What is the best way to stay on top of your rental business?

Property management can take many unexpected turns. As a landlord and/or property manager, it's your job to stay ahead of those.

  • Avoiding Legal Issues in a New Property - When you buy a new property you will want to make sure that you are not inheriting any legal issues with it.
  • Making Sure You Have the Right Mortgage - Some landlords fall into the rental business when they either inherit a property or need to move for some reason. If this is the case, make sure that the mortgage that the home is currently under will allow you to rent it out.
  • Always Learn From Others - While in life you will often learn from your own mistakes, it can be costly to do so in the rental business. Many landlords have come before you and are willing to share what they've learned. Why not take advantage of that?
    • Top 10 Twitter Accounts - Twitter is an easy source to glance through over your morning coffee. Check out these recommendations to get you started and you can find others to follow via retweets and comments.
    • Top 7 Facebook Accounts - Facebook is a great place to create a social media presence. You can follow accounts, chat with others in the rental industry, and find what works best for your business.
    • Top 5 Books  - Never underestimate the written word. You will want to make sure to find the most updated copy to keep up with the times, but many other landlords and property managers have provided books to help you through more common struggles.
    • Connecting to Landlord Groups - Meeting with other landlords and property managers in your area may help you to find some of the location-based answers that you're looking for. A landlord in San Francisco may see things differently than one in New York or Dallas or Miami. Meeting with others in your community can help you find a new approach to your area.
  • Increase Your Productivity - An unproductive work place will cost you money. While there's not a one-size-fits-all for every landlord, there are a few places  you can start to help streamline your business and find your best way to run it.
  • Best Deciding Points Between Rental Applicants - The tenant screening process can feel a little overwhelming with the amount of information that you receive on the individuals applying for your rental. You may receive multiple qualified applicants, so you'll need to know some of the best deciding factors to make the decision.
  • Don't Miss Illegal Activity Warnings - Screening your applicants for criminal offenses may fall short if they've never been caught, but you don't want to put your property at risk. Illegal activity happening on the property is bad enough, but don't miss these signs of drug dealing or manufacturing on the property.
  • Find Balance - To run your rental business effectively you will need to have a set of policies in place before accepting a tenant into your property. This will help you find and keep a balance between yourself and your tenants.
Posted on Apr 29, 2016


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