Owning and managing rental real estate can be a big task – especially as your portfolio of investments is continuing to grow. So why is it that for some investors, the process of real estate property management appears seamless, while for others it can be a time-consuming (and sometimes frustrating) endeavor?
One reason is because those who find success are typically following a set of rental real estate investing “golden rules.” The primary components of these include:
- Screening Potential Tenants Thoroughly – When a potential tenant is interested in your property, you should consider them to be a key component to your investment success…because they are! With that in mind, be sure that you have a structured screening process in place that provides you with information about their financials, as well as their past housing experiences.
- Making Rent Payment Easy – Making rent payment easy for your tenants can help to cut down on skipped – or even late – incoming cash flow. Today, there are several platforms available where you can set up an automatic draft to arrive on the same date each and every month.
- Having a Solid Lease – Your ultimate success as a landlord can also depend heavily on both the strength and the fairness of the lease you use. Even if various items seem “nit picky,” it’s better to have it in writing than simply assumed.
While there is certainly no way to guarantee that 100% of your investment-related issues are avoided, making sure that you follow in the footsteps of other successful investors can definitely help.
If you’re finding that operating your rental real estate business is taking away the time you need for other things, it may be advantageous to hire an experienced property manager. By delegating the tasks of tenant and property maintenance and management, you can free up your schedule for other important items.
Want more information on how a property manager can work for you and your rental property business? Give us a call today.