If you have investment properties or are just thinking about getting involved in investment real estate, it’s important to know how to manage your properties. If you’re not careful about being a great landlord, you could have trouble keeping and finding tenants. As leaders in association management in Austin for several years, we’ve put together some tips on how to manage rental properties properly.
Take Care of the Property Maintenance in a Timely Manner
Tenants like to know that they can rely on their landlords to take care of maintenance concerns as they arise without waiting weeks to hear back or have someone sent out to fix the issues. The landlord-tenant law also states that you are legally responsible for keeping the property up to meet a variety of health and safety standards.
Find and Keep Good Tenants
You don’t just want to find any tenant that’s looking for a place to live; you want tenants that will respect your property, pay their rent on time, and don’t cause unnecessary problems. You’ll want to have potential tenants fill out a renters questionnaire, confirm the information they’ve given you, and conduct a background screening. When you’ve found good tenants, it’s good to build a strong relationship with them to see what you can do to keep that renter for as long as possible. Tenant turnover can lead to months where you don’t receive rental income as you begin the process of finding new tenants.
Conduct Rental Visits
Checking on your property to make sure that it’s being well-taken care of and that your tenants are meeting their side of the rental agreement is crucial. You’ll have to give notice before you stop in to check on the property, but it’s within your legal rights to do so.
Successfully managing a rental property can be a tedious process depending on the property type and the tenants you have. If you have questions on how to manage your property or are looking for help managing your property, contact Prism Realty Management. We’re here to put our knowledge and experience to work for you.
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