Own a property for investment purposes? Maximize your return on investment with these property management best practices.
Acquire Good Tenants
Create a process to screen prospective renters for your property. Responsible renters will pay in a timely manner, communicate issues with your property management team, and respect the property while occupying it. Professional credit and background checks can reveal a lot about a renter’s history. Completing extra tasks at the beginning of the renting process will save property owners effort, money, and time in the long run.
Property Marketing & Advertising
Marketing and advertising your property in the right market will bring you a better selection of potential tenants to choose from. Don’t just rely on word of mouth. Property management leasing staffs can assist owners with accepting listing calls and emails, scheduling showings, completing background checks, coordinating lease signings, and scheduling the move-in.
Whether the rental market is in a slow season or a hot season, marketing can be a major benefit to vacant property listings.
Regular Maintenance Schedule
Maintain the probability of your property by initiating a regular maintenance schedule. Property management services will include a 24-7 maintenance staff to handle any emergency situations. They will also keep detailed reports of completed work on file in case they need to be referenced to in the future.
In addition to maintenance and marketing, employ a staff experienced in the market. Experienced property management teams will be knowledgable of rental law, communication with tenants, evictions, etc. A more experienced staff will more often will give property owners the ability to charge higher renting fees and receive less complaints from tenants.
Plan Long Term
Stay on top of your properties and renters. If you aware of changes coming in the real estate market don’t wait and watch them to come into affect. Be proactive and prepare your renters ahead of time. This could be changes in your property management structure or new recycling laws, etc. Stay connected to your renters with the goal of retaining them for the long term.
One of the most important property management best practices for all parties involved (owners, managers, and tenants) is communication. Be easily accessible to your tenants by telephone, email, or in person to form a long-lasting relationship in case of emergencies or simple intrigue. Relate any concerns or issues to your property management staff and vice-versa.
Stay on top of your properties with rent collection, taxes, vendor payouts, mortgage payments, and other monthly expenses. If you own multiple properties these items can add up. Explore options with property management companies that have the tools and experience to assist you as an owner to stay on top of your financial management.
Keep reporting records for each property. This includes occupancies and vacancies or maintenance service logs for each property.
Property Management in Cincinnati
Cincy Rents is a full service property management company in Cincinnati, Ohio. Cincy Rents follows the best property management practices for both our property owners and tenants. Our team of experienced professionals values our owner’s investment with each property managed. If you need assistance with the management of your rental properties in the Cincinnati area, contact us for more information.