A Landlord’s Ultimate Checklist!
1. Decision Making
a. Management Options
- Decide between self-management or professional management.
- Assess the cost of professional management (5.5 to 8.8% of rent).
b. Knowledge and Compliance
- Understand rental laws and regulations.
- Stay informed about tenant and property owner rights.
2. Self-Assessment for Property Management
- Evaluate if you are a people person.
- Assess problem-solving and conflict resolution skills.
- Review basic accounting and negotiation skills.
- Consider maintenance and repair abilities.
- Assess willingness for after-hours availability.
- Determine time and effort commitment.
3. Hiring Professional Management
a. Researching and Choosing an Agency
- Research local real estate agencies.
- Interview potential agents and check references.
- Evaluate the agency’s experience and track record.
b. Agency Considerations
- Check for appropriate licenses and credentials.
- Confirm professional indemnity and public liability insurances.
- Understand the agency’s emergency repair policies.
- Monitor property expenses closely in the initial phase.
c. Fee Structure
- Understand management fee structures.
- Be aware of additional fees for leasing and tenant turnover.
4. DIY Property Management
- Evaluate the cost-benefit of self-management vs. hiring an agent.
- Develop a list of reliable and licensed contractors.
- Consider the value of your time against management tasks.
You are missing out if you haven’t yet subscribed to our YouTube channel.
5. Tenant Management
a. Renting Vacant Properties
- Establish clear tenant-selection criteria.
- Be aware of discrimination laws.
- Determine lease lengths and set competitive rents.
- Consider property upgrades and renovations for added value.
b. Advertising and Showings
- Determine desirable features for advertising.
- Optimize property’s street appeal.
- Schedule efficient property showings.
c. Application and Screening
- Collect and verify tenant applications.
- Conduct thorough background and reference checks.
d. Signing Leases and Financial Transactions
- Review and sign lease agreements.
- Collect first month’s rent and security deposits.
e. Property Inspection and Maintenance
- Conduct initial and regular property inspections.
- Ensure timely maintenance and repairs.
f. Tenant Relations
- Establish clear communication channels with tenants.
- Address tenant concerns and requests promptly.
6. Legal and Financial Responsibilities
- Understand and comply with local and federal housing laws.
- Maintain accurate financial records.
- Ensure proper handling of security deposits.
- Stay updated on changes in property and tenancy laws.
7. Ongoing Learning and Improvement
- Regularly update knowledge on property management best practices.
- Seek feedback from tenants and professionals for improvements.
- Adapt strategies based on experiences and market changes.
8. Emergency and Conflict Resolution
- Establish protocols for emergency situations.
- Develop conflict resolution strategies for tenant disputes.
9. Future Planning
Make It Real
Start Your Journey Today!
