Rental properties are a fantastic investment if they are managed efficiently. There are many tasks, a lot of elements involved in maintaining a successful rental property and if you have a number of property investments, it can take up a lot of time and can make the process of owning an investment property a difficult one. If you’re tossing up whether you want to personally manage the property alone or call in the help of a company to do it for you, here is some information to help you get a better picture of what is involved in managing a rental property.
What owners need to take care of when managing their own rental property
Figure out which repairs are necessary before renting out a property
When you own an investment property, you need to ensure that any repair costs are controlled, and also so you can plan for what repairs may be required in the short to long term so you can determine if you can manage this yourself or you might need to bring someone to project manage the process.
Determine the appropriate rental price for the property
Rather than just plucking a number out of the air the process of determining the rental rate per week for a property requires some research and exploring comparable properties in the local area offering a similar option for potential renters. You should take the time to do your research, explore local properties and do a search to see what other properties are renting out for so you can ensure you are getting a good return for your property and you don’t set the price to high (or low for that matter).
Collect rent from tenants and ensure they pay on time
One of the more arduous and time consuming tasks you will need to do when managing your own rental property is collecting rent from your tenants and ensuring it is collected on time. Delays in the collection and receipt of your rental income could mean you may need to explore the eviction process should rent be delayed or if it stops altogether.
Caretaking of the property and maintenance of the property
If you are renting out your property, you will need to check on the property at regular intervals and arrange inspections with the tenants to ensure they are keeping your property in good condition. This is also a great opportunity to update any small maintenance issues in the property such as checking smoke detectors. Checking on the property and maintaining it will allow you to ensure the tenants are taking good care of the property and maintenance is attended to in a timely manner so you don’t get called out to an issue such as a water leak, roof issue or an electrical issue that could have been easily avoided with regular checks and maintenance during your property management.
Rental account keeping and tracking expenses
When you manage your rental property on your own you will need to manage all the expenses and income to ensure that come tax time all your ducks are in a row. Include profit, loss and any expenses you can claim on your tax return. It’s a good idea to track this information on a monthly basis or as it happens to ensure you don’t wind up with a pile of paperwork for you to manage when you need to work out your accounting for your investment property. Time and commitment is essential to make certain that systems are in place to ensure that a rental property is not being damaged, to make sure rent is paid on time and to verify that the accounting information is logged every month.
If you do not have the time, then why not contact the team at at GRK Property Manangement LLC. We take the stress out of managing a rental property in Fairfax County, Loudon County, Arlington County, Prince William County and Alexandria and all of northern virginia. Operating since 2000, we’re proud to offer residential property management services for Northern Virginia properties.
Our team can assist with conducting regular inspections, reviewing the property for repairs and updates, determining how much to rent the rental property for after studying the local market, screening potential tenants, advertising the property, collecting rent, solving issues as they arise, arranging upkeep and maintenance and providing reporting on property owners behalf to ensure a seamless and stress-free process.
We’re here to make life easier for you offering you tenant placement, rent collection, repairs, and maintenance – contact us today to arrange a consultation to discuss our property management services for property investors.