If you have been following the market closely for the past several years, you have learned that the demand for single-family rentals has grown 30% at least. Townhouses and detached homes alike are becoming a prevalent option for families of various sizes, hence the greater need for reliable and professional property managers who can ensure a competitive price, top-notch accommodation quality, and legal security in every sense. For those who are considering to enter this lucrative and still growing market, you need to make sure that you have all of your bases covered so as to maintain your reputation and grow your business.
Even though some of you might not be new to the industry, certain trends do emerge every now and then, and it pays to be in the know. No matter if you have a multitude of properties at your disposal, or if you’re new to the game and are still looking at different strata schemes to invest in, let’s go over the most essential considerations to make your journey as successful as possible!
Start With A Familiar Neighborhood
No business is all rainbows and unicorns, and the sooner you learn of all the intricacies and possible setbacks you might come across, the easier it will be to develop your resilience and find which niche of this industry suits you the best. On that note, make sure you start your rental property management in a part of the city you understand well, where you preferably know the neighborhood up-close and personal.
And even though you do know the region well, it’s better to start small. With a single unit to rent, or maybe two, you can have all the reins in your hands without being overwhelmed with the different regulations, rules, and ongoing maintenance. Once managing a smaller number of properties becomes a routine, you can start growing your network into more units to rent.
Master The Legal Background
Without understanding the legal needs of starting, running, and growing a rental property business, you cannot even start looking into units to begin with. First of all, unless you yourself are a legal expert, you will likely need a lawyer to look over the most vital paperwork, and ensure that everything is in order before you become legally responsible for managing the property in question.
Make sure that you know what your legal duties are, such as preparing the initial maintenance schedule for your rental units, ensuring that all the necessary inspections have been completed and that your landlord-tenant relationship is based on local regulations. As a landlord, you have certain obligations, but also certain rights to protect your investment in maintaining said property, while your tenants also need to be a good fit for your units, otherwise, you may be the one to suffer the consequences.
Make Use Of Technology
While you’re still running a single lot as a rental, you will certainly be able to use old-fashioned means to keep an eye on all the daily duties of managing your property. For example, using a notebook, a physical calendar, and a clipboard will all be very helpful. However, if you plan to expand your rental business, which is very popular in this current climate, you should think a little bit in advance and use technology to simplify all the processes.
Use various web tools to check the desirability of your rental property and its location – perhaps you may want to look into different areas of the city. Automate invoices through a platform online, to make sure all the bills are covered, and you can also automate the rent-payment process. Make sure that you know your tenants, so you can use screening portals to learn if the people applying to live in your rentals have any legal issues. And finally, make use of bookkeeping and similar finance digital tools to keep things simpler for you.
Ensure All Forms Of Security
If you’re planning to use any of the aforementioned digital tools, then you have to be certain that the data you store from your tenants will be completely safe and secure from any online threats. The same applies to any physical threats from your neighborhood, so perhaps you can offer higher security measures in the form of surveillance and other methods in case it fits the local regulations and it’s approved by the community.
In essence, preventing any data breach is not merely a perk for your business and tenants, but a must-have promise for protecting your reputation and ensuring that your finances are safe.
While becoming a property manager may seem like a daunting task to those just starting out, if you take these tips to heart, you will give your business a fair chance of success!