Owning properties with the intention of renting them out is smart business. There are many properties on the market today that would be good candidates to add to a portfolio of real estate holdings.
White Settlement Texas – Property Managers: A good relationship with your tenants must be maintained as well. The best case scenario is one where both the manager and the tenant understand what is expected of them and have that information in writing, signed by both parties. If you have agreed to pay the water bill for the house as long as the tenant keeps the garden watered and the lawn mowed, be specific in the details and make sure they are understood and signed. Where the neighborhood is a quiet one and the neighbors frown on loud music after hours, be sure to specify that to your renters before they decide to move in. Have a noise policy in place to avoid misunderstandings later. Keeping your tenants informed about the laws, the rules of your particular rental contract, and what the consequences will entail can help to head off many unpleasant situations that may arise. Evictions are not easy and it is wise to avoid them by being proactive instead of reactive.
If you are willing to either do the work of a property manager with a hands-on approach or are planning to hire a professional property management team to do so for you. It isn’t practical to assume that you can simply find a renter and let them move in. There are laws to be followed and paperwork to be signed and kept on file.
- A good relationship with your tenants must be maintained as well. The best case scenario is one where both the manager and the tenant understand what is expected of them and have that information in writing, signed by both parties.
- Where the neighborhood is a quiet one and the neighbors frown on loud music after hours, be sure to specify that to your renters before they decide to move in.
- Screening your tenants carefully and choosing the best candidate may be the greatest thing that you do for your property management business.
Screening your tenants carefully and choosing the best candidate may be the greatest thing that you do for your property management business. Background checks, credit checks, reference checks, and other pre-approval detective work are well worth your time. One clever trick that seasoned landlords use when screening is to talk to not only the current landlord, but the previous one. The landlord where the applicants are staying now may be anxious to get rid of bad tenants and will therefore give them a glowing, and inaccurate, great reference. The previous landlord has nothing to lose and you will more likely get the truth from them. Ask about quality, payments, and any trouble they may have had with your applicants.
