Managing a rental property is a full-time job. To keep it profitable, you’ll need to look after your tenants. That means addressing their concerns, which includes maintenance and even neighbor woes. And to get high marks on tenant retention, you’ll need to have a stringent screening process and be great at problem-solving. Communication skills, foresight, and creative thinking are a must to juggle everything.
For a lot of people, property management is simply too much to handle. So, they turn to professionals to do the job for them. This is where we come in. We help property owners look after their real estate investments and make sure everything is in the black.
Have you been mulling about hiring a professional property manager here in Cincinnati or the Tri-State area? Use this property management guide so you can make the best informed decision possible. If you need any help or advice, don’t hesitate to consult with our team.
What goes on in property management?
A lot of things go into managing a rental property. It usually includes the following:
- Real estate marketing;
- Tenant screening, retention, and management;
- Rent collection; and
- Property inspection, maintenance, and repairs.
Basically, it’s all about making sure the rental property is in good condition, earns income, and complies with local landlord-tenant laws and other policies.
Depending on the scale, property management can be a breeze or a complicated web. Tasks may be simpler if you’re only looking after a single unit, which can’t be said if you’re handling multiple rental properties or an entire apartment building.
When do you need a professional property manager?
Property management services will lift the burden off of your shoulders, but it comes with a rather hefty price. It’s an investment you must be willing to make. So, before you hire one, let’s assess your current circumstances so you can decide if you need a professional property manager.
- You don’t have time
Property management work can eat up a lot of time, and so, it can be challenging and doubly so if you have a part-time or full-time job, or you’re also preoccupied with family matters and studies. Maybe you’re dealing with everything, all at once! A person can only do so much. If this is the case, don’t be afraid to look for professional help.
- You don’t like dealing with other people
As a landlord, you are required to deal with a lot of people. This includes your tenants, as well as other contractors. Tenant management, in particular, requires excellent people skills. You need to be friendly, firm, and respected. This way, you can attend to your tenants’ needs and enforce policies (and even evictions) when needed. Things can quickly go south with poor handling, so if this isn’t your cup of tea, a property manager can handle the job for you.
- You live far away
Property management is a hands-on job, so if you live far away from your rental property, you won’t be able to do it properly. Furthermore, it will eat up more of your resources, such as time, gas, as well as money, especially if you live in an entirely different region or country. In such cases, it’s best to find a property manager you can trust and who will keep you up to date on a regular basis.
- You have zero experience in property management
Experience is key in successful property management. The benefits are endless: a steady stream of rental income, happy tenants, and a high tenant retention rate. While you can learn on the job, don’t force yourself to fill the position if you’re not confident with your skills. Let a professional do it for you. If you do want to be a hands-on landlord in the future, you can still play an active role at present and learn from the property manager you hired.
- You have too many rental properties
With a lot of rental properties come a lot of responsibilities. If you find yourself drowning in work with hardly any time to relax or even breathe, hire a professional to split the work with you. You can keep the properties you don’t have trouble managing, and assign the complicated ones to your property manager.
Do you need some help with your rental properties? Perhaps we can assist you!
Sundance Property Management specializes in handling mobile home and apartment rentals as well as multi-family communities in Cincinnati and around the Tri-State area. We’d be happy to give you tried-and-tested property management tips or lend you our services. Get in touch with our team to schedule a property management consultation today.
For owners of apartment complexes, it’s a tough time to raise rent. With unemployment figures topping 90,000, few can absorb the added burden of a rent increase. However, thinking outside the box can help property owners add to their income without raising the rent. For example, installing vending machines within the premises, charging extra for pets, renting out storage, leasing blank building walls to carry advertising, and offering additional services such as laundry pick-up and delivery are a few ways to augment income. Property owners can also think long-term by installing renewable energy sources in their buildings. Lease contracts for new tenants can be revised to include power bills in the monthly rent. Read the article for more tips.
