Property Management Tips – 4 Rules You Don’t Want To Break While Owning Rental Properties
There’s no denying that owning rental properties in the Central Valley, or elsewhere in the United States is a great way to build wealth but there are 4 rules that most landlords break on a regular basis and they don’t know that continuing to break these rules is impacting their cash flow and the long term success of their rental properties.
Rule #1 – Always Screen Prospective Tenants
This is by far one of the most important property management tips we can offer you because screening prospective tenants before you rent to them will save you the time, money and hassle of renting to prospective tenants who could potentially be problem tenants for you in the long run by not paying their rent on time or always making excuses for why they can’t pay their rent when it’s due.
Effective tenant screening involves a prospective tenant filling out a complete rental application, purchasing a copy of the tenant’s credit report, doing a background check on the tenant and calling their rental references.
Rule #2 – Communicate With Your Tenants
Another effective property management tips that we can offer you is to always communicate with your tenants even if nothing is wrong at your Central Valley rental property because, proper communication will keep the door open for them to call you if problems occur at your rental property in the future that need to be resolved.
If you are unable to properly communicate with your tenants consider hiring a call center or messaging service so they have a number to call should they need to communicate with you day or night.
Rule #3 – Put Some Money Back Into Your Rental Property
Over time you may end up buying one or more rentals that are in great shape and nothing has to be done to them but this doesn’t mean that you shouldn’t invest money in them over time, you should always invest money back into your rentals either monthly, quarterly or annually because this will help them to increase in value and show your tenants that you care about their business.
Rule #4 – Outsource Your Property Management
Last of all, but most important, one important rule that you want to follow especially as you purchase more rental properties over time is to outsource your property management needs because, outsourcing property management will give you more time to focus on growing your portfolio of rental properties and free you from having to focus on the day-to-day tasks of property management.
Get More Property Management Tips
For more property management tips contact RPM Central Valley today by calling us at (209) 572-2222 or click here to connect with us online.