Maximising Your Rental Property Investment: Tips and Strategies for Successful Residential Property Management

One of the most important tasks for any successful rental property investment is proper residential property management. Having a well-run and maintained rental can bring investors tremendous returns on their investments, while poorly managed properties can quickly turn into financial disasters. Here are some tips to maximize your rental property investment with effective residential property management:

• Establish clear tenant expectations from the start – Before you even begin advertising your rental, it’s important to establish clear rules that all tenants will be expected to follow. This includes setting out guidelines about pet policies, noise levels, maintenance requirements, rent payments and other essential elements of rental life. Make sure all potential renters understand these expectations before signing a lease agreement.

• Invest in regular preventative maintenance – Regular inspections and preventative maintenance can help avoid costly repairs down the road. Keep up with regular plumbing, heating/cooling system, roof and other inspections to uncover any potential issues before they become major problems.

• Screen tenants carefully – It’s important to vet all potential renters thoroughly before signing a lease agreement. Check credit scores, rental history, references and criminal records in order to determine whether or not a tenant is likely to be reliable and trustworthy.

• Set up an online rent payment system – Today’s technology makes it easy for tenants to pay their rent online, making it more convenient for them while also reducing the amount of time you have to spend collecting payments. Online systems also provide an easy way to track payments and ensure that they are received on time.

• Employ a professional property manager – If you’re managing multiple rental units, it might be worth hiring a professional property manager to handle day-to-day responsibilities. Property managers can take care of tenant relations, rent collection, inspections, maintenance and other important duties so you don’t have to.