7 Things You Need to Be an Effective Rental Property Manager

Becoming a rental property manager could be a lucrative career move. However, it’s important to know what it takes to be a successful landlord. Here are a few skills and supplies you’ll need if you’re renting out properties in 2022:

1. Know How to Perform a Wide Range of Repairs

You could have to perform unexpected repairs on a property at any hour. Here are a few examples of things you might need to work on:

  • Basic plumbing and/or electrical repairs.
  • Installing new fixtures and appliances
  • Damage to doors, walls, and windows.

If there’s a set of repairs or complications that you cannot do on your own, it is your responsibility as the property manager to contact the best group of contractors to come in and promptly perform the repairs for your residents.

2. Use Rental Property Management Software

An effective rental property management software program can make it far easier to manage multiple rentals. You’ll be able to easily keep track of upcoming rent payments, late payments, fees, and properties that you’ve listed for rent. These are a few of the best examples of rental property management software:

  • TurboTenant
  • Propertyware
  • AppFolio

3. Know Whether or Not Your Property is Suitable for AirBnB

Renting out an AirBnB property can be a profitable decision for many homeowners. However, you’ll need to consider whether or not you can offer an attractive rental. Here are a few of the most important things to keep in mind:

  • Determine whether or not your property is located in a region that attracts tourists.
  • Properties that have a large number of rooms are often ideal for AirBnB. That’s because they allow you to charge a larger total rent.
  • Determine whether the tax structure in the area is suitable for AirBnB hosts.

4. Make Sure You Can Collect Rent on Time

In order to succeed as a rental property manager, it’s important to make sure that you’ll be able to consistently collect rent on time each month. These simple strategies can make this easier for you:

  • Charge a fee for late payments.
  • Ask for a security deposit.
  • Use software programs to keep track of when rent payments are due.

Unfortunately, situations may arise where you need to contact a non-paying tenant. If you do not feel comfortable doing this, being a rental property manager might not be the best career for you.

5. Be Familiar With the Ins and Outs of Real Estate

It’s important to pick properties that are likely to increase in value over time. Here are a few tips that can make it easier to pick a property that’s likely to be a good investment:

  • Carefully consider the condition of the property you’re thinking of buying. Make sure that you factor necessary repairs into the cost.
  • Consider properties that are located in a centrally-located neighborhood.
  • Take any local or state taxes that you’ll need to pay into account.
  • Determine whether or not the property is likely to be attractive to potential renters.

6. Understand Landlord-Tenant Law

In order to have a career as a rental property manager, you’ll need to know the basics of landlord-tenant law. These are a few of the most important aspects of it to be familiar with:

  • The eviction process
  • How a lease agreement works
  • Building codes related to rental properties

7. Get an Effective Management Answering Service

You always need to get back to anyone who’s interested in your rental property listings as quickly as possible, which means that your answering service is likely to play an important role in your success. In fact, you need to make sure that you choose a property management answering service that will be able to respond to calls 24/7/365. 

This will not only help all of your residents get the assistance they need when they need it, but it will also take away the burden of you having to personally resolve all of these issues. The team of representatives will be the ones to directly interact with residents per your policies and standards.

If You’re Looking for a Way to Make Some Extra Money, You Could Rent Out Your Property

Due to rising rents, becoming a landlord in 2022 could be profitable for you. However, it’s important to use the right strategies to maximize the profitability of your rental properties.

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