If you manage rentals, it is crucial to have a clear understanding of landlord-tenant laws. These include regulations on leasing agreements, security deposits, evictions, and more. Additionally, it’s important to conduct regular property maintenance and keep up with the local rental market. These considerations can help you avoid costly repair bills in the future.
Managing rentals takes a significant time commitment, particularly for first-time property owners. A recent study by Hemlane found that the average owner spends around 4 hours a month per property for daily operations, which can add up quickly when you own multiple properties.
Finding tenants is a major part of managing rentals. This can be accomplished through marketing your property on rental listing platforms, social media and local ads. You’ll also need to screen potential tenants using a tenant credit check and background checks, verify employment information and check references. Additionally, you’ll need to draw up a lease and set up a system for receiving rent checks each month.
Hiring a professional management company can significantly reduce the time it takes to fill your rental property’s vacancies. They have a deep understanding of the rental market and can accurately price your rental to attract tenants.
Additionally, a professional management company can handle property inspections and make necessary repairs to keep your tenants happy. They can also create a budget and track your income and expenses to ensure you’re not spending more than you’re earning. They can also set up a separate bank account for your rental business so you can properly file taxes. manage rentals