Successfully managing a residential property requires you to keep a lot of balls in the air at once. Tenant relations, finances, maintenance, security—all of these are critical components that you’ve got to juggle if you want the property to be profitable. And even for professional property managers, that can be tough.
For those who may be new to property management, then—or who are looking to find a good property management company to enlist—we have a few non-negotiables, a few essential tips that all property managers should stick to.
We hope these will be especially useful for residential property management companies in Charlotte, NC:
- Make tenant screenings a priority. The secret to retaining tenants is to pick the right ones from the very beginning. Make sure you get credit histories and run references, finding reputable people to occupy each space.
- Get everything in writing. In particular, make sure you have a lease or rental agreement that clearly spells out both landlord and tenant rights. It’s prudent to get a lawyer involved with drafting this document!
- Be fair in collecting security deposits—and returning them. Make sure you thoroughly inspect and document spaces before new tenants move in, avoiding later conflicts over deposits.
- Make repairs when requested. Maintaining a safe, healthy living environment is your top priority. Don’t drag your feet or exasperate your tenants.
- Prioritize security. Do whatever it takes to ensure a safe and secure building—including locks on doors and windows, good lighting, and anything else your area calls for.
- Respect the privacy of your tenants. Provide plenty of advance notice before entering someone’s home—even if you are the landlord. There’s never any call for a “surprise inspection.”
- Let your tenants know about any environmental hazards, and about your efforts to address them. If there are significant allergens, mold, mildew, or other issues on the property, tenants have the right to be informed, and to have a sense of what you’re doing to fix the problem.
- Obtain insurance. Ensure that your liability and property insurance policies are sufficient.
- Be present on the site regularly. You should be a visible presence on the property, making routine inspections or holding regular office hours. Make yourself available to tenants who may have questions or concerns.
- Communicate. Never underestimate the power of communication with your tenants, which can go a long way toward resolving conflicts before they snowball out of control.
For residential property management companies in Charlotte, NC, these ten simple rules will set the stage for minimal hassles—and maximum profits!