Rental Property Management – Tips for Today’s Time Starved Owners

These rental property management tips can help you, as a property owner, understand what may need to be addressed at your rental property. Whether it is a large complex or a single family home, repairs and maintenance must be taken care of by someone.

If you’re a property owner with tenants, finding a good property manager is a true time saver. Property managers don’t only go do the “fixes” that tenants may need. A competent company has many different services it can offer to you.

Rental Property Management Tips for Today's Time Starved OwnersA property manager’s main job is to manage, repair and maintain the building, and to keep the maintenance and repair costs to a minimum. A well maintained property keeps its value, which is what the owner wants. Keeping it maintained without having to run and do it themselves is also what an owner wants.

The property manager is the “go to guy” for your tenants. Plumbing broken? Call the property manager. Heat out? Call the property manager. A top notch company will make the repairs and maintenance should be carried on as soon as possible so as to provide maximum comfort to the residents, and minimal damage to the property. The manager of the property also needs to inform the tenants about the exact time and duration in which repairs and maintenance shall be carried out so that they can make arrangements accordingly.

But a good property manager does more than just maintain the property. They also are responsible to see that there is a good owner and tenant relationship, and tenant to tenant relationship, if the property has more than one unit. Managers are often responsible to see that everyone is following the rules. The property manager is responsible to keep things like noise complaints, illegal activities (like drug dealing), and unauthorized “tenants” from happening, or to address them when they do, in a respectful, but authoritative manner.

They also are responsible for screening new tenants, collecting rent payments, including handling situations where rent is late or the rent check bounces. When finding tenants, a good credit and background check should be run. Situations with non-payment, late or bounced payments need to be handled firmly, but respectfully, especially in this bad economy.

A property owner should find a good rental property management company to manage their property – it’s just a smart idea.

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  1. It took me a long time to find the right property manager for my Florida property, but once I did I was very relieved because it was an absolute lifesaver.

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