So you’ve bought your first piece of property, and now you’re looking to use it and make some extra money. Property management can be a great way to make passive income if you do it properly, but even modes of passive income can be difficult to maintain. There’s a lot to prepare and understand when it comes to renting out a piece of property, so don’t expect it to be a walk in the park. If this is your first time as a property manager, you might want to do some research. Luckily, you can read on for a few great tips for first-time property managers.
One of the keys to being a good property manager is by being dependable. If you’re lucky, you won’t have to actually go to your property or properties very often. You shouldn’t get used to this though, as something could happen that will require your attention at literally any moment. It’s important you make sure you’re generally available when your tenants need you. By being dependable, you’ll be able to build healthy relationships with your tenants. Of course, it’s also important to understand when something is urgent or isn’t, as you still have a life outside of your properties.
Be Aware Of Property Inspections
As a property manager, one of your biggest responsibilities is ensuring that your property is in good shape, both for your tenants and for your own sake. It’s important you get the necessary property inspections done so you can make sure anything that requires maintenance within the property is taken care of. This can prevent you from having to get something fixed later down the line when a tenant is living there already, as well as preventing possible injuries or further property damage. If you’re on top of these things, it’ll show your tenants how serious you are about this property.
Outsource When Possible
When you’re owning your first property, you’ll likely have the time to take care of it when you need to. But as your business grows, you’ll come to realize that you can’t afford to do every little thing that comes with being a property manager. At this point, you may want to consider outsourcing certain things. Perhaps you have a team that you pay to update website listings, or you have a trusted maintenance man you pay to go and take care of certain issues when you can’t make it as quickly.