A landlord’s responsibilities for managing a property are far-reaching, and can often be time-consuming. While hiring a professional property management company will save you the hassle of dealing with day-to-day tenant issues, some property owners prefer to take on the responsibilities themselves.
One of the first tasks is to market a property for rent, either online through listings on real estate websites or through local ads. This process can be lengthy, but it’s essential for attracting tenants. Then comes the screening, which a good property manager will conduct with standard methods such as requesting background and credit checks, verifying income and checking references.
After a tenant has been selected, it’s important that the landlord is available to answer questions and respond to any maintenance requests. Then there’s the matter of collecting rent and other related fees, which must be handled according to the terms set forth in the lease agreement.
Landlords must keep a close eye on the finances, including recording both capital expenditures and operational expenses. Capital expenditures are typically large-ticket items like landscaping, roofing and wall repairs that help increase the property value. Operating expenses are smaller expenses such as taxes, insurance and advertising. Landlords should also separate these business expenses from personal ones.
Unfortunately, tenant issues are common and can quickly escalate into a major problem for the property owner. A good property manager will initiate eviction proceedings as needed, filing paperwork and representing the property owner in court to facilitate the removal of unwanted tenants. property rental management