Now that you have set your sail in real estate investment, there are lots of things to consider so that your business runs smoothly, and this involves effectively managing real estate properties. If you already have a string of properties, the most convenient step for you to take is to hire a real estate property management company or agent so everything is kept into place. This is especially advantageous for those who don’t have the luxury of time to oversee the entire real estate property management process. However, as a smart investor, you still need to familiarize yourself on managing real estate process so you remain on top of your business.
Basics of Managing Your Real Estate Properties
Finding a Suitable Tenant
After you have made all the necessary renovations in your properties and they are now in a livable condition, your next step is to attract good tenants. This is among the important aspects of your business. How potential tenants respond to your “for rent” sign or advertisement depends on the location of your properties. Those who are interested will contact you right away but choosing who to rent your properties is still your own choice.
It is important that you screen your applicants carefully and seriously. You can encounter a multitude of problems later on if you aren’t careful about selecting your tenants. It’s better to spend your time screening your applicants first before allowing them to rent than begging them to pay for the rental dues later on. This is the first key to managing real estate properties effectively.
Good Help Is Hard To Find
Another task in effectively managing real estate properties is searching for quality Tradesmen/Craftsmen. This is almost as important as finding tenants and the process is somewhat similar. In hiring workers, it’s a good idea to set your own criteria of what you are looking for. This person will be responsible for the maintenance and repairs of your rental properties so you want to ensure that he is well-qualified to perform the tasks and meet you and your tenants’ expectations.
You can ask your friends or other real estate investors for referrals. Once you have gathered enough candidates for the job, it is now time for you to carefully screen each of them. Ask them about all their experiences in fixing and taking care of real estate properties. Verify their background from their references so you know firsthand that they are quality workers.
Accurate Accounting
Owning properties holds you responsible for keeping accurate records. As a suggestion, it is best for you to have an automated accounting system to lessen human error. This system will help you keep your financial records. You can find a lot of accounting software on the Internet such as Quick Books. It allows you to keep track of your financial transactions and help you balance your records monthly. It’s your decision to choose which accounting software you’d like to use. What’s important is that you consider these tools in managing real estate properties. Good record-keeping eliminates the burden of doing it by yourself manually and paying someone to audit it when tax filing is nearing.
Just exactly how to screen tenants is the rub; I’ve found the FICO scores mean little. Even a clean credit and criminal record only helps a little. Job history is important – if they have a good job they wouldn’t be likely to leave that’s a source of garnishment if they skip out. Asking for co-signers helps a lot if the co-signers own property you can attach. There’s no easy way to be sure, though.
@ Don S:
Thanks for sharing your thoughts Don. Readers will certainly learn something from it 😀
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