Six Steps to Mastering Property Management/Homeownership

How do we define the ideal property manager? While there is no answer comprehensive enough for this, there are a few thing that mark a good property management or homeowner experience; namely on-time rent collection, a good landlord-tenant relationship, healthy communication and probably an good contract.  

So how do we achieve all that (and find time to sleep at night)? Let’s find out!

Here are six stepping stones that’ll take you to that ideal management you’re after:

1. 1.Give Reminders - Instead of running around and threatening your tenant with evictions and then actually evicting them draining your energy and wealth both, just give them friendly reminders a little while before their due date. Save them and yourself the embarrassment and chose the easier way out: give friendly reminders! If you use a property management solution that lets you collect rent like rentigo, you're in luck because they do that for you!
2. 2.Have a signed lease agreement signed no matter what - Write everything down, leaving no detail out. Even if it’s simple repairs that you promised, jot it down in the lease. This not only makes your tenant trust you more but removes all room for miscommunication. When you have it all written down, make sure both you and the tenant sign it. Don't leave that pending under any circumstances.
3. 3.Communicate- Communicate openly with your tenants, asking them if they’re facing any problems. Make them feel welcome and help them adapt to their new house. Don’t just hand over the property and disappear. Constant contact will make them feel comfortable. 
4. 4. Ditch Spreadsheets - It’s true that spreadsheets hold a large number of your figures and have been used for the previous thirty years, but you can’t deal your property ideally if you don’t look for better alternatives. There are property management solutions like buildium which perform a large number of functions like organizing and storing data along with sending automatic notifications and reminders etc. It’s high time you leave spreadsheets behind and use applications specifically designed to assist you!
5. 5.Tenant selection not based solely on the background check - The most important thing to keep in mind is that tenant background checks and screening don’t provide everything that they need. Always check for signs of trouble when interviewing them. A tenant might want to take the rental application home. This person is usually not really sure of what he wants. Another person might not be able to provide a renting history. Avoid all these. 
6. 6.Avoid high-maintenance clients - High maintenance tenants will rob you off of your profit by constantly asking for repairs or changes. Avoid these at all cost. You’ll find easier to handle tenants willing to pay the same rent