Service
Property management services offer many benefits. These companies take care of screening clients for you, ensuring that your homes are filled. They also manage repairs, rent, and other components of managing a property that you may no longer have time for.
If you feel like caring for properties is becoming too much, now may be the right time to hire property management services. These companies take care of your property for a fee, allowing you all the time you need to live your life while still receiving income from the homes and properties you own.