When you own rental properties you might find that the details are wearing you down. There are a few ways to combat that using software or a professional property management company.
KellerTexas – Property Management: Owning rental property is certainly a good thing. Collecting cash flow each and every month while waiting for the real estate market to improve is a great way to manage your investment. Since there are so many other things involved in managing those properties, there must be an easier way to keep track of the details. There are a few ways to improve the process and streamline it so things go smoothly.
One way to manage your rental property, or properties if you have several, is to use property management software programs. You can keep track of all the details including personal contact information of your tenants, their rental contract conditions, payments made and due or overdue, and any special circumstances that may exist.
One way to manage your rental property, or properties if you have several, is to use property management software programs. You can keep track of all the details including personal contact information of your tenants, their rental contract conditions, payments made and due or overdue, and any special circumstances that may exist. If someone in the home is disabled, for example, and needs ramps or other means of assistance you can keep that information easily accessible. Software is also a terrific way to track maintenance requests, work orders for your contractors, and general repair information. Reminders can be set to let you know when air filters should be changed on the heating system, or when you promised a tenant that you’d have a fence in place for their toddlers. You can even track how often you’ve changed the light bulbs in the fixtures of the front porch. Use this information to help you plan for future tasks and to figure out what your real profit margin might be.
- If someone in the home is disabled, for example, and needs ramps or other means of assistance you can keep that information easily accessible.
- Another way to manage your real estate properties is to hire a property management company to do it for you.
- There exists a whole industry based on managing rentals for landlords so all you need to do is find an appropriate management company in your area and let them do the rest.
Another way to manage your real estate properties is to hire a property management company to do it for you. There exists a whole industry based on managing rentals for landlords so all you need to do is find an appropriate management company in your area and let them do the rest. They usually charge a fee based on percentage of the monthly rental or you can pay a flat fee set by the vendor. The fee you pay them is an expense of doing business as a landlord, of course, so it would be part of your operating expenses and therefore most likely deductible in your state. Using a property management company can free you up to take care of other business and relieves you of the routine tasks associated with holding rental properties. Property managers do everything from keeping track of maintenance to answering those tenant calls for help in the middle of the night when the toilet backs up and spills over onto their floor. It will cost you something financially, but if you’d rather not deal with the details, it will be money well spent.
Real estate Investor, Broker, and private money expert. Adventurer that lives life to the fullest. John is also the author of Attracting Private Money Lenders & 17 Vital Keys To Creating Wealth While Building A Profitable Real Estate Investment Business.
Attracting Private Money Lenders: And 17 Vital Keys To Creating Wealth While Building A Profitable Real Estate Investment