Are you managing real estate properties yourself? There are some things you can do to make this job less painful.
If you are managing properties yourself, there are some things you need to know. There are processes, forms and paperwork that you will need in order to protect yourself.
Start with Property Management Software
This is a no brainer. A good property management software will end up saving you a lot of time & headaches with some of the tedious work that is involved in managing your properties. Property management software will also help protect you legally, should you ever need it.
Consider some of these key features found in the top property management applications:
- Communication via email or SMS
- Log file of all past communications
- Tracking notes on tenants & properties
- Onsite property inspections (great for accountability)
- Document management
- Online rent payments
- Work order management (identify property abusive tenants)
- Accountability tracking
- Automated tasks such as recurring invoices, late fee calculations, late invoice reminders and syndication
Next, before the move in date, be sure that you conduct a move-in inspection. This will note the condition of the property at the time your new tenant takes possession. With a property inspection app, you will also have a saved inspection report for reference.
You will also want to make sure you get the following:
- Executed copy of the lease. (with a property management software, you will usually have online e-lease)
- Meter reading
- Update utilities accounts to new tenant(s)
- Copy of their insurance policy
- Completed checklist
- Background screening report of all occupants
- Signed lead-based disclosure form (if needed)
- Pet addendum specifying the exact pets they will have (if applicable)
You can’t avoid all possible legal problems, but you can minimize your risk. Consider obtaining:
- A signed document stating that the smoke (and carbon monoxide) detectors are functioning at move in time
- Copy of their identification, cross referenced with the person in the background screening report
You may not have thought about this one, but a good website will help you in many ways. Here are some ways a professional website can help you as a property manager:
- Advertise your vacancies automatically from the property management software.
- Allow applicants to search your vacancies, see photos and apply online
- Central place for all your business information including address, phone & emails
- Copies of general legal disclaimers and after-hours support
- Community events (ex. apartment complexes, HOAs)
- List of utility companies that service your properties with phone and address
- Include links to utility company applications for service
- Display school districts that your properties fall in
- Real-time information pulled from your property management software. Such as vacant properties, photos, utility companies, updated various policies, addendums etc.
A professional website will give you and your business an overall professional look as well as reduce your workload.
PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Read more Top Property Management Blogs. Learn more www.PropertyZar.com