Property management is a multifaceted business. Aside from managing and maintaining a building’s interior and exterior, it also includes ensuring compliance with state landlord-tenant laws and providing quality living conditions for your tenants.
Maintaining consistent communication with your tenants is a key aspect of the role. This helps reduce miscommunications and ensure residents understand their responsibilities and the expectations of your staff. Tenants who feel like they’re heard are more likely to stay longer.
Landlords should make sure to handle maintenance requests as soon as possible. This will not only help ensure that the issue gets addressed quickly (reducing repair costs) but it also shows your residents that you care. Make sure you have a robust Rolodex of local roofers, painters, electricians and HVAC specialists to work with, too.
Another crucial aspect of property management is being aware of the market. Staying up-to-date on new developments will help you better market your properties to the right audience and keep your residents happy.
Finally, you should always consider your tax responsibilities when operating as a property manager. It’s best to hire an accountant as they can help you get the most out of your deductions and avoid overpaying in taxes. how to manage property