Property managers & landlords must ensure their property is performing well financially and has great tenants & employees. The following are 5 must-dos that you should keep in mind for your asset:
- Know your market — Do a market survey every 4 months to see any rental price fluctuations.
- Walk your property regularly — Confirm all lights are working, windows and doors are working properly and that there are no leaks.
- Thoroughly Screen your Tenants — Run credit and background checks as well as follow up on all references. One bad tenant can cost thousands of dollars in lost revenue and repairs.
- Screen your employees — Run background checks on all employees as well as references as they will be interacting with your tenants on a daily basis and in many cases be in their home or office.
- Know your community — Get involved with the community, join local groups as it will help you stay on top of what is happening in your community. If you don’t know which groups are best, contact your local council member for advice.