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Property Management: Top Five Tips and Tricks for Success

24
Aug

According to FRE Real Estate and Property Management, the average cost of tenant turnover is between $2,500 to $3,500 depending on the area where you live. The focus of any property manager is to keep the tenant turnover low and maintain the quality property. Before you start, the endless details and ways to keep the property to run smoothly can affect your new chosen career. To avoid being choked with these factors as a property manager, make sure that you master these key areas.

 

Learn about Law

Learn more about the latest trends and agreement about tenancy as well as eviction notices in advance. Always go for licensed electrical work and plumbing so that you’ll avoid some obligations just in case accident occurs. Since you’re just starting on it, know the basic and the trends to keep your cash flow running smoothly.

 

Be the Jack of All Trades

Monitor your credit and finances as well as yourself and your assets. Make sure you get your office ready for everything from light maintenance to sales. The next thing that you must do is to learn on how to balance books and cash flows so that you’ll keep yourself stay on the top of financial health. You also need to invest in the high-quality toolbox. Always look for new opportunities to advertise the rentals from regional web sites and bulletin boards.

 

Foster Relationships

It doesn’t matter whether you work with landlords or tenants. When it comes to property management, a good business relationship is a must. Approach people with confidence and willingness to help. Show respect.

 

Finding the right tenants

Success starts when the moment comes that you look for your new tenants so you should set yourself up for it. Protect your cash flow and keep the turnover low to find the right renters. You may ask the previous landlords as references to know the history of on-time rent payments from these tenants and what type of tenants are they. It is recommended that you ask for the small amount of none-refundable deposit for an application. Background history and criminal records should not set aside.

 

Go for consistent procedure

When it comes to property issues and maintenance requests, it is advisable that you establish a clear and consistent procedure. Your tenants need to know about something like when appliances break or just want to make a complaint. Create the checklist about the steps on how to address various problems and the process. There are apps that you can use just in case you need a quick note using your phone.

 

Source: http://firstlightpropertymanagement.com/