So, you got hired as a property manager and now tend to the investment property/properties of another person (perhaps some savvy AHRN reader who wisely took last week’s article to heart). Maybe it’s your first gig tending to rented-out homes, maybe you’re an old hand at this sort of thing. Maybe it’s a full-time job for you, maybe it’s a great way to earn good money on the side. Whatever your experience or involvement level, it never hurts to learn a few new tips, pointers, or helpful suggestions. Here are a few you should know if you don’t already.
Keeping physical, meticulous records of everything you do or have done for the property you manage is important for a number of reasons. It helps you keep track of what you’ve dealt with, what issues you’ve corrected, how recently you conducted what kind of maintenance, and so on. Plus, if any issues or complaints arise with the owner/and or the renters, you’ll have the paper trail to prove what you did and when you did it.
Set up a calendar that includes all of your maintenance visits, planned repairs or construction, and general checkups. Update it regularly and keep all tenants aware of it and any changes to it. This works for your benefit, helping you keep track of what needs to be done, as well as theirs. If they know in advance when you’ll be doing what, they can plan their own schedules around yours as necessary.
Establish rental criteria
If your job as property manager includes helping to find new tenants for the house(s) you oversee, you and the owner should work together on these stipulations. Decide what policies or conditions potential occupants must meet and adhere to (pets or no pets, smoking rules, minimum income, etc) if they want to rent your property.
Outsource if you need to
Chances are, if you’re working as a property manager you’re a serious DIY type. But no matter how handy you are, a problem may arise with a solution beyond your talents. Don’t take a chance by going at such a thing on your own and risk making the problem worse. Bring in an expert who can do it right the first time.
We’re not saying we have all the answers to every question a property manager might have. And, even if we did, there’s no way we could fit them all in one blog post. But these pointers are definitely good for you to know and always worth following.