How Do You Manage a Rental Like a Pro?

Managing rentals can be a challenging but rewarding task, especially if you approach it with a professional mindset. By following these tips, you can become a pro at managing your rental properties and ensure a smooth and successful experience for both yourself and your tenants.

According to a survey conducted by the National Association of Residential Property Managers (NARPM), about 65% of landlords choose to self-manage their rental properties. But what's the quality like?

One survey conducted by the National Multifamily Housing Council (NMHC) found that, among renters who had a negative experience with their property management, the most common reasons for dissatisfaction were:

• Lack of timely maintenance or repair (37%)
• Unresponsive or unprofessional property management staff (32%)
• Hidden or unexpected fees (30%)
• Lack of communication or transparency (27%)

So let's begin - 

1: Set clear expectations from the start.

As a landlord, it's important to establish clear rules and guidelines for your tenants from the beginning. This might include expectations for things like rent payments, property maintenance, and noise levels. Communicate these expectations to your tenants in writing, either through a lease agreement or a separate set of rules. This will help ensure that everyone is on the same page and avoid misunderstandings or conflicts down the line.

2: Stay organized.

Managing rentals can be a lot of work, especially if you have multiple properties. To stay on top of things, it's important to stay organized and keep track of important documents, such as lease agreements, maintenance records, and financial records. You might consider using a spreadsheet or a property management software to help you keep everything organized and in one place. A huge tip here - MAKE AND SAFELY STORE SEVERAL COPIES OF KEYS.

3: Be responsive to tenant needs.

As a landlord, it's important to be responsive to your tenants' needs and concerns. If a tenant reports a maintenance issue, try to address it as quickly as possible. This not only helps keep your property in good condition, but it also helps build trust and good relationships with your tenants.

4: Perform regular inspections.

Regular inspections of your rental properties can help you stay on top of any potential issues and ensure that your property is being well-maintained. Consider performing inspections every few months, or at least once a year. This can help you catch any problems early on and avoid more costly repairs down the line.

5: Be fair and consistent in your approach.

As a landlord, it's important to be fair and consistent in your dealings with your tenants. This means treating all tenants equally and consistently enforcing rules and policies. This helps establish trust and ensures that everyone is held to the same standards.

6: Consider hiring a property manager.

If managing rentals becomes too much for you to handle on your own, you might consider hiring a property manager. A property manager can handle many of the day-to-day tasks associated with managing rentals, such as finding and screening tenants, collecting rent, and handling maintenance issues. This can free up your time and allow you to focus on other aspects of your business. 

Some companies are better than others or provide additional services than others, and the fees for their services can vary as well. 

A company like ours, Wishlist Property Management, is a full-service property management company. Meaning we take care of the client and tenant from beginning to end so the homeowner can work on growing their business or just living their life the way they want. Typical fees range from 8-12% of the monthly rent and have start-up and tenant turnover fees. 

By following these tips, you can become a pro at managing rentals and ensure a smooth and successful experience for both yourself and your tenants. Whether you're just starting out in the rental business or have been doing it for a while, these strategies can help you be more effective and efficient in your role as a landlord.