The 7 Cardinal Rules of Property Management

If you are looking for the best result in property management then you need to focus on seven Cardinal Rules for successful property management but it is also true if you try to focus on these best practices, it will put you above 99.9 percent of other managers, and help to collect your success more efficiently.

1.     Screen well and don’t discriminate

2.     Make rent payments easy and automatic

3.     Have a rock-solid lease and stick to it

4.     Inspect the property once a quarter

5.     Be fair, honest, and make timely repairs

6.     Know-how and when to use “notices”

7.     Only withhold the deposit for actual, itemized damages

1.     Screen well and don’t discriminate- If you try to eliminate 90% of your potential issues by establishing high standards and screening of the property holders thoroughly. But if you want to get success in higher prospective, you must consist of a structured screening process that never discriminates against any of the different classes.

2.     Make rent payments easy and automatic- If you get sufficient experience in the management of properties, the action that has improved from your business the most is offering tenants pay rent online.

It is also true, having worked with hundreds of tenants in lot of years, online rent helps you to get a lot of success and so much experience in your belief.

3.     Have a rock-solid lease and stick to it- If you try to focus on successful then it is highly dependent on the strength and fairness of your lease. If you are unable to use a written lease, then according to my advice you have to change your ways. Even if you only want to do a month-to-month arrangement, it should also be sending in a written proposal.

4.     Inspect the property once a quarter- In every property management, there is some need for repair or issue, or regular maintenance item once a quarter that needs every real estate business owner attention. Even If you try to hire a contractor, you still need to follow-up on the work, to ensure it was done properly. If you are doing all of these then it gives you an opportunity to inspect the entire premise.

5.     Be fair, honest, and make timely repairs- If you want to get a service from the maid, build homes, run a law firm, or make the best gluten-free bread on the planet – every successful business lies on the importance of quality and trust that are always the cornerstones of customer satisfaction.

If you real estate property manager, you need to make timely repairs. In that way you will be able to retain residents for longer periods of time, and be able to command more rent for rentals.

6.     Know-how and when to use “notices”- If you use proper notices, above all, it may be the most painful point for landlords and managers. Every state consists of their own requirements, and quite straightforward, it’s a very hectic situation to give a “proper notice” before visiting the property or terminating a lease. But, If we talk about certain death and taxes in this life, every requirement needs proper notice.

7.     Only withhold the deposit for actual, itemized damages- It is an important point that you only withhold the deposit for actual, itemized damages (material or financial). This can be taken in the form of rent, late fees, or the cost to make repairs to excessive damages.

You can’t withhold a deposit just because you want it to, or because the tenant is not fit in your lease. Every landowner needs to prove the damages with receipts or a contract/lease.