In the US, around 70% of rental properties are owned by individuals. So if you’re a landlord or property manager, you might find it tough to run your property, as you have to do everything on your own.
But the good news is, there are many tools and tips out there to help you make things run more smoothly. And as a result, you won’t be as stressed out!
Keep reading for 4 tips on effective residential property management in 2022.
1. Screen Your Tenants Carefully
It might take some extra work, but it’s worth screening your tenants carefully before you rent to them. After all, if you didn’t, you might be caught up in a drawn-out legal battle to not only get paid, but also to evict them. Not to mention, there’s a higher chance they’ll do serious damage to your property.
In an ideal world, you’ll only rent to those with a clean criminal history, proof of steady income, and glowing references from previous landlords.
2. Use Property Technology
Nowadays, there’s an app and/or program for everything. So take advantage of all this advanced tech for landlord management!
There’s software for anything, from automating accounting to collecting rent and scheduling viewing appointments. With these programs, it’ll be like you’re multiple residential property managers in one! It might free up so much of your time that you can focus on more investments for passive income.
3. Keep Up With Communication
Customers/clients always appreciate transparency and communication, and tenants are no exception. While it can be hard to keep up with every single tenant, the use of prop-tech from the previous section can help immensely.
Not only will this software help you keep track of what’s going on with each tenant, but you’ll also have hard evidence documenting your communication. It’ll come in handy if you need to escalate to court.
On the flip side, communicating will help maximize tenant retention. You’ll show your existing tenants that you value them and they’ll want to stay. This can save you money, as it’s more difficult to find new tenants rather than extend current contracts.
4. Focus on Services
Traditionally, landlords and property managers focused on amenities. But in recent years, renters’ priorities for renting have shifted.
Instead of wanting nice amenities, they want better services instead. More specifically, tenants want quick and quality maintenance of the property. This has become especially important now that more people work from home.
Improve Your Residential Property Management Operations
Residential property management can be challenging, especially if you’re on your own. But with our above tips, you’ll be able to be one of the best property managers around!
Just remember to keep a clear line of communication open and be responsive. Being diligent about maintenance and upkeep will reward you with happy tenants, who will then stay longer and save you money!
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