Managing your own property is a lot of work, but it can be done.
Here are five tips that will help make the process easier.
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We work with a lot of investors who decide to manage their own rental properties instead of hiring a property management company. Here are five quick tips for any of you who are managing your own rental property:
1. Build your own team. You won’t be able to do this alone. You’ll need general contractors, cleaners, locksmiths, and more. Interview around to find the best ones and make sure you are ready to go when it’s time to buy your rental property.
2. Find a trusted attorney. You’ll need one on your side who is well versed in landlord-tenant laws. You’ll need the attorney to review your lease as well.
3. Have a thorough property condition report. We can’t tell you how many times we’ve taken on a property with a poor condition report. Take pictures, take notes, and make sure you’re aware of the property’s condition in its entirety. If you don't have a condition report, you can’t collect a deposit, so it’s a must-have.
You won’t be able to do this alone.
4. Screen tenants thoroughly and stick to your criteria. A background check is a good idea, as is checking references. There are certain questions you should be asking too, which your attorney can point you toward.
5. Join a landlord association. Network as much as possible so you can keep up with all the current changes to landlord-tenant laws.
If you have any questions for us about this topic or about anything else related to real estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.