Whether you manage a property yourself or have a property manager who is doing it for you, being a landlord is not an easy job. It requires significant effort and time to make sure that the property is providing a return on investment.
Managing properties well includes repair and maintenance, routine property checks, creating a lease agreement, managing tenants collecting rent, monitoring finances, effective communication, and more. To tackle every task that boosts your returns, a Sarasota property management company recommends implementing an effective property management system and applying these expert insights
Collecting Rent On Time
Collecting rent may not be as easy as you think. Some tenants fail to pay their rent every month, whether they simply forget or withhold their rent in protest of problems that remain unaddressed. In order to receive your rent on time, property managers recommend several strategies, including:
- Screening tenants. To avoid issues with late rental payments, a property owner should always carry out an extensive background check on all your potential tenants. Gathering this data is a smart investment of your time and resources that can pay off with better renters and on-time rental payments.
- Set up a convenient payment system. To reduce the potential for late payments, make sure that your payment system is reliable and efficient. For example, work with one of the best Sarasota property management companies with a secure online portal that makes it easy for renters to pay rent on time.
- Report payments to credit bureaus. Using Credit Reference Bureaus will encourage your tenants to pay rent on time because maintaining good credit is an excellent motivator to never skip a payment.
On-time rent collection helps property investors maintain consistent cash flow and better returns!
Maintain Effective Communication
It is important to have excellent communication with renters because it helps build better relationships and respond to resident needs. A property manager recommends that good landlord-tenant communication should include:
- Remaining respectful and professional. Property owners should be polite, yet direct, concise, and clear in all communications.
- Use a property management system for automatic messages. While some communications like a notice to vacate should not be part of an automated messaging system, other types of communications can be. Send rent payment reminders and respond to maintenance requests with automatic messaging.
- Communicate during working hours only. Set up proper office hours and maintain those office hours by responding to tenants, unless it’s an emergency!
Good communication helps renters feel heard and cared for!
Set Clear Move-in and Move-out Processes
In order to make the move-in and move-out process smooth and easy, sending reminders and providing a move-in checklist or a move-out checking can be very helpful for your renters to make sure they’re aware of your expectations. These checklists can include expectations regarding cleaning, utility bills, and more. With a smooth move-in process, renters feel welcomed into their new home. By providing a clear checklist for moving out, residents understand how to leave the property and get their security deposit back.
Know Landlord-Tenant Laws
Many regulations and laws protect both landlords and tenants, and it’s important for property owners to understand landlord-tenant laws. Working within these laws helps property owners serve renters well and keep them safe in rental units. Property managers also recommend understanding critical regulations and Florida law when preparing a lease agreement and enforcing it.
Deliver Excellent Maintenance Services
Rental property real estate investors are also responsible for making repairs. From small repairs to big problems, a property management company recommends keeping an eye on these critical areas to deliver safe home and reduce maintenance budgets, including:
- Heating, plumbing, and air-conditioning. Preventive maintenance helps keep these systems running well year-round. In addition, property owners should make sure renters know how to submit a maintenance request right away when experiencing problems with these systems.
- Smoke detectors. Follow best practices for supplying smoke detectors throughout the home, then be sure to inspect them and change the batteries twice a year!
- Repairing or replacing appliances. All appliances supplied in the rental unit must be kept in working condition. However, if tenants damage or break them, the appliances' repair cost can often come out of the security deposit.
- Responding to maintenance requests. One of the top reasons many tenants move out is a lack of good maintenance and slow responses. Excellent property management includes prompt responses and quality fixes to resident maintenance requests.