Six Ways to Approach Property Management to Your New Rental

If you are getting into property management for the first time, it is a very exciting moment. You can make a lot of money if you are a smart property manager. Here are six tips you can use to do your best managing a property efficiently and effectively.

How Many Employees

If you have a property that contains 40 units or less, then you should be able to handle it by yourself. If you have a property that contains more than 40 units, then you will need to hire people to help you manage it effectively. The general rule of thumb is to hire one additional employee for every 40 units that you manage.

Regular Inspections

The best way to prevent a unit from being destroyed is to conduct regular inspections of the unit. You don’t want to be annoying to your tenants, but you should try and find a way to get in the unit every three or four months to check it out. If you only look at a unit when the lease is up, you may be unpleasantly surprised at how much damage has occurred over the course of the lease.

Keep Renters Happy

If you want your units to stay full, then you need to work hard to keep your renters happy. You should always respond to any issues your renters have immediately. If they are forced to wait to hear back from you, they will become very frustrated. If you always respond immediately, they will be happy and more likely to renew their leases.

Garbage

Make sure to take advantage of affordable dumpster rental in Indianapolis to give your renters ample space in which to dump their garbage. There is nothing more unsightly than a dumpster that is constantly overflowing with refuse. This will keep renters happy and potential renters happy when they walk through the sites.

Maintenance

The best property managers will learn how to do many simple maintenance jobs themselves. If you can do most of the apartment maintenance tasks yourself, you will save a tremendous amount of money. If you do need to call in a handyman, then watch him work so you can learn how to do the task yourself.

Collect the Rent

One of the least desirable parts of being a property manager is being the authority figure that has to lay down the law. Don’t ever let your tenants push you around. You need to make sure that they pay their rent on time. Make sure to collect late fees if they are late with the rent. If you let them slide, then paying late will quickly become a habit.