Tips for First-Timers in Property Management
Just getting started with property self-management? Here's how to know if you're doing a good job.
Approaching Self-Management of Rental Property as a First-timer
It may seem daunting at first, but one of the most exciting parts of renting out your own property is the ability to control expenses and ultimately the return on your investment. There are a number of other items like insurance, depreciation schedules and tax to consider.
RentBetter is here to help you navigate this!
What Is My Management Approach?
When managing a property it is not just the structure of the property that you are managing, but also personal relationships between you and the tenant, trades, as well as some of the government bodies you may engage along the way. With this in mind, it pays to have the right mindset for managing, and here are some golden rules we have found useful over time:
Communicate: Be clear and concise and specific about dates, times, costs and expectations. No one can read your mind, so if you haven’t stated it clearly there is room for misinterpretation
Listen: Be fair and listen. Not every situation is simple, and many tenants and trades are trying to do the right thing. Don’t jump to conclusions and try to be fair and listen before judging.
Be Open: Encourage your tenants to tell you when there are problems. You want to know as soon as possible, so thank them for reporting them to you.
How Do I Know I Am Doing A Good Job?
The million-dollar question for anyone considering taking on a challenge or task themselves. Traditionally agents manage a property’s maintenance and other tasks on behalf of the owner, and as a result, there was an incentive for one party to make things sound a lot more difficult and complicated than they perhaps need to be.
Taking on the challenge of managing a property yourself can be incredibly rewarding and you’ll notice it immediately.
So how can you tell if you’re doing it well?
- Your tenants will respond to you promptly and respectfully.
- You’ll know ahead of time when things need to happen, so there will be fewer surprises. Finally, you’ll feel that you’re in control.
