If you’re considering moving into the property management field congratulations. Property management can be a very rewarding and lucrative job, especially for people with the right personality type.?

There are no real steps to becoming a property manager as no schools offer a degree in this field. But degrees in finance and business are helpful for property managers.

Although there aren’t any degrees in property management there are a number of classes, certifications and professional groups. You should try to take as many courses as you can to educate yourself and then gather certifications and professional affiliations.

Check with the state you live/work in to see if they require any licensing examinations. Not all states do but if yours does you’ll need to have this taken care of.

Getting experience in the real estate world is quite useful, maybe more useful than management experience. Real estate is a tricky field and knowing the ins and outs can be very helpful in the future. Being involved in this field can also open doors and introduce you to local landlords and property owners.

And finally, get noticed in your community. Join the chamber of commerce and other professional groups that bring business leaders together. Network with realtors and property owners. Arrange meetings whenever possible to let people know of your services. Establish a reputation for yourself as a hardworking, go getter who is a leading professional in their business.

For a landlord hiring a property manager is no small task, it takes work to find a company or person you trust and are willing to rely on when it comes to your investment and quite possibly yours and your tenant’s well being. To get some added peace of mind add the following elements to your property management contract.

Communication Expectations

Detail what you expect to be notified about and how you expect to receive that notification. It wouldn’t hurt to also specify a timeframe for notifications.

Finances

Your state will have some sort of laws regarding the accounting practices of property managers so you should familiarize yourself with the law and the minimums, but you may want to ask for a little more due diligence or information than is traditionally given. You may also want to break down financial obligations and establish procedures for dealing with the tenants and their finances as well.

Tenant Responsibilities

Tenant responsibilities will be the primary responsibility of the property manager but you’ll want to specify exactly what those responsibilities are and how they will be processed.

Termination

And most importantly for both parties, you’ll want to try to protect yourself if the company does not fulfill your expectations. Trying to get out of a contract is often difficult so you will want to try to work in a clause that lets you terminate the contract if the property manager isn’t working out to your expectations.

Most property managers find their job to be easier and more enjoyable when the weather is warm and the grounds are clear. Unfortunately for them, there are parts of the world where the winter months get cold, snowy, and icy. Here are three property management tips for the cold winter months:

1. Furnace check and prep. Before the first cold night arrives, make sure the furnace is working properly in each of your properties. It is better to find out about a problem before winter hits than to have your tenant make you aware once it arrives.

2. Snow removal. Do you have properties in areas where it snows in the winter? If so, you need to realize that snow removal is very important. All common areas should be kept clear. Tip: you may be able to ?hire? a tenant to take care of this for you.

3. Watch the ice. The last thing you need is a tenant slipping on your property because of an icy buildup. If this happens they may attempt to bring forth a lawsuit. Just as you need to remove snow, you should deal with any ice at the same time. Buy yourself a few bags of salt before winter hits and you should be set.

During the cold winter months keep the above tips in mind!

Are you a property manager? If so, you have to manage more than your properties. You also have to manage your time. This becomes more apparent as you add more and more tasks to your daily to-do list. For example, you may be able to easily handle one investment property but add another (or more) and things may begin to get tricky.

Time management is essential to your success. If you get on a schedule and realize how important it is to stay on track, you will find that your personal life and career to run much more smoothly. On the other hand, if you have no time management skills you may find yourself working too many hours and eventually burning out.

Not only will managing your time improve your life, but it will also increase the chance of success with your properties. Knowing how to spend your time and prioritizing your task list is very important. Not doing this will result in details being passed by, and some of your properties getting put on the backburner. Is that what you want?

If you are a property manager you need to learn how to successfully manage your time.

Becoming a landlord is something that many people dream of. This is a great way to get involved with real estate, and of course, to make money along the way. The one thing you have to know about becoming a landlord is that things look simple when getting started, but this can change on a dime.

The actual process of buying an investment property and calling yourself a landlord is relatively easy, and something that most people with some ambition can accomplish. But don?t think that this is a way to make quick money without doing any work.

Simply put, landlords put in a lot of hours and are always on call. Is this something that you are willing to get involved with? Many have found that working a full-time job, while also being a landlord, is too much to handle. This is something to think about before you get involved with this side of the real estate industry.