Managing an apartment complex and other rental property takes a tremendous amount of time. Between dealing with the repair needs of tenants to maintaining the general premises, and from making sure rent is paid on time to marketing the property, running an apartment complex, let alone several, is a full-time job. Hiring a competent property manager frees the property owner from dealing with the day-to-day administration of the rental. While choosing the right property management company to take on the task is one part of the equation, the other is ensuring that the management contract contains key details stipulating the scope, duration, and fees for the service. Therefore, it falls on the property owner to review the contract and clarify every ambiguity before the agreement is signed. This article tells you more.
Having a rental property is great. But do you know what’s better? A rental property that is occupied and earning income. It’s no wonder a lot of mobile home owners are renting out their properties. Having an occupied mobile home doesn’t guarantee a stable source of passive income, however. For that to happen, you need to have a reliable and long-term tenant living in your property. And to find the ideal tenant, you’ll need to come up with a screening process that’s customized to your rental and profit goals. For starters, here are several tips on how you can meet the right tenant for your mobile home.
Money is one of the things that make the world go round. As such, it’s important to set the right price for everything, including your rental property. The right rent price can attract the ideal tenant, and more importantly, open up a stable stream of passive income that can open up more real estate opportunities for you. But just like pricing a home for sale, coming up with the right price is a tricky art to master, dependent on several ever-changing factors. As you calculate a realistic and competitive rent price for your property, here are things you need to consider.
Problem tenants are the bane of every landlord’s existence. Whether intentionally or unintentionally, they can make a big dent in your investment and put you – the landlord – in a precarious position.
Thus, it is wise for you to know how to correctly identify this type of tenant and weed them out. An intensive look into their basic profile could give you some hints. A past criminal conviction for a property-related offense, lackluster credit history, and multiple evictions are some dead giveaways. Then there are subtle and more nuanced signs that could warrant further investigation on your part.
Want to learn more about effectively vetting tenants? Read this article.
Tenant eviction costs time, money, and oftentimes, mental stress. A reasonable landlord will only come to this decision as a last resort after running out of all possible options.
If the situation does leave you, the landlord, to file for an eviction lawsuit, you must be prepared to see the entire process through. A valid eviction lawsuit must first have a valid cause. Frequent late rent payments and lease agreement violations are some of the common reasons that merit eviction.
On average, it takes about three to four weeks to complete the eviction process; longer if the tenant decides to put up a fight in court.
Read this article to know more about the eviction process.
Both landlords and tenants have been hit hard by the effects of the pandemic. Though we’re slowly catching glimpses of what a return to normalcy will look like, the situation still seems shaky at this point. Some tenants will still struggle to right their situation. There are many ways to extend a hand to struggling tenants. Building trust by sharing verified news and developments likely to impact tenants. Offering options and recognizing the need to compromise. And reaching out to tenants who have gone through major changes because of the pandemic – especially if these changes may influence their stay on your property. Read on to find out more.
Finding a property for rent doesn’t stop once you settle the down payment and other fees. There is also the need to maintain a good relationship with the landlord. If you happen to be the landlord, it is not enough to know what you should do. You should also be aware of your limitations.
There are certain things that landlords are not supposed to do. Committing these mistakes may lead to legal complications and a lot of stress on both sides. In this article, we will try to enumerate and break down the biggest mistakes any landlord should avoid committing.
Some people invest in a second home and turn it into a vacation home. Though the idea of having a private place to go to for a quick weekend getaway is fun, the prospect of turning the property into a rental home makes it more exciting. Since you only get to use your second home occasionally, what better way to maximize it than to rent it out?
However, you need to understand the tax rules surrounding vacation homes. What do these taxes mean? Is there a way to minimize your payments without breaking the law? This article will break down the tax rules every vacation homeowner should know.
If you are a rental property owner, you are just one among the many who have felt the financial onslaught of the COVID-19 pandemic. Your tenants may have suffered from pay cuts and some may even have been laid off from their jobs, leaving you to handle mortgage and property tax payments by yourself. There wasn’t much support from the government or the media for rental property owners who had to carry the heavy financial burden for months, spending their savings in the process. However, ways to deal have emerged a year later through the pandemic. Things aren’t great, but they’re definitely looking up. Read this article for some property management tips to help you navigate your way as a rental property owner in this pandemic.