5 Tips for New Rental Property Owners

Managing rental properties as a landlord can be an extremely satisfying career move. From providing a lovely home for renters to live in, to accumulating monthly finances, there is a lot to gain from being a part of the rental industry.

However, getting started as a landlord definitely comes with its challenges that are easy to overcome with the right mindset and experience on-hand.

Here’s a look at 6 helpful tips for new owners of rental properties that can help ensure a strong start on their new venture.

Set Your Work Up In Time Blocks

As a landlord, it’s easy to think that you have the ability to multitask and effectively cover all of your own responsibilities.

However, multitasking can quickly lead to essential items falling through the cracks and the loss of loyal renters.

No matter how great you think you are at memorizing your schedule, nothing is more reliable than using your smartphone calendar or investing in reliable scheduling software.

Once you have a scheduling system set up, we recommend working in time blocks that force you to focus on one task for a specific amount of time. Batching up your tasks will increase the total productivity of your day and help ensure that nothing essential is left undone.

Create a Pre-Screening Survey

One of the biggest issues with rental property management is the time wasted interviewing potential renters that just don’t meet your qualifications. Not many people will get through an entire marketing advertisement, and will usually sign up for a screening interview before knowing your expectations.

Time is money and you don’t have the time to spend on renters that don’t meet your requirements. Fortunately, you can create a Google Form survey that you can attach to your advertised landing pages.

From here, people must complete your survey and find out if they qualify for a pre-screening interview.

This saves time and energy on all fronts, and above all, ensures you get the interviews you know your property deserves.

Invest in Bookkeeping Technology

Property management involves a lot of finances and bookkeeping. From records of rent paid, to late rent, and the cost of maintenance and repairs. It should be clear from the start that you’ll need a bookkeeping program to keep track of all of your records.

However, if you find that you’re too busy to keep records yourself, it may be wise to hire a bookkeeper or work with a rental property management team that can help with your finances behind the scenes.

Perfect the Terms of Your Lease

Perfecting the terms of your lease not only lays out the rules of your property but also helps keep you legally protected in the long term. A rental property management team or a lawyer can help you ensure that everything in your lease is legal and prevents any future legal issues or confusion with renters.

Find a Great Property Manager

Finally, being a landlord of even one rental property can be a lot of extra work on top of your regular daily responsibilities. Successful management of a rental property is a full-time job, and you’ll need a team that’s readily available and experienced to help you keep renters happy.

There are rental property management companies like Classic Property Management that are fully prepared to handle daily interactions with renters, financial bookkeeping, and finding the right vendors to help maintain the integrity of your property.

Start Your Rental Career on the Right Foot With Classic Property Management

If you are a property owner that is ready to start renting out your homes, let the property manager of Classic Property Management help you make rental property management a breeze.

We have helped property owners manage single homes and multifamily complexes and have experience with renter retainment, screening, vendor management, and more.

Contact us today to learn more about how our management team can help you ease into renting out your property the right way.