With 44 million American households now renting, the need for great property managers is increasing. Whether you plan to become a property manager at a company or own an investment property, you'll need to understand how to do things right to become a property manager.
So, what do you need to know to get started? Here are a few steps to learn the ropes of managing properties.
Start With Great Tenants
The first step to being a property manager is finding great tenants. You don't want to accept anyone that has rent available. You want your tenants to care for your property.
There are some common things to look for when tenant screening:
- Credit score
- Rental history
- Steady income
Ask for this information to verify someone's qualifications to rent.
Create Great Listings
Of course, you need a great marketing strategy to find great tenants. This starts by advertising your home on the websites people use to find places to live.
When listing homes online, do what you can to make your rental attractive. Take professional photographs of your home and create detailed listings telling potential tenants what to expect when renting.
Maintain Your Rentals
The last thing you want is severe problems when tenants live in your rental. Although this occasionally happens, you can prevent many problems by developing a maintenance plan.
Create a scheduled maintenance plan and stick to it. Look for reliable contractors in your area and talk to them about your needs. They will help you determine what you need to do and how often.
Automate Where Possible
You don't want to spend too much time handling work manually as a landlord. This is especially true if you add more real estate to your portfolio. You'll need up with a second job instead of an investment.
You can automate much of the process with software. Tenant payment portals can take payments for you, and accounting software can help you manage your books. Look for other software that can help you manage the other tasks in property renting.
Build a Team
Unfortunately, software won't be able to help you automate everything. From tenant communications to coordinating with vendors, there is still a lot of work to do as a property manager.
However, you can build a team that can help. If you still want to go with the DIY approach, you can build a trusted list of vendors to help manage much of the day-to-day.
You can also work with a full-service property management company to handle as little or as much of the work as you want. In fact, less than 50% of landlords manage their own properties.
Become a Great Property Manager
By now, you should have a much better idea of what it takes to become a great property manager. It won't always be as easy as sitting back and collecting rent checks. Make sure you put in the work to find great tenants, maintain your property, and ensure your residents have what they need to live their lives.
Part of being a great property manager is having resources available to help you manage your Merced CA property. At Chosen Property Management, we offer services for whatever tasks you need with your rental. Contact us to learn more.
