Managing Rental Properties

Managing rental properties is a lot more than simply collecting rent checks. It involves marketing your rental units to ensure they are seen by as many qualified tenants as possible, screening applicants and following all the necessary legal requirements to avoid being a slumlord. It also requires keeping up with local and federal housing laws and regulations, completing regular inspections to meet insurance and fire safety requirements and managing a tight bookkeeping process, including keeping track of expenses and income.

It’s also a good idea to set aside money for taxes and any unexpected fees that may pop up. If you’re a first-time landlord, it’s often a wise move to hire an accountant to help ensure you are accurately tracking all of your costs and expenses as well as setting up separate bank accounts for each property. A software solution like Doorstead can also be helpful in this regard, as it allows you to easily collect rent online and manage any other fees that tenants may be responsible for covering.

It’s essential to have a thorough tenant screening procedure that includes a background check, credit check and verification of employment as well as checking previous landlord references, as applicable. It’s also a good idea to provide tenants with a welcome packet that provides contact information for any maintenance issues, important rules and regulations, and a list of approved vendors they can call if they have questions or problems. A friendly, respectful relationship with your tenants will go a long way towards avoiding any disputes that may arise. managing rental properties

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