If you manage your own rental property, it’s your responsibility to ensure that all aspects of the business are running smoothly. This means staying on top of legal matters, dealing with property maintenance, and screening tenants. To help you do this, you can rely on property management software to streamline and optimize your operations.
Professional property managers offer landlords a complete suite of services, such as marketing, screening, showings, rent collection, tenant relations and more. They typically charge a percentage of the rental rate, plus an additional fee for certain expenses like advertising, credit and background checks, and accounting.
Regardless of whether you manage your own rental properties or hire someone to do it for you, it’s important to have regular communication with your tenants. This can help you catch any issues before they become major problems and it also shows that you care about your tenants, which may help them feel more at ease in the home and make them more likely to stay longer.
One of the biggest challenges of managing a rental property is finding quality tenants. Bad tenants can be a big headache for property owners, as they may not pay rent on time or cause damage to the house, racking up expensive repairs. They could even pose a safety threat to other tenants.
To help you avoid such pitfalls, it’s essential to have a thorough tenant screening process that includes a rental credit report, criminal background check and eviction history. You can use a tenant screening solution that offers these reports and more, such as TransUnion SmartMove, to find the right tenants for your rental properties.rental property management