Managing risk in rental property management involves having plans in place to deal with both routine costs and procedures that can balloon out of control and any unexpected challenges that arise.
The tips below will help ensure you are prepared for both eventualities.
Getting reliable tenants can be one of the toughest parts of property management, but there is software that can help you with screening, application fees and remaining compliant with state law. This can help reduce the likelihood of errors and time spent dealing with paperwork.
Electronic Record Keeping
Gone are the days when you had to keep paper copies of leases in filing cabinets and wait until you could meet in person or for the mail to deliver signed copies of documents. Instead, you can use electronic leases and online tools for signing, streamlining the process and eliminating the danger of misplacing important paperwork.
Make Maintenance Easier
Maintenance and ensuring that repairs are made promptly and competently but also cost-effectively can be among the biggest headaches associated with property management. You can use software to streamline the process and keep better records. It can also help you produce a single work order for more than one vendor, maintain documentation in one place and provide faster service to your tenants, which in turn keeps your best tenants around longer.
One of the most difficult aspects of property management is that it is a 24/7 job. When tenants have an emergency, they need to be able to reach someone immediately. On the other hand, you don’t want to be contacted day and night about situations that are not emergencies.
A dedicated answering service with experience in property management can ensure that calls never go unanswered but also that you and your staff are not distracted with calls when the office is closed or when you are working on other tasks.
Your tenants will have the reassurance of knowing there is always someone to hear their concerns, and you will have the peace of mind that comes from knowing the right professionals are on the job.