Property Management Checklist for Successful DIY Landlords & Property ManagersJanuary 01, 2016
As an owner of properties, you may think that management process is very simple. After all, it’s just about finding tenants and collecting rent, right? However, you may be surprised how many tasks property managers actually have and how much time they spend on them.
We have listed all the steps needed for property managers and landlords to be successful and not to miss anything important in rental management. The following checklist will help to improve all the internal processes of managing your properties and how to always have the right things in place to support growth.
First of all you have to present your properties in the right way.
1. Make photos of your properties. You should ask a photographer to do it, or at least borrow a nice camera, because photos made with your telephone are a bad idea.
2. Market your properties online. Create an account on Trulia, Craigslist, Postlets, or just sign up for a free account at TenantCloud, which allows you to market rentals on 26+ listing websites for free.
3. Market your properties offline. You can put rent signs, make an advertisement in a local newspaper or distribute flyers with units information and your contacts. These things depend on your marketing budget.
4. Schedule open houses. Usually people want to see everything in detail, and a few photos are not enough for them.
Choosing a Tenant
If you’ve done all of the marketing items listed above, you have a lot of potential tenants now, so it’s time to choose the best one.
1. Show your unit to potential candidates. During these showings, kindly let them know your requirements and restrictions. Ask about everything you wanted to know including their pets, habits and hobbies.
2. You can make this process so much easier by using free rental applications at TenantCloud. All potential tenants just have to fill in their renter profile once and use it as a reusable rental application for all their future rentals. Super easy and convenient for everyone involved.
3. Reach out to their previous landlords and ask whether they were satisfied with them and what went wrong. No doubt, the tenants didn’t tell you everything during the showing, so it’s a chance to get to know all the secrets.
4. Check their credit and criminal history. This will allow you to make an informed decision as to the quality and risk potential level of your prospective tenants.
5. Make decision. Taking into account all of the information above and being extremely consistent, choose your tenants. After that, get connected with them and schedule the move in date.
Orientation of a Tenant
Now you have to make sure all the documents are in order, including:
1. The lease. It should be signed and initialed on each page.
2. Copy of Gas Safety and Energy Performance Certificates.
3. Pet Agreement signed if needed.
4. Rental rules that you want them to follow.
5. Any other information about your neighborhood that you feel is important to know.
6. Keys, Garage Door Opener, Mailbox and similar things.
7. Your contact information document.
8. First month’s rent. Store all docs. With TenantCloud you can securely store all of these documents online, so you’ll always have access to them whenever you need something.
Maintenance of a Tenant
You’ve arranged everything in the right way, so the main task now is to keep your tenants in your properties as long as possible, so you’ll have to:
1. Write a welcome letter. Let them know you’re glad to have them as tenants and offer your help in case they need something.
2. Maintenance requests. Every time a tenant has an issue or problem, it’s your job to fix it, and TeanantCloud will help you greatly. It works very simple: when an issue happens, a tenant submits maintenance request and a landlord gets a notification about it. There is also the ability to attach photos or files to clarify the problem, so you won’t have to waste your time on going there.
3. Collect rent. That is the most pleasant part and the easiest one, since tenants can pay online with TenantCloud in a few clicks for free.
Moving out a Tenant
The end of a tenant’s lease is often the most problematic with lots to do and lots to remember. You’ll have to:
1. Choose the day. Decide when the tenant is exactly moving out. Inform them also about your expectations regarding the condition of the rental property when they leave.
2. Conduct an inspection of the property when the tenant moves out. Compare the condition of the property before and after the tenant lived there.
3. Assess the repairs and determine “wear and tear”. This sum of money will be charged to the tenant and subtracted from their Security Deposit.
4. Prepare for the next tenants. Do all the necessary repairs and clean the property to make it ready to rent again.
Now, you can go back to #1 and start everything again :)