Owning a rental property is similar to any other job. It’s full of ongoing responsibilities and tasks that need completed in order to keep the wheels turning and the lights on. We’ve refined the moving parts of managing a rental property outside of completing maintenance requests.

Three tangible ways to note how you’re managing your rental property

It’s easy to get lost in the day to day of owning and managing a rental property. You need to keep in mind what is most important to your tenants and how you can make their lives easier. Here’s three tangible ways to keep yourself on track as a property manager:

Communication, communication, communication.

It seems simple and easy. But there is a fine line between no communication at all, and over communicating. You don’t need to overwhelm your tenants’ voicemail or email box, but you do need to find the proper amount of communication with them. “Don’t just show up when the house is on fire,” Says Logan Jeske, Business Development Manager at RPM Iowa. “Make sure to talk to your tenants outside of responding to maintenance requests.”

Building healthy relationships with your tenants should be high on your priority list. This will allow you to better understand their wants, needs, frustrations, or how to best handle an emergency when it arises.

New technology upkeep.

New technology comes out daily. “How you show your property to potential tenants now is completely different than how you would show it five years, or even a year ago,” Jeske says. “Especially during a pandemic, we’ve had to adjust and learn how to conduct online and self-showings.”

Not only showings, but the technology that you use outward with your tenants. Do you have a way for them to pay online, or do they have to write a check and come to your office every month? Do your tenants have to call you to put a maintenance order in, or can they fill a detailed form out online? Convenience matters for residents.

Refine your process.

“Processes change, as you acquire more properties or hire extra help,” Jeske says. “As your business grows, so do you. You don’t want to be hindering your own success.” Educate yourself as best you can so that you are well equipped and able to grow your portfolio. We”ve made a list of the top real estate investment books that anyone who is interested in the real estate world should read.

Take a look at the current processes you have in place. Determine if they work best for you and your tenants. Here are some questions you should ask yourself:

  • How do I communicate with my tenants? Is it via text, phone call, email?
  • Who are my current vendors? Do I need to build relationships with more?
  • What applications am I currently using that keep my schedule aligned, so little things don’t fall through the cracks? Is my Google calendar efficient, or could I look into other options like Monday or Calendly?
  • Do I need to update my lease agreements to include pets or shorter lease term options?
  • Can I ask my current tenants what they wish I did differently? Or things I need to improve on to better suit their needs?

Consistency is key when it comes to managing a rental property.

Check in on how you run your rental property business often, whether you have one rental or fifty. The key to growing your business and reaching goals is constantly criticising your own systems and updating them accordingly. What works for you now may not work for you next year, or it could work until the end of time. But the only way to be sure of that is if you check up on yourself.

If you aren’t sure how to create a system that works for you, but you’re ready to build wealth through real estate investing, contact us today. We are more than happy to help you assemble your path to success.