Whether you manage your own rental properties or are considering hiring a property management company, the key to success is effective communication and organization. Good communication skills include listening attentively, rephrasing or asking clarifying questions, and expressing empathy. You should also be able to prioritize tasks and be comfortable delegating responsibility. For example, if you are not good with tools or repairs, you may decide to hire a maintenance crew to handle those areas of the business while you focus on marketing and accounting.
Tenant screening procedures are another crucial element of successful property management. By using a comprehensive tenant screening service like TransUnion SmartMove, landlords can have peace of mind that they are renting to reliable tenants who will pay rent on time and take care of the home or apartment. A thorough background check, credit report and eviction history are essential to making sound tenant selection decisions.
Proactively performing maintenance inspections of a property can help catch small issues before they become larger problems. This includes inspections prior to a new tenant taking possession and when the rental lease is about to expire. Maintaining consistent communication with residents can also be beneficial, especially in the case of emergency repairs or when construction is being done in or around a unit.
Another important area of property management is accounting and taxation. Make sure to keep accurate records of any money earned or spent on the property and set up separate bank accounts for your personal and business finances. A qualified accountant can help you maximize deductions and stay on top of your taxes. how to manage property