If you have a Property and you are planning to use it as a rental for some extra cash then you need to make sure that it is properly maintained and managed. For proper maintenance and management there are some important factors which need to be taken care of. Whether you are self-managing the property or going to hire property manager for the rental, below are some tasks which need to be performed on regular basis to keep the rental occupied and business on track and tenants happy.
In real estate vacancy is the business killer. In order to be profitable in the business you need to make sure that your unit is occupied by the tenants and a property manager has an important role to play in this as he is responsible for:
• Screening tenants
Sometimes tenant need little reminder about paying the rent on time, sometimes they need more than one and sometimes it takes a court to get the rent from them. Whatever the case, it is the duty of the property manager to collect the rent from all tenants. The rate depends on region and property but all in all if you have property manager for rental it is his job.
Processing all work orders
Once your business is set i.e. tenants are there and they are paying the rent on time, your property will require a little maintenance every now and then in order to keep the business in good shape. So, make sure that your property manager is documenting all the maintenance requests properly and keeping track of them. This process is particularly important because if things start to fall through cracks here haply tenants can become unhappy and vacate the unit.
Retention program for tenants
The goal here is to retain the tenants and reduce the turnover rate. It is good for business otherwise the hunt for tenant will began from the step one and every time will invite expenses on your pocket. Old tenant keep the property in good condition and pay rent on time and they even recommend you to their friends and colleagues.
The strategy varies from manager to manager but you can certainly ask questions regarding the same from your property manager to be informed on this.
These are some major tasks which property managers are expected to perform. Well they are not all the tasks but if these tasks are handled dexterously then all other will fall in their rightful place and on right time.
Keep track of all the payments, invoices and analyze them to prepare the reports to get the better picture of your business. With SimplifyEm property management software managing multiple properties is very easy. Not only you end up saving the time but you also save money in the whole process which means more profit.