Becoming a Successful Property Manager, Part 1

By: Robert Gagnard

Failing to adhere to certain practices and policies can make a landlord’s job difficult. Follow our advice to get the most out of your property and tenants.

-Screen Your Tenants-

Never agree to lease property to a prospective tenant without first conducting a thorough screening: check credit history, call references, and complete a background check. Screenings take place in various stages, usually beginning with an application and leading to an in-person interview if their application has met your standards.

-Get Everything in Writing-

Contracts allow both parties to be aware of the terms each is expected to follow and allow each to hold the other accountable for their actions. No matter the type of lease you and your tenant decide on, make sure you and the tenant sign a contract that explicitly states the terms of your agreement.

-Purchase Insurance-

Before you rent out property to tenants, obtain insurance to protect yourself from lawsuits, theft, discrimination, injuries, and losses through fires and inclement weather. Liability and other types of insurance protect you and your property from harm and wrongdoing.

-Make Timely Repairs-

As a property manager, you are expected to keep your property in prime condition. When a property is unoccupied, perform routine maintenance inspections to keep it in prime condition. After a tenant occupies the property, quickly respond to any of their requests for maintenance in order to keep them happy and the property in good shape. In some cases, tenants are responsible for repairs. Talk to your tenants to work out such arrangements, and make sure they are included in your contract.

-Take Care of Security Deposits-

In most cases, tenants must pay a security deposit before moving into a property. Take care of the tenant’s security deposit and establish a system to collect, hold, and return the deposit when they vacate the property.

Becoming a Successful Property Manager, Part 2

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