Being a landlord can be a difficult task, particularly in case you’re simply starting or if you have different properties to manage. In fact, property managers could really make the deciding break of your estate investment! To ensure that your property managers’ skills are up to the mark, try to follow these 7 property management tips for landlords.
1. Screen potential tenants
You should have a screening process so that you can find quality tenants who will deal with the property like their own and pay the rent in time. During the screening cycle, check their FICO result, ensure they have a suitable rental background to check for any criminal history.
2. Outsource your paperwork
There is a great deal of paperwork that’s required when it comes to rental properties. It is suggested that you outsource your paperwork, streamline your financials and get a financial expert to do your accounting. There are many property management companies in Qatar that you could outsource your paperwork as well.
3. Understand local laws
As a landlord, you have to understand the local laws. From land tax you need to pay parking, you have to know it all. Particular, you have to know the landlord’s rights and the tenant’s rights in case of any dispute or disagreement.
4. Have a written rental agreement
Whatever you and the tenants agree should be recorded and signed by the both parties. This can include the settled on monthly rent, the date of rent payment, things that come with the property and whatever else that you and the tenant have settled upon.
5. Collect rent online
Everyone needs convenience; nothing is more convenient than paying your rent online. You should ask that your tenants set up scheduled payments for their monthly rents – this ensures convenience for the landlord and the tenant.
6. Schedule routine inspections
To stop the risk of any potential damages (which may cost you in future), ensure that you schedule routine inspections to maintain your property. Check the alarms, smoke detectors, plumbing, doors and windows, electronics and so on to ensure that everything is working properly.
7. Tie up with professional cleaners
Tie up with professional cleaners who will clean the place before another tenant is going to move in. Perhaps before open-houses and tenants visits as well. In the long term, an agreement with professional cleaners will save your money.