Are you ready to jump into the real estate investing world? If you’d like to start buying properties and renting them out, you need to ask yourself a number of important questions. First, do you have the ability to properly manage a property? Second, can you deal with a variety of personalities? Third, do you have cash flow concerns? Of course, there are other things to know but these tips with help DIY landlords with their new rental property. Here are some tips for Keyrenter Property Management Saint George, UT, that you need to consider before you jump into the property management world!
Tip # 1 – Time
Ask yourself if you truly have the time to manage property. Can you be available in the middle of the night for a broken water pipe? Emergency maintenance is stressful and frustrating. Do you have the time to come out and service washing machines, dryers, kitchen sinks? Dealing with every single phone call from the tenants can become exhausting in a hurry. If you are only doing property management on the side, you’ll find out quickly that it is quite the time-consuming project!
Tip # 2 – Negotiation and Personality Clashes
When it comes to negotiation, you have to be ready for people to try and get the lowest possible rate out of you. It is important that you have the ability to negotiate with people and drive a hard bargain. The other concern with negotiation is dealing with personality clashes. There will always be those tenants that are hard to deal with, and they end up making it hard for all the other tenants to live there. Can you deal with tenants who stop paying rent? Do you have the ability to enforce the lease agreement and make sure they are all living up to the rules you set forth?
Tip # 3 – Finances
One of the most challenging areas of property management is making sure you know how to manage money. You need to make sure the rent rate is providing enough money to pay for the property and repairs in addition to giving you some monetary compensation. Do you know how to deal with people when they refuse to pay rent? Can you enforce the late payments if people are not good about paying their rent on time?
Tip # 4 – Rental Laws
Many DIY Landlords do not know how to keep updated with the latest rental laws and requirements? Do you know about the zoning laws? Are you meeting rental regulations and providing a safe, healthy place to live? Someone new to the property management world simply doesn’t have the training that others do, so it’s easy to become overwhelmed and miss out on several different important issues that need to be addressed to maintain the law.
Tip # 5 – Dealing with Repairs
While we mentioned repairs earlier, lets circle back around to this one. As a property management company, we are here to tell you that one of the most common issues plaguing landlords is repairs. Most landlords do not want to deal with things like a leaking toilet! If you do not have the skillset to do repairs, and you aren’t diligent in setting aside funds to pay for those repairs, you can be stuck between a rock and a hard place.
Contact Keyrenter Property Management Saint George, UT, to help you with your property management needs! Keyrenter provides residential property management services to landlords of single family homes, duplexes, condos, and small multifamily units. We are not large apartment managers. Our purpose is to help landlords maximize the return on their investment property while eliminating the stressors associated with being a landlord (including bad tenants and maintenance issues). Services we offer include: property analysis, setting rent, tenant placement, leasing services, maintenance coordination, tenant relations, property inspections, rent collection. We offer superior customer service. Because we know how to find quality tenants that can meet the terms of their lease agreement, using Keyrenter’s 14-point tenant screening process, our eviction rate is below 1%.
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