Managing a property, regardless of size, can be a difficult task. This is particularly true if you are new to this side of the real estate industry. But remember, you have to start somewhere. Most property managers find that settling into a routine is a great way to get on pace, and to stay on the right path as the years go by.

What should your property management routine look like? This is when you need to take the initiative. Everybody has a different schedule and a unique way of doing things. No matter what, you need to make sure that your routine is thorough while also allowing you to make the best use of your time.

Your routine could include any of the following: weekly checkups, collecting the rent on a particular day, regular maintenance, etc. For instance, you may want to cut the grass at your property every Friday. Once you get on a schedule you will find it easier to complete all necessary tasks without wasting any time.

Finally, you can and should tweak your routine from time to time. If something isn?t working for you, you need to make a change. The same holds true if you need to add something to your regular routine. Remember, as you buy more and more properties you will need to tweak your routine to ensure that you are taking care of every detail.

As a property manager, it is important to settle into a routine that suits your properties and schedule.

Are you the type of landlord or property manager who is always thinking about interior maintenance and upkeep? If so, there is nothing wrong with this as long as you keep the exterior in the front of your mind as well. Remember, exterior upkeep can be every bit as important as changes and fixes on the inside. The nice thing about the exterior of your property is that you do not have to worry about asking tenants permission to enter, waiting for a time that is good for them, etc. Instead, you can do everything when your schedule allows for it. (more…)

As a landlord or property owner you need to know what type of do it yourself repairs you can handle. On the same token, you need to know when to get the help of a professional who has more experience. Do it yourself repairs can turn into big jobs that cost a lot of money if you do not take care of the situation the first time around. (more…)

xAs a landlord you are going to make mistakes; this is natural. That being said, you cannot afford to do anything that is going to harm you, your tenants, or your property. Below are three common landlord mistakes to avoid: (more…)

Lately many people have found themselves in a situation where they’re renting one home because it couldn’t sell and they’ve already moved into their new home. People in these situations are referred to as accidental landlords and they face a number of challenges that traditional landlords don’t have. One of the biggest problems for accidental landlords is that they’re not landlords, they didn’t want to be landlords in the first place and they’re not hip to al the rules and regulations that come with the job. Another huge problem is they sometimes have relocated to another area so they’re not in touch with their tenants and they’re actually relying on them to maintain their property.

If you find yourself in an accidental landlord situation you may be best served by hiring a property manager to handle the business end of things so you can go about your life without much care. A property manager knows all of the ins and outs of the business and will prevent you from being involved in a potential lawsuit or falling prey to a bad tenant. A property manager will also be able to handle any issues that may arise on the property instantly and they typically have a good collection of reputable service people on hand.

If you’re an accidental landlord you can save yourself a lot of headache by passing the buck to a property manager.

Do you own a rental property? If so, you know that it is your job to care for both the interior and exterior. Generally speaking, it is easier to keep up the exterior of a property because you don?t have to get permission from tenants to enter. That being said, exterior maintenance is often times labor intensive and time consuming. If you are not careful about how you manage your time you may find the exterior condition of your property quickly deteriorating.

There are many areas of exterior maintenance that you will be responsible for. This includes windows, siding, the roof, landscaping, snow removal, and much more. Not only do you want to maintain the exterior for good looks, but you also want to do so in order to keep your tenants safe. For instance, if you do not clear snow from the steps in the winter and a tenant falls, there is a good chance that you will be slapped with a lawsuit. Is that something you want to deal with?

If you don?t have the time to keep up with regular exterior maintenance you will need to hire an outsider to assist you. This is something that many landlords do, and you may find out soon enough that it is your best option as well. Hiring somebody to cut the grass, remove snow, and take care of other minor details can be a great way to save time and reduce stress.

Overall, don?t overlook the exterior maintenance of your rental property. You want to keep your investment safe, sound, and looking good at all times.

photo credit: pnwra

As a property manager or landlord you know that items need repaired from time to time. This can include everything from a faulty furnace to a leak under the sink. While you should expect these situations to occur you need to keep one thing in mind: you can save a lot of time and money by doing your own repairs. To go along with this, you may also save a lot of hassle for your tenants as well. How does that sound to you?

There is no denying that completing your own repairs can save you money, and plenty of it. Remember, it is not the parts that make a professional repair costly. In most cases it is the labor that goes into the job. This is particularly true if you need to hire a skilled professional such as an electrician or plumber. Fortunately, there are a lot (but not all) of repairs that you can probably make on your own.

If you don?t ever attempt to make a repair you will never know if you have what it takes to complete the job. To go along with this, practice makes perfect. Sure, you may struggle to fix that leak under the sink the first time. But if this issue ever comes up again you will know what you are doing. Over time you will learn the ins and outs of many repairs, which will in turn make your job easier.

As a property manager or landlord saving money is important. You can keep more green in your pocket by doing your own repairs.

As a landlord or investment property owner you know that collecting rent is a big part of the game. There are tenants who will pay on time, and will love doing so month in and month out; these are the types of people that you want to rent to. But on the other side there is sure to come a day when you have to deal with late paying tenants. More and more landlords are running into this because of the bad economy, and the financial strain that it is putting on many people.

Dealing with late paying tenants is not going to be fun. This is the case for you, as well as the person who did not pay. If you are in this position you need to take the proper steps. First off, send a late payment notice to your tenant. Maybe they simply forgot to pay the rent. This may not always be the case, but on a first offense you will want to give the tenant the benefit of the doubt.

If the problem persists, and your tenant is always paying late, you need to hit them with a fee in order to show that you are serious. As long as you have a late fee clause in your lease you can do this without any problems. It is never easy to act on this clause, but in some cases it is the only thing that will teach a late paying tenant a lesson.

Overall, dealing with late paying tenants can be a pain in the neck and is not the most exciting part of managing an investment property. Once you learn how to deal with problem tenants, especially those that pay late, future instances will be easier on you.