Investing in rental properties has the potential to bring in a lot of money, but only if you know how to manage a rental property correctly. The way you decorate, list, clean, and maintain your property are all important indicators of what type of property manager you are. In addition to keeping up with the appearance and functionality of the property, the way you behave and interact with your tenants says a lot about you as well. Here are a few things you should do to ensure you’ll get high booking rates, thus making you a successful property manager.
Be honest about your listing
When renters are in search of living space, they want to know exactly what they’re getting before they put any money into it. Your property description should be as accurate as possible when you list it. If you know the property isn’t that big, don’t make it seem like it has a lot of space. Even the smallest exaggerations can cost you a potential tenant.
The way you list your property is the very first impression future tenants have of you. Here are some ways you can describe your property in a way that will attract tenants:
- Be descriptive, but don’t go overboard with overly positive adjectives.
- In the same way, don’t go overboard with exclamation marks.
- List the unique features your property has to offer.
- Take well-lit photos; natural lighting is the best.
Keep up with all maintenance
As a property manager, you are the landlord of that property. This means that you are responsible for any and all maintenance of the property. If the air conditioner breaks, the roof leaks, or any other major repair is required, you are the one tenants will contact when there’s a problem. Even if you’re just renting the property on a short-term basis (like an Airbnb host would), it’s still important for you to keep up with the maintenance.
Keeping up with maintenance doesn’t mean that you have to repair things yourself. It just means that you have to budget for these expenses. When getting into commercial real estate investing, property managers of businesses hire experienced maintenance professionals to repair things all the time.
Constantly communicate with your tenants
In addition to keeping up with the maintenance of the property, you should also have an open line of communication with your tenants. If you’re known to be a landlord or property manager that is hard to get a hold of, word will get around and not many people will want to rent from you.
Communication goes both ways, and sometimes your tenants aren’t the best communicators. You will also want to make sure that you attract desirable tenants to live in your rental space. While you’re doing your best to be a successful property manager, it makes it a lot easier when you have tenants willing to work with you.
Hire help, if needed
If you’ve invested in multiple rental properties, it can be difficult to manage them all at one time— especially if you have properties in different cities or even in different states. You can hire other people to help you manage some of your properties. There are even professional services that help with property management, for a small fee.
The most successful property managers consistently have people willing to rent their properties, so the main thing you want to do is create a good reputation for yourself. When renters see that you’re always open, honest, and easy to get in touch with, they will not only be more likely to rent from you in the future (for short-term rentals), but they will also be more likely to refer friends and family members in need of renting to you. Once you’ve established a reputation as a successful property manager, you’ll have to keep up these positive behaviors in order to continue being successful.