Before you answer this question, you should first understand what property or real estate management is. This term is usually used in the case of rental properties.
It includes residential and commercial real estate and the various functions that you have to undertake to ensure their upkeep, maintenance, tenancy, legal obligations, and more.
What Is Real Estate Management Or Property Management?
Property management entails all the roles and responsibilities of a typical landlord and more. When you are not there, nobody will be able to fill your shoes.
Property management consists of several functions such as screening prospective tenants, selecting the ones that fit the bill, doing background checks, maintaining and repairing any structure when required, fulfilling all the formalities and completing all the important paperwork, and a lot more.
What All Do You Need To Do To Manage It Yourself?
If you decide to become the property manager of your own real estate, there will be a lot of responsibilities that you will have to shoulder including:
- Advertising your property for rent
- Managing and attending various meetings with your prospective tenants screening their applications and performing background checks
- Reviewing their rental history before you let them on your property
- Upholding and managing the terms of the tenancy agreement
- Collecting and managing rent from all your tenants
- Looking after the financial accounts of your property
- Maintaining regular reports with regards to any repairs and reconstruction jobs
- Inspecting the property regularly for any damage
- Staying connected with all the technicians and handymen who maintain your property
- Regularly staying up to date with all the tenancy laws in your city or state
Let’s Turn You Into An Efficient Landlord
These will be your prominent steps to becoming a responsible and efficient landlord. Remember that people are not born with these skills. You have to acquire them and for that, you have to be a dedicated learner.
The biggest question is whether you are prepared to handle this responsibility or not. You will need all the help you can get. A few suggestions are given below:
Attend Meetings And Seminars
Get in touch with the members of the local community and other landlords in your locality. Attend meetings and seminars with them and try to mingle as much as possible.
You will learn something new practically every day. You can also understand from their experience how to treat your tenants and what terms and conditions in your tenancy agreement should never be compromised.
Look For Online Tutorials
Another very effective way to become a professional landlord is to invest a bit of your time in online tutorials and explanatory videos. Make sure to look up location-relevant content only.
This will help you understand local rules and laws pertaining to tenancy and also what constitutes suitable conduct when it comes to dealing with your technicians, repairmen, tenants, and potential property buyers.
Invest In The Right Software
Digitization is the mantra of the modern age. A very useful tool that can help you become a better property manager without any external help is the right property management software and similar platforms.
Whether it is a mobile app or a web app, these platforms can help you stay connected with all the concerned parties including your tenants, contractors, subcontractors, technicians, and even your agents who get you regular tenants at the completion of your tenancy agreements.
These platforms can help you keep track of the rent received and any payments that are due on repairs and maintenance and also help you keep a tab on your inventory very easily.
Managing Your Property Yourself Like A Pro – A Few Additional Tips
- Do your research on similar properties in your neighborhood and find out what their landlords are doing to maintain them efficiently and smoothly
- Always undertake a complete and thorough analysis of your tenant applications
- Try to acquire sound accounting skills so that you can keep a track of your costs and payments throughout the year
- Learn how to run inspections of your rental property without missing even a single detail
- Always keep yourself informed regarding legal and legislative structures in your state
Locating The Right Property Manager For Your Property
In the end, if you are not able to do so or if you think that it is going to be too overwhelming for you, you should always look out for a dependable property manager in your locality.
Pay attention to the word of mouth and also do your research. The right property manager shouldn’t be that difficult to find.
