How To Do Rental Properties

How To Do Rental Properties – Want to expand your portfolio and earn more money? Get a demo of property management software to learn more.

That said, it’s difficult without a plan to help you improve your management of each area.

How To Do Rental Properties

How To Do Rental Properties

To manage your rental properties, not only will you want to create a plan for each property management area, but you should also consider using a tool like property management software to bring it all together. Help streamline and optimize where possible.

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Make sure your property is listed on all major platforms, as well as that property information is accurate and photos are up-to-date.

Marketing your property online through listings on these ad platforms is a great way to gain additional exposure to other competing properties in your area.

Good old fashion never goes out of style, and as we go digital, we need to host open houses to convert the majority of tenants to apply.

Despite the above, you still want to allow potential tenants to apply online to make it as easy as possible.

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After you’ve got applications, it’s time to make sure you’re letting the right tenants who are likely to:

It’s a great feeling to be able to offer families and individuals a wonderful, safe and comfortable home.

However… real estate is a business and you need a reliable system to ensure that potential tenants are reliable.

How To Do Rental Properties

Unassisted screening can be a bit tedious, it usually involves running background checks and credit checks depending on your preference, so we recommend using property management software (like ).

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However, finalizing the agreement is not the first step. First, you should draft your lease and have it executed by a legal expert who can advise you on whether you need to make any changes.

It’s important to make sure you’re not only covering yourself, but also providing all the rights a co-signer and tenant are owed, such as fair housing laws.

Now that you have your first tenant or tenants, let’s talk about your responsibilities as a landlord.

Managing tenants can be the hardest part of the job, because you’re working with people in their homes.

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The title says it all: it’s about making tenants feel taken care of while making sure their bases are covered in terms of proper security measures.

Both are easy to handle with property management software, which can provide both a tenant portal where tenants can pay rent and check their payment history, as well as post and send late payment reminders. capability of.

It’s very easy to “set it and forget it” so to speak, set tenants in your unit and then sit back and collect rent.

How To Do Rental Properties

But, the reality is that you need to maintain regular contact with each of your tenants. Not only to identify potential maintenance issues they forgot to mention (so you can address them before they become a big problem), but also to let them know you care.

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If your tenants feel taken care of, they will be happier in your property. And the happier they are, in general, the better tenants they’ll be and the longer they’ll stay.

We won’t go into that part right now (see the next section), but it’s worth adding here.

That’s because handling maintenance requests is a big part of being a good landlord and keeping your tenants happy.

When receiving maintenance requests, be sure to respond promptly and resolve the issue as quickly as possible.

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Also, to follow up on the last point, make sure you communicate clearly with your tenants throughout the process.

If you need to enter the property, make sure you contact them beforehand to get their permission and let them know when they should expect the repairman.

Now that you know what you’re dealing with with your tenants, let’s talk about how to manage the property.

How To Do Rental Properties

By this we simply mean the maintenance and repair of your property, the physical maintenance of the property itself.

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Both are not only important for keeping your existing tenants happy and bringing in new tenants (since existing tenants affect your property’s ratings and reviews), they also help:

Make sure your tenants have an easy way to contact you when they have maintenance issues so they can make the repairs they want or ignore the problem and do whatever it takes. can reduce the chances of forgetting to mention

They may decide it’s no big deal or forget to mention anything, but if more time passes and the problem worsens, it could cost you dearly.

Property management software can allow you to provide a portal where tenants can submit maintenance requests through an app on their smartphone, minimizing friction as much as possible.

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Apart from maintenance requests, regular maintenance is also required to keep the property in good condition. It is also important to make necessary repairs when something breaks.

This includes, in particular, an annual inspection of the entire property and a seasonal inspection for weather problems.

For your annual inspection, you’ll want to check everything, including every unit of the property and every major system. This includes:

How To Do Rental Properties

We know, it’s not exciting. But this is one of the most important things to keep in mind when managing your rent.

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We’ve already talked about rent collection and how to manage your tenants, so we won’t cover that here.

You need to manage security deposits in a specific way, so it’s important to make sure you have what you need to set up to do so.

There are a few reasons for this, from different types of income (for example, rent and advance rent) to a wider diversity of expenses.

However, if you only own one or a few properties, there are some accounting programs that allow you to file your business and personal taxes at the same time.

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There are several types of documents, each of which you should keep a copy of with you at all times in case you need them.

Preferably, you keep a digital and paper copy of each of the above, just to give yourself a little extra insurance to make sure you never lose a copy of everything. .

Now that we’ve covered the 10,000-foot view of everything you need to know about managing your rental property, let’s talk about your options for doing so.

How To Do Rental Properties

This is best done when you have one to few properties, as it is still possible to properly manage the needs of each property.

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However, if you have a handful of properties, you may want to at least get property management software or hire a property management company.

Property managers are professionals who specialize in property management, so you can trust that someone good will take care of your property.

However, you need to find one that you feel will suit your needs, as not all property management companies offer the same services.

So if you prefer to handle the bookkeeping of your properties but need help with maintenance and repairs, you can hire a property management company to handle it.

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It’s less of a novelty option and more of something that can simplify any type of property management, which makes it all the more important to mention.

Whether you’re managing your own properties or you’re a property manager looking to streamline your operations, property management software can do a lot to make managing your properties easier.

So whether you are a property owner or manager, property management software can completely change the way you manage your portfolio.

How To Do Rental Properties

Property management accounting can be complicated, as typical accounting software is not designed for the unique needs of property accounting.

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For example, with QuickBooks, you can’t create properties or tenants, so you create a solution with a “Customers” class and subclasses.

To manage your property accounting more effectively, consider using property management accounting software designed to handle accounting for your entire portfolio.

David is the co-founder and CMO, a best-selling author, CLE legal speaker, and real estate investor. When she’s not with her three children, she’s here writing articles!

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How To Do Rental Properties

Accounting 4 min Read North Carolina Property Taxes: Everything You Need to Know as a Landlord or Property Manager by David Button Today’s rental climate means that the demand for rental properties has increased, however, There is also a growing shortage of properties available for rent.

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This means that if you want to rent, you need to be diligent in filling out your application, provide as much information as possible with your application and be prepared to sign.

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