Proper property management is essential to the success of any real estate investment. Good management means keeping tabs on your properties, collecting rent, making repairs, and keeping a tidy and organized appearance. In this article, real estate executive Seth Miller from Aegis Realty talks more about what a good property management plan looks like, the key components of a sound system for managing rentals, the importance of maintenance checks and other checklists you should follow as an investor to support your real estate investment.
What Does a Good Property Management Plan Look Like?
Property management is the process of managing properties, including their operations, management staff, and the property itself. It includes the day-to-day tasks of renting out a property, such as collecting rent, maintaining it, and keeping records. When choosing a property management company, Seth Miller, the president of Aegis Realty suggests to find one that can help you with the following: rental agreements, tenants’ issues, repairs, maintenance, accounting, insurance, and other tasks necessary for managing rental properties. Management companies can also help by offering advice on where to invest your money and how to attract tenants based on your specific needs and preferences.
What Are the Key Components of a Sound System for Managing Rentals?
When you hire a property management company, you’ll want to make sure they have the right system in place to help you manage your properties and tenants. These key components include: a tenant screening process, accounting, maintenance and repair checklists, and a process for collecting rent. A sound system also includes communication tools, including a phone system, email account, and a messaging platform such as Slack.
The Importance of Maintenance Checks and Other Checklists
Proper maintenance is crucial to the success of all properties. Good maintenance involves inspecting, cleaning, and repairing properties as necessary. Most property management companies have maintenance checklists, which tenants and landlords can use to make sure repairs are made. This helps to ensure that minor issues, such as a broken kitchen faucet, don’t become major problems, such as a leak that causes damage. Good maintenance also helps to keep your investments looking their best. For example, Seth Miller adds, when dust and dirt accumulate on the fixtures and windows, they can become unsafe and break, costing you repairs and potentially lost rent.
Property management is an essential part of successful real estate investing. Good management means keeping tabs on your properties, collecting rent, making repairs, and keeping a tidy and organized appearance. When finding a company to manage your properties, you’ll want to make sure they have the right system in place to help you manage your tenants and rental properties. Use a sound system for managing your investments to keep your investments looking their best and renting well.