Guide on How to Manage a Rental Property

There are many tasks that a landlord needs to manage when renting out a property. These tasks can vary depending on the size of the rental and the specific needs of the property. However, some common tasks that landlords need to take care of include finding tenants, dealing with maintenance requests, and marketing properties to reduce vacancy times. 

Our property management experts will cover some critical things you need to know about managing your rental property in today’s blog! Keep reading to gain insights into a few essential tasks that can boost your success.

How to Find High-Quality Tenants

To generate rental income, property owners need renters! Many different factors are involved in choosing a tenant, such as their financial stability or credit record. However, making sure that renters can pay rent on time every month should be a top priority.

A property owner can take several measures to discover a renter that is a good fit for a rental unit, starting with creating a compelling rental property listing to spending the time to get to know candidates.

Property managers recommend starting with these tips: 

• • Develop an effective rental property marketing strategy
  • Get references from potential tenants
  • Complete background and credit checks
  • Set up good communication with tenants
  • Create a move-in checklist for renters after signing the lease

Having quality tenants is one of the most important factors in generating consistent monthly rental income. A good tenant will pay rent on time, keep the property clean and in good condition, and generally make life as hassle-free as possible for an owner. 

To attract the best prospective tenants, keep your property well-maintained and make sure your rental listings include quality photos and compelling descriptions. 

How to Handle Rental Maintenance Requests

After placing tenants in a property, you’ll likely encounter a maintenance request (or two) during their tenancy. However, dealing with these request can feel like a hassle, especially when nothing seems to make your renter happy.

The best way to handle these situations is to stay calm and assess the situation to determine if it’s an emergency that needs immediate attention or something that can wait until you find a quality and cost-effective solution. 

Some problems can be fixed with a simple repair, while others may require more extensive work. It's essential to consider the magnitude of the issue and how long it will take to fix it.

By establishing working ties with vendors and contractors, you'll have quick, quality solutions to keep properties in good shape and respond quickly to a maintenance request.

3. Track the Use and Age of Appliances 

To avoid dealing with costly and untimely repairs or replacements, track the use and age of the property’s appliances. This way, you can plan ahead for any repairs or replacements.

Because maintenance requests frequently arrive without warning and are occasionally urgent, having a good process in place to handle them can save time and money while building good relationships with residents.; 

How To Establish Open Lines of Communication With Tenants

When it comes to managing rental properties, good communication is vital. Establish an "open door" policy (with boundaries) and make it a habit to respond quickly to requests from tenants.  

In addition, providing a clear way to reach you (either through email or text in an emergency or by using an online tenant portal) makes it easier for renters to report maintenance requests. When it’s time to arrive on a property for repairs or inspections, send alerts to tenants with plenty of notice ahead of time.  

How to Market Your Rental Properties

One of the most important aspects of a successful rental is marketing. Local property managers can tell you that your rental may sit empty without good marketing, and empty properties don’t generate rental income.

1. Take High-Quality Photos and Videos

Taking high-quality photos and videos of your rental property is essential to market and promote it to attract quality tenants. Use these photos and videos to show prospective tenants what your property looks like and to support the description in the listing.  

Along with the photos, your listing should include critical information. Include details about the property, like the square footage, number of bedrooms, and bathrooms, how much rent you're asking for, what kind of lease agreement you're offering, and any other relevant information such as a lead paint disclosure. 

2. Determine the Ideal Rental Rate

The ideal monthly rent amount helps property owners find and keep good tenants. It’s also crucial to set a competitive rate that helps you cover expenses and generate enough cash flow. 

A few factors can influence market rent include the location of the property, the amenities available in the area, and the socioeconomic makeup of the neighborhood.  

3. Get Your Rental Show-Ready

After choosing your next tenants, do a few things to get your rental property ready for them to move in. First, make sure the property is clean and in good condition. Check for damage, fix any found, and clean up any messes. Ensure all appliances are in working order and that the bathroom is in good condition.

Our Property Management Team Handles It All

 When managing your rental property, there are a few key tasks to master for success—including finding tenants, dealing with maintenance requests, and effectively marketing your residential properties. Our Newport News property management experts can provide you with the resources and support you need to manage your rental property successfully. Contact us today to learn more about our property management services. 

Learn more about managing rental properties! Download our free ebook, the “Expert Guide to Rental Property Management.”