Owning a property can be an exciting time in your life. You have the opportunity to make decisions that will impact both you and those around you for years to come. Whether you are new to owning or have owned before, many aspects of ownership need attention from day one. One aspect is knowing what property management services you will be involved in, and this blog is all you need for that.
Property Inspection and Rental Analysis
Before you decide on any properties, your real estate agent or property manager will be sure to perform a thorough inspection. This is one of the property management services that helps in evaluating all aspects of the property and is done by a licensed professional who makes sure there are no major flaws in the house that may end up costing you money later.
Another aspect of this property management process is the rental analysis performed by the property manager. This is important because it determines how much your property could be making in rent every month, the properties available for rent, and any more information necessary to maximize the profit of your rental property.
Advertising and Marketing
You now need to hire a professional agent who specializes in advertising and marketing so that you can rent a property; you might not want to do this on your own unless you are excellent at it. By hiring an agent who is familiar with the different advertising methods, you will find that your property will be rented quicker than you could have anticipated.
Before moving into your dream house, ensure that all parties are in the right mindset for a long-term relationship. Once you find someone to rent your property, you will be required to provide them with an application and get their credit score and references.
This is so you can determine if they are financially responsible and if they have a criminal record or not. The process of screening residents is also important because it will help you gauge whether they are the type of person who would get along with everyone in the neighborhood and, therefore, maintains your property for years to come.
Once you have decided on a potential resident and decided on who you will rent a property, there are more property management steps you should achieve. You will need to draft a lease that states the terms of how long they are renting the property and any other legal issues involved before signing it.
This payment also explains their responsibilities as residents, and if they fail to follow your guidelines, you can terminate the lease and prevent any further problems with them.
Move Out and Move-In Inspections
Once your resident has moved out, you will need to perform another property management service by inspecting the property. This ensures that they had left it in a similar condition as when they first moved into it. You may also choose to provide them with a small refund for any damages that were not fixed before their departure.
Another thing that needs to be taken care of is getting the property ready for the new residents to move in. This may involve landscaping, painting, or any other improvements that need to be done before someone can move in without a fuss.
Rental income is the number one goal for any property owner, and therefore, it should be their top priority. However, collecting rent can sometimes become a hassle if you are dealing with a resident who is not paying or when your checks remain uncashed even after several months.
This is why hiring professionals to collect your rents on your behalf is your best option as a property owner. This way, you never have to worry about missing a rent check again or about how much money is coming in.
Once the residents have moved in and paid their first few months’ rent, you can now sit back and relax. However, this does not mean that there are no another property management steps because maintenance work is still to be done at any rental property.
The overwhelming majority of property owners hire a professional company to perform monthly or bi-monthly inspections on their property. This way, they can ensure that any minor issues are handled before they turn into large problems or even become legal issues.
If you choose to manage your property maintenance, you will want to ensure that the property is still in good condition and safe for the residents.
Sometimes you may find that your resident is not paying their monthly rent or has broken one of the terms and conditions included in your lease agreement. This is when you will need to begin eviction proceedings.
The first step is always to provide them with a warning letter stating that they are not following the rules and, therefore, if no change takes place, they will be evicted from the property. This warning letter is sometimes enough to get your resident back in line and pay their rent on time.
If not, you will need to file a lawsuit against them to begin eviction proceedings through a court of law. Once the judge has ruled in your favor, you can now legally evict them.
As a property owner, you deserve to know the ins and outs of all aspects of your rental home management business. With this Property Management Process Guide, we’ve taken on the job for you.