On the surface, it is easy to see that becoming a landlord is a simple process. But once you look into what it entails over the long run, you may realize that this is far from the case. Make sure you are aware of all the details of becoming a landlord before you take this giant step. You don?t want to expect a simple process, but find out soon enough that you are not cut out for this line of work.

Once you become a landlord you will be answering a lot of questions, day after day. Most of them will come from tenants or those who want to rent from you. Here are a few that you will definitely run into at some point in time:

1. Can I pay you later? As a landlord you need to let tenants know when their rent is due, and then stick to this schedule. The last thing you want to do is let your tenants walk all over you. If they pay late this month they will get in the habit of doing so in the future.

2. Can you fix this? One of your main responsibilities as a landlord is to make repairs to your property. Some tenants will only contact you if something major is in need of repair. Others may call to tell you that they need a new light bulb ? you should be ready for anything that is thrown your way.

3. What is your policy on?? There are many questions that start out this way. What is your policy on pets? What is your policy on smoking? What is your policy on upgrades? These are all questions you should be ready for.

If you’re a property owner you may want to winterize your property both as a benefit to you and your tenants.

Caulk Windows

Check the windows for any cracks and air leaks, caulk the cracks and you can save on heating bills, whether you pay them or your tenant does. You can also take solace the fact that you’ll be helping the environment a little bit.

Weather Stripping

Check the weather stripping throughout the house to make sure it’s still in good condition, if not replace it. If you don’t have any, you may want to add some.

Air Filters

Have your air filters changed and cleaned. These are typically supposed to be changed more than once a year, so make sure you or your maintenance crew is on top of it.

Check Outlets

If there is a draft coming from any of the outlets use expanding insulating form inside them or go the extra simple route with childproof covers.

By taking the lead and winterizing your apartment units you may encourage your tenants to do the same which increases efficiency, eases the burden on the environment and reduces bills for one or both parties. If there are winterizing steps that you cannot take as a landlord but would encourage your tenants to do you could send out regular newsletters letting them know what steps they can take. You can’t force your tenants to be as vigilant as you are but you can encourage.

photo credit:?Michel Filion

Become a better landlord by using the following 5 tips for landlords to ward off problems before they even occur.

Screen Tenants

It’s important to screen every applicant before you choose them to be your tenant. Screen for criminal pasts, credit records, references, and job history. Learn as much as possible about their ability and propensity to pay their bills on time regularly. It’s also important that everyone be screened in the same way no matter what.

Warranty of Habitability

Each rental property comes with an implied warranty of habitability, it’s your job as the landlord to make sure that your property is livable throughout the residents’ stay. Learn state and local laws related to building codes, health and safety issues and maintain your property’s habitability.

Lower Crime Risk

Take steps to deter criminals from targeting your property by installing lighting, trimming hedges, installing smart key locks and any other steps that may be required or recommended by your local ordinances.

Be Accessible

Whether it’s the landlord themselves or an appointed property manager, make sure that you are accessible for tenants when they have issues and that you respond in a prompt manner. Whether they have a simple noise complaint or a safety concern, everything should be dealt with as promptly as possible.

Establish Protocol

Set a procedure for everything whether it’s just you running the business or a staff. It’s important that everything is handled the same way every time or you could be setting yourself up for discrimination suits.

Owning a rental property means staying on top of things 12 months out of the year. That being said, circumstances change along with the seasons. With the winter months closing in, you need to think about what this means to you, your tenants, and your rental properties.

First things first, you need to make sure that your tenants have a working furnace to keep them warm. If they don?t, this is something you need to fix now, not later. Simply put, they have every right to withhold rent if you do not supply them with livable conditions.

Does your rental property get buried in snow during the winter months? If so, make sure you are ready to clear the proper areas during these rough times. For most, this includes walkways, steps, and sidewalks. Even if you have to pay somebody to do this it is a responsibility that you cannot forget about.

When the weather turns cold you need to think long and hard about what this means as a rental property manager. Are all your properties ready for winter? If not, now is the time to make a visit and get all the proper details in order.

photo credit:?jpctalbot