Property Management

Know the Basics of Property Management

Whether it’s a single-family home or a complete condominium, it’s crucial to have a solid grasp of how property management works. The idea of property management is to maintain the property or properties that you rent in order to provide your paying tenants with a safe and clean place to live. The same principles apply to condominium management however, your role is a bit reduced since most occupants of condos are also the owners and have a higher degree of personal responsibility when caring for their property.

Basic Property Management Rules

From condominium management to apartment buildings, here are some basic rules that every property manager should follow:

  • Screen your potential tenants thoroughly and include a background check and employment verification. Ask for previous rental references whenever available to help you make a sound decision on who should rent your property.

  • Make it easy for your tenants to make payments and offer automatic withdrawals whenever possible. The easier it is to pay rent, the better the odds are that you’ll be paid on time.

  • Draft a thorough lease and stick to the terms. The clearer and more concise your lease is, the easier it will be for tenants to understand all of the rules set forth.

  • Inspect your property regularly to ensure that it’s safe and that everything is well-maintained. Once a quarter should suffice in most cases.

  • Make all repairs in a timely manner and be responsive to tenant concerns. The sooner you respond to issues like pests or a broken air conditioner, the happier everyone will be.

  • If you must take money from a tenant’s deposit, make sure that you itemize exactly what is being taken so that they understand why they aren’t getting their full deposit refunded.

  • Make sure that all pet clauses are clear and that all tenants understand the rules regarding pet deposits.