In Australia, around 2.6 million households are renters. Among which 2.1 million are owned by private landlords. And if you are reading this article either you are one of them or planning to become one. In either case, you will need to learn how to best manage a property.
It’s not an easy job, but can become one if you precisely follow the strategies given below:
Keep Business Your Top Priority
Many successful realtors and property investors including Michael Yardney believe – one needs to be business-minded in this sector. Don’t think as a landlord, think like a business owner as that is exactly what you are.
And by that we mean, map out a detailed strategy and set your goals. Keeping that in mind, employ the best teammates as per your requirements. But that’s not enough, you must keep yourself in the loop on what’s going on. Communicate regularly with them with active interest as at the end of the day, it’s your property, you must ensure that it is well managed.
Screen Your Tenants
If you find this an unnecessary part of your residential property management, it’s best to Google the term “guest wrecking Airbnb” and see many videos, images and articles across the web of tenants throwing parties on short-term rentals, destroying the apartments and leaving them in that intolerable situation.
Even if you took a certain amount of money as a security deposit, what if the damage they did to your property exceeds that amount? How can you find the guest and get the extra money you should be charged for?
That’s exactly why you need to be proactive when examining your guests before handing them the keys. If you already have a system for this, you are one step ahead of the rest! But if not, don’t worry as there is a very useful solution – all-inclusive property management.
Organize Your Administrative Sector
Managing finances is a lot of work, especially when you’re managing a property. For this reason, it is necessary to be regularized, that is, up to date with the finances. Therefore, the following guidelines must be set:
- Employee salary;
- Water and electricity bills;
- Taxes and fees;
- Providers.
In addition, the landlords must be concerned with administrative issues, such as:
- Issue rental slips;
- Write the minutes and circulars to record all decisions and events;
- Hire building maintenance services.
Make Use Of Technology
When it comes to embracing technology, property landlords seem to be one of those tough, stubborn entrepreneurs who think they can get by without the help of this new ruler of the world.
Well, here’s the ugly truth: it’s NOT going to happen.
So please throw away any thoughts you have in your mind saying “you don’t need all these technical tools. Your traditional methods have always been effective. Why not now?”
Believe it or not, the rental industry is one of the fastest-growing businesses in the world. The competition is getting fiercer every day as more and more people are showing interest in joining the industry.
But when we talk about technology for rental managers, what tools are we talking about exactly? You need an efficient PMS, Property Management System. Google it to know all about it.
Final Words
Doing all the above comes with the cost of spending more time and energy. But fortunately, there is an alternative to this. Hire a residential property management agency. They will take all this burden from your shoulder to theirs. But make sure you choose the right one by doing proper research.