Property Management Tips
Getting Rent on Time!
One of the biggest tips we have picked up for getting rent on time is to send your tenant each year 12 pre-addressed envelopes with stamps. On the inside flap you can write each month so that they can keep track on when it is due.
A Phone Call Can Save You Many Headaches
When the last time you talked to your tenant? How do you know they haven't skipped town this month?
You should at least every six months verify your tenants' contact information on their application. It is nice to know if they don't have their job anymore or have turned off their phones. If you can't find them you can't get your rent or know when the "abandonment" process started.
Furthermore, if you have their current car information and they own the car then you may be able to place a lien against the car. You will have to go through the judicial process and you won't get your money until the car is sold; but it is a nice thought
Make Sure Your Property Is Maintained!
Your tenant has vacated your property and you go to take a look. It is a mess! You wonder how could they do this to your home? Will the deposit even cover the damage?
All this can be prevented by doing quaterly check ups on the home. When you visit you can look for the obvious things: Holes in the wall, more people living there then on the lease, pets where there shouldn't be any, etc.. But there are a few other maitenance items you should look at that can save you in the long run:
• Air Condition Filters: If they are not being changed monthly and get clogged up then you will need to be fixing that unit pretty soon.
•Plumbing Leaks: Check under the faucets for water stains. Wet areas invite mold & termites.
•Check the attic: Look for water stains which would be signs of a roof leak. Also you never know when you will find your tenants "secret stash" which could land you into legal problems.
Don't forget that your water heater should also be drained once a year to get the deposits out & ensure the longevity of the unit.