Well, running a successful and profitable property, whether it is a rental home, apartment, condo or commercial building requires dedication, hard work, perseverance and the right tools.
Some folks enter the property management business by accident: They have a home that hasn’t sold, so they decide to rent until it does.
Other folks are looking for an income opportunity.
Well, there are many important aspects to consider and here are some of them:
- Remember that there will be vacancy periods. Keep this in mind when pricing your rent. Once you know what you want to receive monthly you can choose to add an additional cushion for the times that the property will be between renters.
- Just because you CAN fix something, it isn’t ALWAYS the best choice. Whether it is a timing issue, a cost issue or other reason, you may find that hiring a reliable outside professional provides the quickest and least troublesome repair.
- Hiring a professional for a small job today is somewhat like an ‘interview’ for future; larger projects. Note this message from DALE CARNEGIE:
4. Once you have a successful experience with the work of a local professional on a small project, you will have someone to turn to when the larger repairs arise.
5. Another useful tool is a Move In/Move Out Checklist. There are several available online like this one from HUD.gov: http://portal.hud.gov/hudportal/documents/huddoc?id=90106.pdf
Have the new/outgoing tenant sign off on the property. Adding photos can help you both agree on the condition of the property as well.
As always, check with your professional advisors when entering any new project and let us know if these ideas have helped you or if you have questions regarding any property repairs for your current properties.
HMMA, Inc: 201-943-3331