There are many options for managing rentals, including DIY landlording, paying for management services as you go, and hiring a full-time property manager. The goal should be to find the right balance between managing aspects of your rental that you feel comfortable with and outsourcing those you don’t have time or the desire to manage yourself.
A good property management company is familiar with market rent prices in your area, and can help you determine a price that will attract tenants while still making the most of your investment. They will put out For Rent signs, advertise online and host open houses to find qualified tenants. They will also be able to handle long vacancy periods by finding new tenants quickly once your current tenant moves out.
Once you have a tenant in place, it is important to maintain clear communication with them about lease terms, such as how much notice will be given before entering the home or charging late fees. You will also need to know and follow state landlord-tenant laws, federal fair housing law, and other relevant guidelines.
Another crucial part of self-managing is performing regular inspections to make sure that your property is being well maintained by your tenant and keeping up with the maintenance schedule you have set. These may include move-in and move-out inspections, seasonal inspections or even drive-by inspections to ensure that your rental is safe for your tenants and following the conditions of your lease agreement. property management for rentals