Written By: Real Estate Writer - Currentmag
With the growing economy, property management is a skill most business men need. If you want to have a profitable experience as a landlord, the following are some of the rules you need to adhere to.
RULE# 1. Get tenants. If you want to make property management easy, it is important to first make sure you have the right tenant. A right tenant is the one that loves your property. The next thing a potential tenant will do is immediately is give out a deposit after admiring your property. So as the property manager, make sure the deposit paid is in secure funds like money order, cash or even cashier check if the move in is a rapid one. It is also wise as the manager to have the check 10 days ahead of the move in or look at the account personally because a check can bounce several days later.
RULE # 2. The Lease. This is one of the most important documents a property manager should have. A landlord should issue out a lease to the tenant as it spells out the rules of the premises, the rental duration, when the rent payments are due and how the payments are to be made. In the lease are also the consequences if by any chance the tenant does not comply by the rules. If things go from bad to worse and a court is inevitable, this document becomes very valuable to the property manager. The person supposed to create the rental agreement is the attorney because there are points in the lease that must go with landlord-tenant state laws. So you wouldn’t want to contradict with the law.
RULE#3. Rent Payments. It is advisable to always have the rent payments in money order or check. This is important because you will have the proof whether the payments were made or not should you find yourself in court. In fact your tenant will not be in a position to dispute that the rent was paid when in real sense it was not. See more about this rule www.commercialpropertymanagementquote.com
RULE#4. Maintenance. Most tenants will always come up with excuses when it’s time to collect the rent if the property has poor maintenance. So as a property manager, you should make sure your property is well maintained. That means you should respond with good speed should the tenant call you. This would be easier if you have a team of pros to do the maintenance part. But if your budget is so low then you can employ your own personal handyman skills.
RULE# 5. Tenant Evictions. It reaches a time when moving a tenant from your property becomes inevitable. This in most cases is always as a result of either non payment of the rent or any other act that violets the lease. In most countries, the law states that a tenant is to be given a three day notice before eviction for rent non payment and a 5 day notice if the lease is violated in other ways. A good property manager should take eviction as the last resort, instead he should be ready to communicate. Eviction is a clear indication that communication has failed. Never let communication failure fail your property management.